New data from crypto analytics firm Kaiko indicates that traders are increasingly betting on Bitcoin (BTC) ahead of the upcoming US presidential election. Kaiko’s report highlights a surge in bullish BTC options on Deribit’s platform, specifically in contracts expiring on November 8, just after the election. On July 23, traders bought $41 million in BTC calls, spiking weekend volumes as former President Donald Trump, a Republican candidate, spoke at the Bitcoin 2024 conference in Nashville. Kaiko suggests these bets reflect trader confidence in Trump’s potential win, as he expressed support for cryptocurrency and Bitcoin technology during his speech.
Deribit launched these presidential election futures on July 8, allowing traders to hedge or position themselves for the election outcome. Bitcoin is trading at $66,669, showing a slight increase over the past 24 hours.
