Hey friends, did you know? In the days leading up to the tense and exciting US presidential election on November 5, Bitcoin derivatives traders were all geared up, preparing for a potential price explosion!
First, the options market is in a frenzy, with bullish sentiment at an all-time high!
The options market is simply bustling with activity, the level of activity is off the charts, and the data shows a full of bullish hopes. Those call options betting on price increases are clearly center stage in the market, telling us straightforwardly: once the election results are out, the price of Bitcoin is sure to soar!
With call options overpowering put options, Bitcoin is about to skyrocket!
As soon as the data was released, the ratio of put options to call options dropped directly to 0.55, meaning that in the options expiring on November 8, call options overwhelmingly outnumber put options! The implication behind this is that investors are very confident in the price of Bitcoin rising and are betting enthusiastically. The implied volatility for the forward options has soared to 72.29%, suggesting that the price may fluctuate around 3.78% after the election!
Market bigwigs are speaking out, adding fuel to the bullish sentiment!
Those market participants eyeing call options expiring after the election are coming in waves, with strike prices set between $70,000 and $80,000. This strategy clearly indicates that the market expects Bitcoin to make a significant upward breakthrough!
Bitcoin has become a magical tool for hedging against inflation.
Looking at the traditional market, the reaction to the US presidential election is intense, while Bitcoin has become a darling for hedging against inflation and systemic risks. Although there are significant fluctuations before and after the election, everyone feels that this uncertainty is just a passing breeze. The strong demand for call options indicates that investors are not worried at all about downside risks.
Standard Chartered Bank also joins the excitement, with high price predictions!
Jeff Kendrick, the global head of digital asset research at Standard Chartered Bank, is an optimist. He predicts that the price of Bitcoin could surge to an all-time high of over $73,000 on election day! His analysis is based on in-depth research into Bitcoin derivatives and trading volume indicators, so he confidently asserts: on election day, the price of Bitcoin will hover around $73,000!
As the US presidential election draws closer, Bitcoin derivatives traders are generally optimistic about the prospects for cryptocurrencies. The increase in call options, expected volatility, and expert predictions indicate that the value of Bitcoin is likely to soar after the election! Traders are always ready to seek opportunities in the complex and ever-changing market, preparing for their financial feast!
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