Traders Boost Bullish Bitcoin Bets Ahead of U.S. Election

New insights from crypto analytics firm Kaiko indicate a surge in bullish Bitcoin (BTC) bets ahead of the upcoming presidential election.

Kaiko’s latest report shows that derivatives traders are making significant bullish BTC wagers on Deribit’s new election contracts. These options, which expire on November 8, three days after the U.S. Presidential elections, went live on July 18.

On July 23, traders purchased $41 million worth of BTC call options. Trading volumes also spiked over the weekend as former President Donald Trump, a Republican candidate, addressed the Bitcoin 2024 conference in Nashville, resulting in $8 million worth of calls being bought on the final day of the event.

Kaiko interprets the accumulation of these contracts as a sign that traders believe Donald Trump, who has expressed strong support for cryptocurrency and Bitcoin, is likely to win the election. Trump pledged to embrace cryptocurrency and not to sell any BTC seized by the U.S. government if he is elected.

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Deribit introduced its presidential election futures products on July 8, allowing clients to strategically position themselves for the upcoming election.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.