New data from crypto analytics firm Kaiko shows traders are flocking to bullish Bitcoin (BTC) bets ahead of the upcoming presidential election.
In a new paper, the Kaiko team finds that derivatives traders are placing tens of millions of dollars in bullish BTC bets on Deribit’s new election contracts on crypto options.
“Options traders flocked to bullish bets on BTC for Deribit’s new US election contracts. The options contracts, which expire on November 8, three days after the US presidential election, went live on July 18.
Traders bought $41 million worth of BTC calls on Tuesday, July 23. Weekend trading volumes spiked Saturday when Republican presidential nominee Donald Trump spoke at the Bitcoin 2024 conference in Nashville. Options traders bought $8 million worth of calls on the last day of the conference.”
According to Kaiko, the accumulation of the contracts is an indication that traders believe pro-crypto Republican candidate Donald Trump is likely to win the election.
“These bullish bets likely reflect traders’ growing belief that the former president will win in November. The Republican candidate said he would embrace cryptocurrency and Bitcoin technology on Saturday and pledged not to sell seized BTC owned by the US government if elected.
Initially Deribit launched its futures products for the July 8 presidential election as a means to let clients effectively position themselves for the upcoming race.
Bitcoin is trading at $66,669 at the time of writing, up marginally over the past 24 hours.
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Featured image: Shutterstock/Zaleman
