Deribit has over $2 billion in open interest in its perpetual and futures markets within 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.
With Donald Trump surviving the assassination attempt last weekend, the cryptocurrency markets have rallied strongly with the US 2024 Elections playing a deciding role in market movements. Citing this market sentiment, derivatives crypto exchange Deribit is introducing Bitcoin and Ether options allowing investors to tailor their bets for right after the upcoming US presidential election.
As per the Bloomberg report, these contracts will expire on November 8, three days after the US citizens vote for the President. The options trading for these contracts will begin on July 18. this early introduction will help clients set up their strategies for the US elections scheduled to take place on November 5.
Sharing this on Twitter, crypto exchange Deribit noted:
“The early introduction is aimed at enabling our clients to position themselves effectively for the upcoming 5 November US elections, speculate, hedge, and more.”
According to CoinGecko, Deribit has over $2 billion in open interest in its perpetual and futures markets within 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. Thus, the election-related options are a recent addition to a range of trading products developed over the years to meet client needs.
Crypto Markets Gearing Up for Trump Reappointment
President Donald Trump has expressed his full-fledged support to the crypto industry and assured of bringing crypto-friendly policies if he wins the upcoming elections. Additionally, Trump has also shown his willingness to produce all the rest of the Bitcoins in the USA by extending his wholehearted support to the Bitcoin mining industry.
The Bitcoin market is already preparing for a major rally in anticipation of Trump’s arrival and setting up the foundation of a strong bull run ahead. Over the last week, the spot Bitcoin ETF inflows have skyrocketed with strong institutional participation in the market.
On Tuesday, June 16, the spot Bitcoin ETF inflows shot up 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.
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