QCP: As the US election approaches, Bitcoin enters a period of high volatility

BlockBeats news, October 17, QCP released a daily report saying that Bitcoin rose 2.20% last night, driven by strong spot demand, and briefly rebounded to the $68,000 mark, and then stabilized in the $67,000 area. During the US trading session, there was a large amount of buying of long-term options expiring on 28 Mar in the market, with an exercise price of 600 contracts at $120,000.

This shows that optimistic long-term buyers are returning in this rebound. Yesterday, Bitcoin ETFs added $456 million, continuing four days of net inflows. These strong and growing inflows may be a leading indicator for BTC to hit its all-time high of $73,790 again.

Although the US election is the next key catalyst for Bitcoin and cryptocurrencies, the market remains uncertain about the trend of Bitcoin after the election. Options expiring closer to the election are trading at a 10% premium to other expiring options. With everyone focused on the election, any shift in polls or changes in the candidates’ campaign narratives will be magnified in spot prices.