30s Summary

Bitcoin peaked at over $79,500, with strong indications of a significant bullish swing. Bitcoin’s rise towards $80,000 is resulting in increased bullish exposure in derivatives related to the crypto. Bitcoin experienced a 15% weekly gain – the highest since February – after Trump’s election win, indicating hopes for regulatory clarity in the digital assets sector. Bitcoin futures have seen a surge, with its annualized rolling premium exceeding 14% for the first time since June. The probability of a Bitcoin price breakout past $80,000 has seen open interest rise above $1.6 billion.
, There is potential for a spike in market volatility once Bitcoin reaches the $80,000 mark that could prompt liquidity suppliers to buy into a potential breakout, increasing bullish market volatility.

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In the early hours of the Asian market, Bitcoin reached a peak of over $79,500. Futures premiums exploded, indicating a big move towards bullish bets. The popularity of the $80,000 call on Deribit also highlights dealers hedging around that pivotal level.

With Bitcoin racing towards the $80,000 mark, traders are rushing to increase their bullish exposure in derivatives linked to the top crypto.

By surpassing $79,000, Bitcoin saw a cumulative weekly gain of 15%, the highest since February, according to CoinDesk data. Most of this growth happened after Donald Trump’s election win in the U.S., suggesting hopes among traders for regulatory clarity in the digital assets sphere.

A surge in the Bitcoin futures listed on popular exchanges Binance and Deribit shows the annualized rolling premium topping 14% for the first time since June, data from Velo suggests. This increase indicates a clear bias towards bullish bets in the market.

Open interest in the $80,000 strike Bitcoin call, which offers buyers a potential profit beyond that level, rose above $1.6 billion. This trend started before the U.S. election, as traders started anticipating a major breakout by the end of the year.

Negative gamma at the $80,000 mark, as tracked by Amberdata, suggests that market volatility could spike once prices hit that level. This could lead dealers or those supplying liquidity to buy into a potential breakout, leading to an increase in bullish market volatility.