Bitcoin ends historic September with a drop, but breakout might not come before US election

Despite October being a historically strong month for cryptoassets, options traders are expecting further declines in the coming weeks.

Options traders expect a further rally to only come after the US election in November, and are therefore positioning for further weakness in the coming weeks, according to Jake Ostrovskis, crypto OTC market maker at Wintermute.

“With spot trading falling below $65,000, the volatility surface indicates a downside bias through late October and November when the market begins to favor calls over put protection,” Ostrovskis said. “Current positioning suggests support for a post-election rally.”

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