Bitcoin news: volatility hits a post-hack low as BTC nears $78,600, and Zcash leverage jumps 28% before NU7.
The post Options Traders Drop Their Election Hedges as BTC Retakes $78,500, and Zcash Leverage Jumps 28% Before Its Upgrade appeared first on Coinspeaker. –
In Bitcoin news today, options traders dropped the hedges they had bought for the US midterms, pulling Bitcoin’s implied volatility to its lowest level since the Binance hack as BTC USD price climbed back to $78,570.
Deribit’s DVOL index, which tracks how much Bitcoin traders expect the price to swing over the next 30 days, fell as low as 37.03 this morning. It stood at 40.76 at midday on Tuesday, as Americans started voting.
The price has recovered with it. Bitcoin trades at $78,570 on Binance, 3.7% above the $75,736 low it hit as results came in overnight.
Altcoin traders are taking more risk. Open interest in Zcash futures on OKX jumped 28% in 24 hours to $196 million, a day and a half before the network’s NU7 upgrade.
So with the election out of the way, can Bitcoin get back above $80,000, and which altcoins are bouncing the most?
Market Intelligence: Crypto Analyst Predicts Best Low-Cap Crypto
Bitcoin News: What Are Options Traders Betting On Now?
A calmer month, with a tilt to the upside. The midterms never scared Bitcoin options traders the way the Binance hack did: the DVOL index peaked at 44.25 four hours after the hack, and only reached 40.89 around the vote.
The bets on Deribit lean bullish. Open interest stands at 193,024 BTC in calls against 132,544 BTC in puts, a put-to-call ratio of 0.69, and calls outnumbered puts in the last 24 hours of trading too.
For the November 27 expiry, the biggest single position is 4,484 BTC of $90,000 calls. The biggest put sits at $75,000, with 2,880 BTC, right under this week’s low.
Polymarket traders see the near-term targets the same way:
- $80,000 this month: 85.5%
- $85,000: 39.5%
- $90,000: 15.5%
- A dip to $75,000: 60.5%
The futures market is less sure. On OKX, Bitcoin open interest rose 4.2% in 24 hours to $3.86 billion, but the share of accounts betting on a rise fell, with the long-to-short ratio dropping to 1.88 from 2.74. Funding on Hyperliquid sits at the default 0.01% every eight hours, so no one is paying up to stay long yet.
ETF investors haven’t come back yet. US spot Bitcoin ETFs had net outflows of $115.56 million on Tuesday, November 3, bringing 30-day outflows to $1.32 billion. Spot Ether funds lost another $85.35 million.
Bitcoin Price Analysis: Can BTC Clear $80,000?
It has the floor it needed. Bitcoin’s overnight wick to $75,736 bounced just under its 200-day EMA at $76,530, and it hasn’t closed a day below that average since the Binance hack.
The ceiling is close. Bitcoin is $1,500 below the 50-day EMA at $80,076, the level Polymarket traders give an 85.5% chance of being reached this month.
The daily chart lays out the levels:
- $80,076: the 50-day EMA, sloping down
- $81,971: the October 29 high, where the last rally stopped before the hack
- $76,530: the 200-day EMA
- $75,736: the overnight low, then $74,968, the September low
BTCUSDT 1D chart. Source: TradingView
| Outlook | Trigger | Level to watch |
|---|---|---|
| Rebound | A daily close above $80,076 | $81,971, the October 29 high |
| Holding pattern | BTC stays between $76,530 and $80,076 | A range while volatility stays low |
| Sell-off | A daily close below $75,736 | $74,968, the September low |
Which Altcoins Are Bouncing the Most?
Zcash, NEAR, and Ethena, each up more than 10% from their 24-hour lows on Binance, against 3.9% for Bitcoin. While today’s Bitcoin news is about calmer options, these three rallies look very different in the futures market.
| Coin | Price | From 24h low | OKX open interest, 24h |
|---|---|---|---|
| Zcash (ZEC) | $1,314 | +13.4% | +28.2% |
| NEAR | $4.10 | +11.1% | +2.0% |
| Ethena (ENA) | $0.1847 | +10.4% | -3.2% |
| Pepe (PEPE) | $0.00000509 | +7.8% | +7.8% |
| Uniswap (UNI) | $7.48 | +7.7% | +5.0% |
| Hyperliquid (HYPE) | $86.97 | +7.4% | +7.5% |
| Ether (ETH) | $2,337 | +4.9% | +6.8% |
| Solana (SOL) | $94.03 | +4.6% | +5.5% |
| XRP | $1.2944 | +4.2% | +4.6% |
| Bitcoin (BTC) | $78,696 | +3.9% | +4.2% |
Prices and lows from Binance, open interest from OKX, both at about 11:45 UTC.
- Zcash: the one rally built on fresh leverage. Open interest on OKX rose 28% to $196 million, and Zcash is also one of Hyperliquid’s biggest markets, with $662 million open. The trigger is NU7: the Zcash Foundation’s Zebra 7.0.0 release activates it at block 3,543,405, a height merged into the Zcash specs on October 21.
- NEAR: an 11% gain with open interest almost flat, so spot buyers are doing the work. It traded $108 million on Binance, close to XRP’s $111 million, even as its US ETF had $3.60 million in outflows on Tuesday in early data.
- Ethena: open interest fell 3.2% while the price rose 10%, the pattern of short sellers closing their bets.
In Bitcoin news, the election risk is gone, and options traders are betting on a quieter month. The altcoins will show whether that calm turns into a rally or a stall, starting with Zcash’s upgrade on Friday.
The post Options Traders Drop Their Election Hedges as BTC Retakes $78,500, and Zcash Leverage Jumps 28% Before Its Upgrade appeared first on Coinspeaker.
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