Institutional interest in Bitcoin futures has been steadily increasing, with a focus on December 2024 $100,000 calls. Despite recent fluctuations in spot prices, data shows that institutions are confident in a year-end rally for the cryptocurrency. This confidence is reinforced by the growing likelihood of former US President Donald Trump’s victory in the upcoming elections.
QCP Capital, a leading crypto trading firm, has noted that Bitcoin’s price action has remained resilient in the face of challenges such as the Mt. Gox supply and declining equities. The market has shown signs of stability, with funding rates normalizing and volatility decreasing. Bitcoin has been trading within the range of $61,000 to $71,000, indicating a sense of security among traders.
The anticipation for a breakout in the market is palpable as the US elections draw closer. The support for Trump within the tech industry has been on the rise, with prominent figures like Elon Musk and the Winklevoss twins endorsing him. Trump’s positive stance on Bitcoin has garnered support from influential tech figures, further boosting confidence in a potential year-end rally.
While the Biden administration has shown support for Ethereum ETFs, Trump’s popularity within the crypto community remains strong. Standard Chartered has even predicted that Bitcoin could reach $150,000 if Trump wins the presidency. Biden, on the other hand, has faced criticism following a lackluster debate performance and calls for him to withdraw from the race.
As the debate over the future of the crypto industry under different political leaderships intensifies, Ethereum co-founder Vitalik Buterin has urged voters to be cautious when supporting candidates who claim to understand digital assets. Buterin’s comments have sparked a debate within the crypto community, with Cardano’s Charles Hoskinson warning that re-electing Biden could have negative consequences for the American crypto industry.
Overall, the increasing institutional interest in Bitcoin futures, coupled with the political dynamics surrounding the upcoming elections, suggests that the crypto market is poised for significant developments in the coming months. Investors and traders should closely monitor these trends to make informed decisions about their crypto holdings.