🚀🚀$1.6 Billion Position Opened as Bitcoin Surpasses $80,000: Volatility May Come 🚀🚀
Bitcoin broke a new record by exceeding $81,800, increasing its weekly gain to 18%. This was recorded as the biggest weekly increase since February.
With Donald Trump's victory in the US Presidential elections, investors expected clarity on cryptocurrency regulations, leading to a strong price increase in Bitcoin.
A similar increase was observed in Bitcoin futures. On major cryptocurrency exchanges such as Binance and Deribit, the annualized premium of three-month Bitcoin futures exceeded 14%, reaching its highest level since June. The futures spread on CME rose above 10% on Friday. The increase in premiums in futures shows that confidence in the upward trend in the market is increasing and offers attractive opportunities for arbitrageurs looking to benefit from price differences.
In addition, according to Deribit data, the amount of open interest in $80,000 Bitcoin call options has exceeded $1.6 billion. The increase in buying demands for this level in the pre-election period has strengthened expectations that Bitcoin could break above $80,000 by the end of the year.
According to Amberdata data, there is a situation called “negative gamma” at the $80,000 level. This indicates that short positions are concentrated at this level and that volatility may increase suddenly when the Bitcoin price reaches this level.
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