--- title: "Bitcoin Gave Back $80K as Coinbase Markets Mapped Longs Above Spot" published: 2026-11-06T16:28:53.790771+00:00 type: market_pulse scope: crypto_market canonical: https://www.moonwire.org/insights/market-pulse-2026-11-05.html tags: [bitcoin, ethereum, options, derivatives, equities, binance] --- # Bitcoin Gave Back $80K as Coinbase Markets Mapped Longs Above Spot > Bitcoin gave back its post-election reclaim of $80,000 on what Michael Saylor called a 4σ day for equities, while Coinbase Markets mapped most net-long exposure and a call-heavy options book above spot. Several of the chart reads we track circled $75,000, and Ether's options book leaned toward puts. ## Key takeaways - [Coinbase Markets](/s/R9IyX2TgSqW4y6Cbm3wrBw?p=a7054b72a757) wrote that [Bitcoin](/s/dprQn6-YSUqZakJvP-syVQ?p=a7054b72a757) recovered above $80K after election night and has since slipped back below $78K, on a day [Michael Saylor](/s/_TR8sX9YT3KFIkBenyG5CQ?p=a7054b72a757) said the S&P 500 fell 4.4% and the Nasdaq 5.5% [[2]](/s/rqIlGX9uQhaD5N3gg1h9hg?p=a7054b72a757)[[1]](/s/ZbH2rQJiQ2uZtRYR3zy1QA?p=a7054b72a757). - Coinbase Markets reported that 86% of Bitcoin net-long notional was entered above the day's price, with the largest long cluster at $72,771 [[4]](/s/yWjzUUl3RlylYKuBoHzUHw?p=a7054b72a757). - Bitcoin options expiring on 6 November were call-heavy, with a 0.34 put/call ratio and max pain at $79,000, while [Ether](/s/MMSdHldPQYu_teda6f8wnw?p=a7054b72a757)'s were put-heavy at 1.30 with max pain at $2,350 [[3]](/s/3rVCG6W8Q42WELKU62KB6Q?p=a7054b72a757). - [XO](/s/78TEtU6tSTe5cuhTT0JLgg?p=a7054b72a757) and [Ansem](/s/8CAv65T8QEGZ5UCdrtGE8Q?p=a7054b72a757) each framed Bitcoin around the $75,000 area, while [Trader Mayne's TA](/s/qBCkON7ZRtuzJ7k5TX-nBA?p=a7054b72a757) channel wrote of being pretty confident the low was in [[9]](/s/Ww_eXfOMRcCdPMO_AG_HYQ?p=a7054b72a757)[[11]](/s/w0fHez1ATm6L9yV5BRTb4Q?p=a7054b72a757)[[14]](/s/DRmphvseS5uuiSClwF9V4Q?p=a7054b72a757). - [Lark Davis](/s/QVwpcaQCRTCY6iQJDTqCew?p=a7054b72a757) sold nearly all their Ethereum on opportunity cost, while Trader Mayne still expected ETH above $6,000 in the not too distant future [[16]](/s/Eyh_hGDgQtSFToVJW3XULQ?p=a7054b72a757)[[17]](/s/gblWYl0lR4mbT3rxg6cSYw?p=a7054b72a757). [Bitcoin](/s/dprQn6-YSUqZakJvP-syVQ?p=a7054b72a757) handed back its post-election reclaim of $80,000 on what [Michael Saylor](/s/_TR8sX9YT3KFIkBenyG5CQ?p=a7054b72a757) called a 4σ day for equities, yet the positioning [Coinbase Markets](/s/R9IyX2TgSqW4y6Cbm3wrBw?p=a7054b72a757) mapped still leaned the other way, with call-heavy options and most net-long exposure entered above spot [[1]](/s/ZbH2rQJiQ2uZtRYR3zy1QA?p=a7054b72a757)[[2]](/s/rqIlGX9uQhaD5N3gg1h9hg?p=a7054b72a757)[[3]](/s/3rVCG6W8Q42WELKU62KB6Q?p=a7054b72a757)[[4]](/s/yWjzUUl3RlylYKuBoHzUHw?p=a7054b72a757). ## From $81,000 back toward $76,000 [Coin Bureau](/s/gW3t6pXYTIec3Hdd4gJvPg?p=a7054b72a757) 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]](/s/SlDDvcyvRZGAEPVwnWpBeA?p=a7054b72a757). [Bitget](/s/21Wec4G6RUq6aEGBsZ3SKg?p=a7054b72a757)'s 5 November daily brief had Bitcoin at 80,465.19 USDT, up 4.26% over 24 hours [[6]](/s/UBAwAu3OQGasgmDEEuTAGA?p=a7054b72a757). 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]](/s/rqIlGX9uQhaD5N3gg1h9hg?p=a7054b72a757). Its positioning chart put spot at $76,147 [[4]](/s/yWjzUUl3RlylYKuBoHzUHw?p=a7054b72a757). 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]](/s/ZbH2rQJiQ2uZtRYR3zy1QA?p=a7054b72a757). A separate [Whale Alert](/s/XupC7b76Q8mKUN8AfHsE4A?p=a7054b72a757) item had the Nasdaq down 3% on doubts over AI spending and a disappointing Qualcomm outlook [[7]](/s/4NWE-MVFSP6-_0KfVN5nLw?p=a7054b72a757). [Ansem](/s/8CAv65T8QEGZ5UCdrtGE8Q?p=a7054b72a757) wrote that crypto had performed relatively better than equities, while staying bearish on the broader market [[8]](/s/SQQVAmfeQfe5WOFEOGVNRg?p=a7054b72a757). ## 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]](/s/yWjzUUl3RlylYKuBoHzUHw?p=a7054b72a757). The