Analysis: Options market shows bullish trend for Bitcoin, with open interest mostly at $70,000 and $80,000 strike prices

Data from Bitwise Asset Management’s ETC Group shows uncertainty about token prices depending on the outcome of the U.S. presidential election. Using implied performance on theoretical value, ETC Group found that Bitcoin could rise 10% in either direction depending on the election results. Given the current spot price of just under $68,000, a 10% rise would mean a new all-time high, surpassing March’s $73,697. The team also found that the impact of the election could have the greatest impact on ADA and DOGE, at 18% and 20%, respectively. In addition, according to Coinglass data from 2013 to 2023, Bitcoin’s returns in the second half of October (16-31) were twice as high as those in the first half (1-15). Looking beyond the U.S. election, the options market shows a bullish bias for Bitcoin, with most of the long open interest positions at strike prices of $70,000 and $80,000. The strike prices for the November 29 expiration are $141 million and $120 million in notional value, respectively. (CoinDesk)