Bitcoin has surged past $79,500, driven by bullish sentiment among traders who are increasing their exposure in derivatives as they aim for the $80,000 milestone.
Futures premiums have seen significant rises, indicating a prevailing optimism in the market, especially following the recent U.S. election which has spurred enthusiasm for regulatory clarity.
The $80,000 call option on Deribit is becoming increasingly popular, with traders betting on significant price movements beyond that level, amidst ongoing market volatility.
The concentration of negative gamma at the $80,000 strike suggests a possible rise in volatility, as market makers may need to buy substantial amounts to hedge their positions.
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