QCP: As the US elections approach, BTC enters a high volatility phase

2024-10-17 23:05:54

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ChainCatcher news, QCP released a daily report stating that Bitcoin rose by 2.20% last night, briefly rebounding to the $68,000 mark driven by strong spot demand, and then stabilizing in the $67,000 range. During the U.S. trading session, there was a significant amount of buying in long-term options expiring on March 28, with 600 contracts at a strike price of $120,000.

This indicates that optimistic long-term buyers are returning in this rebound. Yesterday, Bitcoin ETFs saw an increase of $456 million, continuing four days of net inflows. These strong and growing capital inflows may be a leading indicator for BTC to challenge its historical high of $73,790 again.

Although the U.S. election is the next key catalyst for Bitcoin and cryptocurrencies, there remains uncertainty in the market regarding Bitcoin's trajectory post-election. The trading price of options expiring close to the election is at a premium of 10% compared to other expiring options. As everyone focuses on the election, any changes in polling or candidate campaign narratives will be amplified in the spot prices.

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U.S. election Bitcoin ETF

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