As the US presidential election approaches, the cryptocurrency market is showing signs of increased volatility, according to Derive.xyz’s October 2024 Trading Insights Report. In October, Bitcoin options trading revealed a clustering of call open interest at the $70,000 and $80,000 strike prices, indicating optimism about BTC potentially surpassing $80,000 in the near future.
Ethereum’s options market was more conservative, with about 30% of open interest focused on $2,800 call options. Market sentiment for ETH remains neutral, with little skew in short-term options. Derive.xyz facilitated the world’s largest on-chain options trade on October 12, involving Bitcoin options valued at $25 million in notional volume.
