The US election is approaching, and all statistical channels show that Trump is leading in the competition, but the US election still has great uncertainty.

Datalab options data shows that BTC's at-the-money option IV is 57% in the election week, while the at-the-money option IV in the week before the election is only 47%. The market has given a 10% IV difference for the election.

The current term structure also illustrates an implicit market view: the market will not fluctuate too much before the end of the election. Market trading volume also illustrates this point. Even if the rally is good this week, big investors are unwilling to bet on continued gains.