Odaily reports that cryptocurrency derivatives trader Gordon Grant emphasized the importance of Bitcoin's recent breakout and mentioned derivatives indicators. Grant said: "We are seeing abnormal 'high alpha' flow in short-term Bitcoin call options again for the third consecutive year in the week of January 10th." He pointed out that over 1,000 January 7th call options were traded at a strike price of $103,000 over the past weekend. Grant compared this to the situation at the beginning of 2023, when similar activity in short-term call options preceded Bitcoin's explosive rise, thanks to volatility quickly repricing from 20% to 30% to over 60%. He also noted that in January 2024, heavy call option activity ahead of the launch of BlackRock's IBIT on January 10th drove Bitcoin from $40,000 to $48,000. He also said the options term structure shows a premium on dates after the Trump inauguration, which may reflect traders pricing in potential market volatility events or gamma-driven positioning. The key question now is whether this signals the start of a sustained Bitcoin rally in 2025, or if this is just a short-term excitement driven by speculative bets on another Trump-related event, similar to the Bitcoin Nashville event last July. "The term structure of volatility and skew seems to suggest that investors are seeking longer-term gains this year, not just the first week's rally," Grant said. (The Block)