Bitcoin investors are being cautious as the US elections approach on November 5th. There has been a decline in open interest for Bitcoin, with around $2 billion being shed in the past few days. This suggests that investors are being cautious amid increased risk aversion in the market. However, some predict that this may be a temporary lull before a breakout, potentially pushing Bitcoin toward new highs.
Activity in the options market supports this view, with notable interest in “topside” positions and increased purchases of $75,000 call options set to expire at the end of November. This suggests that Bitcoin’s price will likely remain within its current range until post-election clarity emerges.
