Bitcoin (BTC) surpassed $80,000 today, bringing its cumulative weekly gain to 16% and reaching its highest level since February.
The rise comes after Donald Trump won the US presidential election on Thursday, prompting optimism for regulatory clarity in the digital asset space.
According to Velo data, the annualized rolling premium on three-month bitcoin futures on major exchanges like Binance and Deribit jumped as BTC surged, rising above 14% for the first time since June. On CME, the futures premium surpassed 10% on Friday. The increase in premium suggests bullishness among investors, potentially attracting carry traders looking to take advantage of price differences between the markets.
Options markets have also been on the rise, with open interest in an $80,000 BTC call option on Deribit, a bet that would send prices above $80,000, reaching over $1.6 billion. Traders have begun targeting that level even before the election, expecting BTC to break new highs before the end of the year.
Amberdata shows that the $80,000 strike price has the highest negative gamma intensity, increasing the likelihood of sharp price swings if BTC remains above this level. A negative gamma position means a net short position at $80,000 for market makers, which could prompt these liquidity providers to purchase additional BTC if the price rises, thus fueling further bullish volatility in the market.
*This is not investment advice.
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