Key Points
- Deribit Exchange has introduced early Bitcoin and Ethereum options for the 2024 US Elections.
- The Bitcoin market is preparing for a major rally in anticipation of Trump’s possible reappointment.
Deribit Exchange has launched early options for Bitcoin and Ethereum in anticipation of the 2024 US Elections. This follows a strong rally in the cryptocurrency markets, believed to be influenced by the upcoming election.
These options will allow investors to strategize their bets for the period immediately following the presidential election. According to a report by Bloomberg, these contracts are set to expire on November 8, three days after the US citizens cast their votes.
Trading Begins in July
The options trading for these contracts will commence on July 18. This early introduction is aimed at helping clients establish their strategies for the US elections, which are slated for November 5.
Deribit, a crypto exchange, shared on Twitter that the early introduction is intended to enable clients to position themselves effectively for the upcoming US elections and to speculate, hedge, and more.
As per CoinGecko, Deribit has more than $2 billion in open interest in its perpetual and futures markets in the past 24 hours. Since 2020, the exchange has accounted for 70% of the $35.7 billion of the total $51.1 billion Bitcoin options trading volume in April 2024. Therefore, the election-related options are a new addition to a range of trading products developed over the years to meet client needs.
Anticipation of Trump’s Reappointment
President Donald Trump has voiced his full support for the crypto industry and promised to introduce crypto-friendly policies if he wins the upcoming elections. Furthermore, Trump has expressed his willingness to support the Bitcoin mining industry in the USA.
The Bitcoin market is already gearing up for a significant rally in anticipation of Trump’s reappointment and laying the groundwork for a strong bull run. Over the past week, the spot Bitcoin ETF inflows have surged with robust institutional participation in the market.
On June 16, Tuesday, the spot Bitcoin ETF inflows rose to $422 million, its highest in six weeks. Blackrock’s IBIT alone saw 4260 million inflows, taking its AUM to over $18.5 billion since inception.
