Regarding the arbitrage opportunities of Bitcoin (BTC) in the U.S. elections, here are some details:

1. **The relationship between the U.S. elections and BTC:** Over the past decade, despite the change of U.S. presidents from Trump to Biden, BTC has also experienced two cycles of bull and bear markets, but there is no direct correlation indicating that BTC prices are directly related to who holds the presidency.

2. **Employment market and monetary policy:** The current employment market is performing well, but this may slow down the pace and extent of interest rate cuts. Whether there will be a soft landing in monetary policy needs further observation next year.

3. **New highs in the U.S. stock market and BTC:** Although the U.S. stock market continues to reach new highs, the cryptocurrency market often leads in declines independently. If the U.S. stock market drops, the impact on BTC is also worth noting.

4. **ETF fund inflows:** In recent days, despite significant inflows into BTC, the price has not risen significantly, indicating that large funds are also exiting. Grayscale's clients have also faced paper losses, and BlackRock is not guaranteed to profit either.

5. **Technical analysis indicators:** A weekly MACD golden cross is usually seen as a bullish signal, but a dead cross may reappear after the golden cross, so this indicator does not hold much significance.

6. **Comparison of historical halving trends:** The key factor affecting BTC's price long-term trend is no longer the halving event, but monetary policy. The adjustment period of this monetary policy is much longer than the last cycle, and the adjustment time will also be lengthy.

7. **Liquidity and price driving:** The core driving force of the cryptocurrency market is the liquidity brought by monetary policy. Currently, balance sheet reduction is still ongoing, the U.S. dollar is strongly rebounding, interest rates are still high, and achieving Quantitative Easing (QE) is still far off. Therefore, now is not the time to welcome a bubble. However, BTC's price has risen from $15,500 to $68,000, making it difficult to find reasons to buy BTC in the current market environment.

These analyses provide a multi-angle consideration of BTC's future trends. For whether to engage in arbitrage operations, investors need to make decisions based on this information and their own risk tolerance.