QCP: As the US election approaches, Bitcoin enters a period of high volatility
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The news from Mars Finance states that on October 17, QCP released a daily report indicating that Bitcoin rose 2.20% last night. Driven by strong spot demand, it briefly rebounded to the $68,000 level, then stabilized around $67,000. During the US trading session, the market saw a large number of purchases of long-term options expiring on March 28, with 600 contracts having a strike price of $120,000. This suggests that optimistic long-term buyers have returned in this rebound. Yesterday, the BTC ETF added $456 million, continuing a four-day net inflow. These strong and growing capital inflows may be a leading indicator of BTC challenging its historical high of $73,790 again. Although the US election is the next key catalyst for BTC and cryptocurrencies, there is still uncertainty about the direction of BTC after the election. The trading price of options expiring near the election date has a 10% premium over other expiration options. As everyone focuses on the election, any changes in polls or the candidates' campaign narratives will be amplified in the spot price.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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