According to Odaily Planet Daily, QCP released a daily opinion saying that Harris's victory in the election may not be as bearish as the market thinks. In order to win the votes of cryptocurrency users, Harris promised to help the cryptocurrency industry develop.

This follows Anthony Scaramucci and other cryptocurrency supporters laying out crypto policy for her campaign. Harris’ apparent pro-crypto turn, coupled with macroeconomic tailwinds, got the crypto market off to a good start this week, triggering a nearly $60 million short position blowout.

Last week QCP mentioned that Bitcoin could rise 13.8% from the low of $57,500. Bitcoin has rebounded nearly 12% since last Monday and still looks to have further upside momentum. The front-end put skew that can be seen over the past month is starting to normalize, with more high buyers and low sellers entering the market during the weekend. Even funding rates on major trading platforms are improving, with basis yields becoming relatively more attractive amid falling interest rates.