With only three weeks until the U.S. presidential election, Bitcoin is on track to match its previous all-time high price of nearly $73,800, British multinational bank Standard Chartered said, driven by several key factors.
In a note shared with Decrypt, Standard Chartered stated that the recent rise in Bitcoin's price is fueled by strong inflows into Bitcoin ETFs, renewed buying of topside BTC call options, and increasing Donald Trump election odds on prediction markets such as Polymarket and Kalshi.
"Net inflows to Bitcoin ETFs have now crossed $19 billion USD, equivalent to 315,000 $BTC , as institutional interest continues to pick up," the report states.
Over the past week, an additional 1,500 BTC has been added to the open interest of the $80,000 call option set to expire on December 27, reflecting heightened bullish sentiment among trader
Source: Decrypt
