Bitcoin Maxi Says ATH Back On The Table After 40x Derivatives Surge

Christian Encila

Last Updated: November 28, 2025 9:00 pm

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin may be closing in on a new all-time high after moves in the derivatives market and fresh buying from large holders, according to market watchers and on-chain data.

Max Keiser, a long-time Bitcoin advocate, pointed to a filing by Nasdaq to increase options limits for BlackRock’s IBIT to 1 million contracts — a jump that represents roughly a 40x expansion from prior levels — as a key development that could remove barriers to bigger institutional flows.

Options Market Expands Significantly

According to Nasdaq paperwork and public commentary, the previous 25,000 contract cap had been seen by some as too small for rising volume.

Market experts argued that earlier limits were “discriminatorily small” and suggested that 400,000 contracts would be a more reasonable baseline given current demand.

Some described the change as a move that could place IBIT into a mega-cap derivatives category, unlocking follow-on effects for how banks and funds structure exposure to bitcoin.

I first explained this in 2017:

Now that BTC derivatives market was just expanded by 40x

New ATH’s are in play.

**November 2, 2017**

Max Keiser first discussed Bitcoin market makers needing to expand their inventory to support higher prices in this X post: “Wall St traders… https://t.co/aBQ5DdSDay

— Max Keiser (@maxkeiser) November 27, 2025

Banks And Market Makers React

Market makers will be able to hedge larger positions without hitting the old size wall, which can lower spreads and deepen available liquidity.

Based on reports, that also means banks can build structured notes that use IBIT as a reference without tripping existing risk caps — and JPMorgan is reportedly preparing Bitcoin-backed structured notes that would track BlackRock IBIT.

Those products could channel steady, institutional flows into the market rather than one-off spikes.

Bitcoin trading at $91,347 on the 24-hour chart: TradingView

On-Chain Buyers Step In

According to Glassnode’s Accumulation Trend Score by cohort, holders of 10,000 BTC or more have flipped to net accumulation and now show a score of 0.8, signaling strong buying.

The 1,000 to 10,000 BTC group has also turned positive for the first time since September, while the 100 to 1,000 BTC cohort has been in active accumulation since October and continued buying through recent declines. Even retail holders with less than 1 BTC are showing their strongest accumulation since July.

Price Action And Value Zones

Bitcoin’s price behavior supports the buying narrative. The token fell into the low $80,000 area that served as support in May and then climbed back above $90,000 quickly, which many traders took as a sign that the market sees value in the $80,000 zone.

Based on reports, the average cost basis for US spot bitcoin ETFs was near $82,000, and that figure has been cited as a reason institutions found the dip attractive.

Market Risks And Short-Term Noise

Keiser had warned previously that when size limits blocked hedging, the market would be prone to pullbacks — and some analysts say that is part of the reason for recent volatility.

Expanding the options cap allows volume sellers to enter more smoothly, which could reduce erratic swings but will not erase market risk.

Price spikes are still possible and downside moves remain a real threat if flows slow or macro conditions shift.

Featured image from Gemini, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.