Traders Boost Bullish Bitcoin Bets Ahead of U.S. Election
01.08.2024 10:00 1 min. read Alexander Stefanov
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.
Deribit introduced its presidential election futures products on July 8, allowing clients to strategically position themselves for the upcoming election.
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