Hey friends, did you know? In the days leading up to the intense and thrilling US presidential election on November 5, Bitcoin derivatives traders were all gearing up, ready to embrace a potential price explosion!
First, the options market is in high spirits, with bullish sentiment at an all-time high!
The options market is simply bustling, with activity levels off the charts. A glance at the data reveals a wealth of bullish hopes. Those betting on price increases with call options are clearly at the center of the market, telling us outright: once the election results are out, Bitcoin's price will surely soar!
With call options crushing put options, Bitcoin is on its way to the moon!
As soon as the data was released, the ratio of put options to call options dropped directly to 0.55, meaning that the call options expiring on November 8 are crushing the put options! This suggests that investors are very confident in Bitcoin's price increase and are betting enthusiastically. The forward implied volatility has skyrocketed to 72.29%, indicating that prices might fluctuate around 3.78% after the election!
Market bigwigs are speaking out, adding fuel to the bullish sentiment!
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 big upward breakthrough!
Bitcoin becomes a tool for hedging against inflation
Looking at the traditional market, the response to the US presidential election is strong; Bitcoin has become a favorite hedge against inflation and systemic risk. Although there are large fluctuations before and after the election, everyone believes 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 is also getting in on the action, predicting high prices!
Jeff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, is an optimist. He predicts Bitcoin's price could reach an all-time high on election day, with $73,000 not being a dream! His analysis is based on in-depth research of Bitcoin derivatives and trading volume indicators, so he dares to assert that on election day, Bitcoin's price will hover around $73,000!
As the US presidential election approaches, Bitcoin derivatives traders are generally optimistic about the future of cryptocurrencies. The increase in call options, expected volatility, and expert predictions all indicate that Bitcoin's value might soar after the election! Traders are always ready to seize opportunities in the complex and ever-changing market, welcoming their financial feast!
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