Bitcoin handed back its post-election reclaim of $80,000 on what Michael Saylor called a 4σ day for equities, yet the positioning Coinbase Markets mapped still leaned the other way, with call-heavy options and most net-long exposure entered above spot [1][2][3][4].
From $81,000 back toward $76,000
Coin Bureau described Bitcoin dropping to 75K "as a blue wave became apparent" and trading above $81,000 just 12 hours later, adding that "Bitcoin is showing some serious strength" [5]. Bitget's 5 November daily brief had Bitcoin at 80,465.19 USDT, up 4.26% over 24 hours [6].
The reclaim did not hold: Coinbase Markets wrote that BTC fell to around $76K on election night, recovered above $80K and "has since slipped back below $78K" [2]. Its positioning chart put spot at $76,147 [4].
Michael Saylor framed the day through stocks: the S&P 500 fell 4.4% and the Nasdaq 5.5%, "a decline seen roughly once every 19 months," while Bitcoin fell about 5% [1]. A separate Whale Alert item had the Nasdaq down 3% on doubts over AI spending and a disappointing Qualcomm outlook [7]. Ansem wrote that crypto had performed relatively better than equities, while staying bearish on the broader market [8].
Positioning stayed above the price
Coinbase Markets reported that the largest cluster of net-long BTC positions was entered at $72,771, but that 86% of net-long notional was entered above the day's price, and asked: "Do they add, or fold?" [4].
The options book leaned the same way. Of nearly $2.9 billion in BTC and ETH options set to expire on Friday, 6 November, Bitcoin carried $2.66 billion of notional with a put/call ratio of 0.34 and max pain at $79,000; Coinbase Markets wrote that BTC "remains heavily call dominated," with the largest concentrations at $82,000 and $85,000 [3]. Election-day block trades had exceeded $660M, with about $420M in calls bought against about $105M sold, and $378M of crypto shorts were liquidated within one hour on 4 November [2]. The same account had 1-day at-the-money implied volatility above 50% on 4 November before it retreated into the mid-30s [2].
$75,000 became the line in the charts
Several of the Bitcoin chart reads we track circled the $75,000 area. XO marked another backtest of the 50-week moving average and the 365-day rolling VWAP, labelled at 75,561 and 76,449, and wrote that since the September highs "sellers remain in control" [9]. A weekly chart from Mayne marked a -23.39% leg beside an earlier -22.62% drop [10]. Ansem posted "i dont think 75k holds" and said a retest of the range lows was where they would wait for a reaction [11].
CredibleCrypto had expected "continuation on $ETH significantly higher," then wrote that the zone had melted through overnight along with the market and that "for now it was just a dead cat bounce" [12]. They also wrote that Bitcoin "still hasn't taken our lows" and that it was "actually better to clean up those lows now" [13].
The other side
The constructive case came partly from the same voice. Trader Mayne's TA channel reiterated Mayne's own weekly dollar-cost-averaging plan for spot Bitcoin through year-end and wrote "I'm still pretty confident of the low being in" [14]. Investing Made Simple argued that July may mark Bitcoin's cycle low and that, if so, the bull market had already begun [15].
Ether's book leaned to puts
Ether ran the opposite profile in Coinbase Markets' expiry data: $233M of notional, a put/call ratio of 1.30, max pain at $2,350 and significant put open interest around $2,100 and $2,300 [3]. Bitget's brief had ETH at 2,415.76 USDT, up 6.38% [6].
Lark Davis said they had sold nearly all their Ethereum while remaining "kind of bullish on Ethereum as a network," explaining that "believing in the network and believing it's the best place for my money to be right now are two very different things" [16]. Trader Mayne took the other side, writing that sub-$2,000 "seems like pretty decent long term value" and that they still expected ETH above $6,000 "in the not too distant future" [17].
Binance and the plumbing
CZ shared a post saying Binance's tracked assets had risen by $3.4 billion in the two days since withdrawals resumed after the hack, adding "Users vote with their money." [18]. Binance separately removed every API key linked to the third-party platform SignalPlus after a potential security issue, saying its own systems were unaffected and user funds remained safe; CZ noted that Deribit had also reported the issue [19].
Bitget announced an Open Custody Network connecting banks and institutional-grade custodians directly to its trading infrastructure [20]. CFTC staff said derivatives clearing organizations may use trust companies for daily settlements if they are treated like settlement banks [21], and the agency issued an interpretation of impartial access requirements for designated contract markets [22].
