Options traders are expecting more upside in Bitcoin as the US presidential election approaches.
Speaking to The Block, Bitwise European Head of Research André Dragosch said that Bitcoin options traders are increasingly focusing on expiration prices above $80,000 for options expiring in November, ahead of the US elections and the Federal Reserve meeting.
Because the increasing probability of Donald Trump winning the US elections has a positive effect on BTC and contributes to the rise. This causes traders to expect further increases.
“This expectation comes as the market awaits two major events next month: the US presidential election on November 5 and the Federal Open Market Committee (FOMC) interest rate decision on November 8.
This also shows that Bitcoin options traders are generally bullish following the US elections and the Fed rate decision.”
According to Deribit data, there is a significant concentration of call options expiring on November 29. Accordingly, there are more than 3,100 call options with expiration prices between $80,000 and $82,000 for the November month-end expiration on Deribit.
The Fed is expected to make a 25 basis point cut at its meeting on November 8.
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