Bybit's renowned trader DeFi^2 analyzes Trump's speech and the bullish price trend of BTC.

Bybit's well-known trader DeFi^2 published an article analyzing why Trump's speech and BTC's related price movements are bullish. On the eve of the speech, there were billions of dollars of short-term speculative Bitcoin buying and call options, all of which were carried out to capture the rumor that Trump would "buy 1 million Bitcoins"; midway through the speech, when this statement looked unlikely, many speculators began to close their positions, and Bitcoin fell to $66.5K before the end of the speech. Speculators who bet on the meeting did not get the results they wanted, and their actual targets can be seen from the options activity. The most important trading volume is concentrated in the call options with a strike price of $70K on August 2; since the speech, short-term speculators have closed buy orders, causing hundreds of millions of dollars of selling pressure, such as a Bybit trader who closed a long position worth $175 million in 1 hour, about 8 hours after the speech. Now that most speculators have closed their positions, and the current BTC price is over $68k, it shows that these positions have been transferred to long-term investors, who bought hundreds of millions of dollars of Bitcoin after the speech. This is not surprising, as Trump announced that the United States would have a "Strategic National Bitcoin Reserve" - a level of public acceptance unprecedented in the history of cryptocurrency. The shift in the political climate is huge and objectively bullish. Even if Trump does not secure a win, the speech sets a precedent for the Democratic Party, which will likely be forced to roll out friendly cryptocurrency policies.