As Bitcoin approaches $80,000, futures premiums surge on major platforms, reflecting traders’ bullish bias

Data shows that BTC broke through $79,000 during the Asian session on Sunday, with a cumulative weekly gain of 15%, the highest level since February. Most of the gains occurred after Donald Trump won the US election held on Thursday. Based on Velo data, the annualized rolling premium of three-month Bitcoin futures on Binance and Deribit exceeded 14% for the first time since June. The futures basis on CME rose by more than 10% on Friday. The increase in premiums reflects traders' preference for bullish bets and may attract arbitrage traders. In addition, according to Deribit data, the open interest of BTC call option contracts with a strike price of $80,000 increased to more than $1.6 billion, providing buyers with asymmetric upside potential beyond that level. Traders have been buying $80,000 call options since before the US election, expecting a breakthrough before the end of the year. According to Amberdata, the $80,000 strike price has the largest negative gamma value, so once the price reaches that level, volatility is likely to rise sharply. (CoinDesk)