Bitcoin (BTC) bulls were euphoric when the price soared to $69,000 on Nov. 10 because the 14.5% gain accumulated over five days meant they were in for a $715 million profit on Nov. 12's options expiry.
However, the 9% negative price move on Nov. 16 caught bulls by surprise, especially since most of the call (buy) options for Nov. 19 have been placed at $66,000 or higher. Curiously, that price level has been the exception rather than the norm.
Bitcoin/USD price on FTX. Source: TradingViewBears might have been lucky because the two negative events happened in the past few days. On Nov. 12, the United States Securities and Exchange Commission denied VanEck’s spot Bitcoin ETF request. But more important than the rejection, itself, which was largely expected, was the rationale behind the decision.