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Bitcoin has surged by 3.5% since our last commentary, breaking the $70k level for the first time in over seven months. This is supported by several factors, including strong spot ETF inflows of nearly $1 billion just last week.
This euphoria has extended to crypto-related equities, with miners like Core Scientific (CROZ) up 6.2% following a Jefferies upgrade to ‘buy.’ Companies operating at the intersection of crypto and AI, such as IREN, Hut 8, Bitdeer, and TeraWulf, are outperforming as they benefit from increased AI demand and Bitcoin’s recent rally.
In addition, Emory University has become the first university endowment fund to disclose a $15 million position in Grayscale Bitcoin Mini Trust, underscoring the growing appeal of digital assets among funds with traditionally conservative mandates.
Rising odds of a Trump victory have bolstered both stocks and Bitcoin. We believe BTC is particularly well-positioned to benefit in the medium term compared to equities. A potential Trump administration’s expansionary fiscal policies could push deficits and inflation higher, potentially tempering Fed rate cuts in 2025.
Implied volatility for the election expiry has climbed to 64% and is likely to rise further. Although call skew has softened as BTC consolidates above the 70k level, perpetual open interest across exchanges is at a yearly high, signaling strong positioning for potential upside.
Step aside, Contrarians: any dip below 70k now is likely to attract strong buying support ahead of the election. The 8Nov expiry at the 80K strike shows over $200 million in open interest. If BTC holds above 70K this week, we may be on the path to an all-time high—and potentially beyond.
BTC ELECTION BUTTERFLY
Spot Ref: 71,000
a) For the front-end traders, they were frantically covering their short positions as the continued rally squeezed into their shorts b) Mid-tenor traders were relatively
Reject modernity, embrace tradition. These 4 four words would have served you well in navigating (and profiting!) from crypto markets in the past week. Seasoned
BTC briefly touched 98k over the Thanksgiving weekend, driven by Saylor’s BTC investment strategy presentation to Microsoft. Microsoft’s shareholders are scheduled to vote on a
BTC reclaimed the critical 95,000 level last night after PCE price index came in as expected. ETH was the main outperformer yesterday as it rallied
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