Odaily Planet Daily reported that QCP Capital stated that the short-term implied volatility peaked on election day, expanding by 10 volatility points compared to the previous expiry date, and the skew was leaning towards call options rather than put options, even though Bitcoin is about 8% lower than its historical high. Meanwhile, the stock market presents a different picture. The S&P 500 index reached a historical high, with 20% of companies set to announce their earnings. The options market leans towards protective puts, expecting that on the day after the election, November 6, the index may fluctuate by 1.8%. The correlation between the stock market and cryptocurrencies has reached a historical high of 0.83. Given its mean-reversion trend and the differences in options market positioning, this may signal the arrival of a turning point. The election creates a zero-sum game scenario for the stock market, where industry winners will depend on the election results. In contrast, both U.S. presidential candidates are more supportive of cryptocurrencies than the previous administration, thus any weakness in the stock market may prompt a capital reallocation towards the cryptocurrency sector.