Bitcoin Maximalist Predicts New All-Time High Following 40x Growth in Derivatives

Bitcoin might be on track for a new record high thanks to developments in the derivatives market and renewed purchasing from significant holders, according to market analysts and on-chain indicators. Max Keiser, a prominent Bitcoin supporter, highlighted a Nasdaq filing that permits an increase in options limits for BlackRock’s IBIT to 1 million contracts— a substantial rise from the previous limit, translating to a 40x expansion. This change could facilitate larger flows from institutions.

Key Takeaways

Bitcoin may be nearing a new all-time high due to developments in the derivatives market and increased buying from major holders.
A recent filing by Nasdaq allows BlackRock’s IBIT to expand from 25,000 to 1 million options contracts, paving the way for greater institutional participation.
Significant buying activity can be observed among large Bitcoin holders, signaling confidence in the market.
The expansion in the options market could lead to more liquidity and reduced volatility, though risks remain.

Bitcoin

Significant Expansion of the Options Market

Recent Nasdaq filings and commentary indicate that the former cap of 25,000 contracts was seen as too restrictive given the increasing volumes in the market. Experts in the field argued that this limit was “discriminatorily small” and that a baseline of 400,000 contracts would be more appropriate given current market demands. Some analysts believe this adjustment could elevate IBIT to a major category in the derivatives sector, influencing how banks and investment funds engage with Bitcoin.

I first explained this in 2017: Now that the BTC derivatives market has expanded by 40x, New all-time highs are on the horizon.

November 2, 2017 Max Keiser first mentioned the necessity for Bitcoin market makers to boost their inventory to support higher prices in this post: “Wall St traders… https://t.co/aBQ5DdSDay — Max Keiser (@maxkeiser) November 27, 2025

Reaction from Banks and Market Makers

Market makers will now have the opportunity to hedge larger positions without being constrained by previous limits, which may lead to reduced spreads and increased liquidity in the market. Reports suggest that this also enables banks to create structured financial products referencing IBIT without surpassing established risk caps. For instance, JPMorgan is reportedly developing Bitcoin-backed structured notes that would align with BlackRock IBIT, potentially providing consistent institutional investment rather than sporadic spikes.

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

Data from Glassnode’s Accumulation Trend Score indicates that holders with 10,000 BTC or more have transitioned to net accumulation, achieving a score of 0.8, which signals strong buying activity. Additionally, the cohort holding between 1,000 to 10,000 BTC has turned net positive for the first time since September, while the group with 100 to 1,000 BTC has actively participated in accumulation since October, continuing their purchases despite recent price drops. Even smaller retail investors holding less than 1 BTC are experiencing their most substantial buying activity since July.

The behavior of Bitcoin's price aligns with this buying trend. The cryptocurrency temporarily fell into the low $80,000 range, which served as support in May, before quickly rebounding above $90,000. Many traders interpreted this movement as a signal that the market recognizes value in the $80,000 level. Reports have indicated that the average cost basis for U.S. spot Bitcoin ETFs was around $82,000, which may explain why institutions found the recent dip appealing.

Keiser had previously cautioned that previous size restrictions had rendered the market vulnerable to pullbacks, and analysts suggest this could explain some recent fluctuations. The lift of the options cap allows for smoother entry for volume sellers, which could stabilize the market, but it won’t eliminate inherent market risks. Price increases are still feasible, and downside risks remain genuine if buying activity slows down or macroeconomic conditions change.

Featured image from Gemini, chart from TradingView