16 caught bulls by surprise, especially since most of the call options for Nov.
Bears might have been lucky because the two negative events happened in the past few days.
President Joe Biden sanctioned the infrastructure bill, which mandates that starting in 2024, digital asset transactions worth more than $10,000 be reported to the Internal Revenue Service.
For example, there is no value in the right to buy Bitcoin at $64,000 if it’s trading below that price.
For instance, a trader could have sold a put option, effectively gaining a positive exposure to Bitcoin above a specific price.
If the current short-term negative sentiment prevails, bears could exert some pressure and try to score up to $220 million in profit if Bitcoin price stays closer to $58,000.