options book leaned the same way. Of nearly $2.9 billion in BTC and [ETH](/s/MMSdHldPQYu_teda6f8wnw?p=a7054b72a757) 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]](/s/3rVCG6W8Q42WELKU62KB6Q?p=a7054b72a757). Election-day block trades had exceeded $660M, with about $420M in calls bought against about $105M sold, and $378M of crypto shorts were [liquidated](https://www.moonwire.org/insights/glossary/liquidation.md) within one hour on 4 November [[2]](/s/rqIlGX9uQhaD5N3gg1h9hg?p=a7054b72a757). The same account had 1-day at-the-money implied volatility above 50% on 4 November before it retreated into the mid-30s [[2]](/s/rqIlGX9uQhaD5N3gg1h9hg?p=a7054b72a757). ## $75,000 became the line in the charts Several of the Bitcoin chart reads we track circled the $75,000 area. [XO](/s/78TEtU6tSTe5cuhTT0JLgg?p=a7054b72a757) marked another backtest of the 50-week [moving average](https://www.moonwire.org/insights/glossary/moving-average.md) 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]](/s/Ww_eXfOMRcCdPMO_AG_HYQ?p=a7054b72a757). A weekly chart from [Mayne](/s/cLH6mTi3RESWBRw34SZ5cA?p=a7054b72a757) marked a -23.39% leg beside an earlier -22.62% drop [[10]](/s/qv7yCBuiTDe6tEcIOzLh9A?p=a7054b72a757). Ansem posted "i dont think 75k holds" and said a retest of the range lows was where they would wait for a reaction [[11]](/s/w0fHez1ATm6L9yV5BRTb4Q?p=a7054b72a757). 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]](/s/QNNvoAJwT4ezkR1Mv9Hgyg?p=a7054b72a757). They also wrote that Bitcoin "still hasn't taken our lows" and that it was "actually better to clean up those lows now" [[13]](/s/DhICCSOISlKxDhd14JSM6Q?p=a7054b72a757). ## The other side The constructive case came partly from the same voice. [Trader Mayne's TA](/s/qBCkON7ZRtuzJ7k5TX-nBA?p=a7054b72a757) 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]](/s/DRmphvseS5uuiSClwF9V4Q?p=a7054b72a757). [Investing Made Simple](/s/lTffltxsTnO54-Ay7z-btQ?p=a7054b72a757) argued that July may mark Bitcoin's cycle low and that, if so, the bull market had already begun [[15]](/s/ySDg6S3uRuKNNlfcDRTvXw?p=a7054b72a757). ## 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](https://www.moonwire.org/insights/glossary/open-interest.md) around $2,100 and $2,300 [[3]](/s/3rVCG6W8Q42WELKU62KB6Q?p=a7054b72a757). Bitget's brief had ETH at 2,415.76 USDT, up 6.38% [[6]](/s/UBAwAu3OQGasgmDEEuTAGA?p=a7054b72a757). [Lark Davis](/s/QVwpcaQCRTCY6iQJDTqCew?p=a7054b72a757) 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]](/s/Eyh_hGDgQtSFToVJW3XULQ?p=a7054b72a757). 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]](/s/gblWYl0lR4mbT3rxg6cSYw?p=a7054b72a757). ## Binance and the plumbing [CZ](/s/D9cQMahdQfy-JU_hpEnUMA?p=a7054b72a757) 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]](/s/t_9f00SfSKSpiPn_5fVygA?p=a7054b72a757). 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]](/s/3DS-CKpRToG5fSmjksqnWw?p=a7054b72a757). Bitget announced an Open [Custody](https://www.moonwire.org/insights/glossary/crypto-custody.md) Network connecting banks and institutional-grade custodians directly to its trading infrastructure [[20]](/s/VmHXDPkbSmuvXX9Dj9gBkA?p=a7054b72a757). [CFTC](https://www.moonwire.org/insights/glossary/cftc.md) staff said derivatives clearing organizations may use trust companies for daily settlements if they are treated like settlement banks [[21]](/s/53QJsj4NTHWi7UupP_q3MQ?p=a7054b72a757), and the agency issued an interpretation of impartial access requirements for designated contract markets [[22]](/s/qkrDTjeXQya97qw69fU8JA?p=a7054b72a757). --- *MoonWire surfaces and summarizes public crypto news.* **General information only — not financial advice.** MoonWire Ltd. is not licensed by ASIC and holds no AFSL. This content does not consider your objectives, financial situation, or needs, and is not a recommendation to buy, sell, or hold any asset. *This analysis is generated by artificial intelligence and may be inaccurate, incomplete, or fabricated. 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