bullish

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Despite overall caution, hedge funds remain bullish on Bitcoin [BTC] amidst US election results.</li> 
 <li>Large funds are anticipating significant price swings but are still optimistic about BTC’s potential.</li> 
</ul> 
<p> Despite the impending US election results and the market’s overall caution, hedge funds’ stance on <a href="https://coineagle.com/price/bitcoin/">Bitcoin [BTC]</a> remains largely optimistic. </p> 
<p>Last week, BTC came close to an all-time high (ATH) after it soared above $73K. This surge was driven by strong BTC ETF demand and the increasing odds of Trump winning the election. </p> 
<h2 id="expectations-for-btc-s-potential">Expectations for BTC’s Potential</h2> 
<p>However, the election week painted a different picture. Kamala Harris was closing in on Trump’s odds on Polymarket and was nearly at a 50/50 chance on Kalshi, another prediction site. Despite the tight race, hedge funds were mainly bullish but took precautions for any market direction. </p> 
<p>According to the latest data from Deribit, the options market witnessed a significant buying of calls for $70K-$85K targets by November. This data suggests that large funds were expecting substantial volatility around election day. </p> 
<h2 id="possible-delay-in-election-outcome">Possible Delay in Election Outcome</h2> 
<p>Interestingly, traders were shifting their focus from 8th November option expiries to 29th November, indicating an expected delay in the election outcome, likely due to controversies or rigging claims. </p> 
<p>This short-term cautious approach might have led to the recent de-risking observed in the spot market towards the end of last week. BTC dropped from last week’s high of $73.6K to below $68K, and some analysts predicted it might drop even lower, citing historical patterns around election day. </p> 
<p>Despite the uncertainty of the election outcome, the positioning of large funds indicates a potential recovery for BTC.</p>

Bitcoin Boom: Post-Election Surge Anticipated by Options Traders

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CoinEagle.com

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