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Analysis: US election will increase Bitcoin volatility, options traders focus on $80,000 target
2024-10-29 04:45:06
Odaily News According to data from DeFi derivatives platform Derive, Bitcoin traders are preparing for increased volatility as the U.S. election approaches on November 5, with price swings of up to 20% expected. "The latest trading analysis reveals some compelling insights into market dynamics as we approach major financial events," said Nick Forster, founder of Derive, on Monday. Data shows that bets are concentrated around the $80,000 Bitcoin strike price, with strong short-term call option sales as traders use option premiums to prepare for possible price moves. "The dominance of sold call options suggests that traders are strategically collecting premiums, while the focus on the $80,000 target highlights a potential turning point for Bitcoin," said Forster. He explained that call options accounted for more than 47% in the past 24 hours, and traders hope to take advantage of the "premium" brought by election-related volatility. The volatility patterns of different expiration dates show that traders are preparing for volatility before next week, but are still unsure in which direction prices will go. (Decrypt)