QCP Capital: The results of the US election this week will determine the direction of the crypto market, and we remain cautious

Odaily Odaily News QCP Capital wrote: "As Polymarket's odds get closer to the actual poll results, the election competition between Harris and Trump has become increasingly fierce. Although Polymarket's odds are still more optimistic about Trump at 55%, this is a significant drop from 66% a week ago. Small price fluctuations during the weekend and the reduction in positions of leveraged perpetual contracts on various exchanges from 30 billion to 26 billion indicate that the market remains cautious. So, does this herald a period of calm before breaking the multi-month price range and moving towards an all-time high? The options market seems to think so, because since last Friday, we have seen an increase in high positions, with a large number of purchases of options expiring at the end of November and with an exercise price of 75,000 Meanwhile, options positions related to the election date are increasing as realized volatility remains at 40% and implied volatility has climbed above 87% on Friday. We expect spot prices to trade in this range until there is more clarity on the election results this week. A Trump win would likely trigger an immediate price increase, while a Harris win could trigger a price decline.”