Massive institutional trades betting on BTC price to exceed $85,000 by the end of November
On October 31, CME bitcoin futures options trading volume increased as the U.S. election approached, with a large number of institutional trades betting that the price of bitcoin will exceed $85,000 by the end of November. Joshua Lim, CEO of Arbelos Markets, said that it is good to see institutional investors making such a large presence on the CME, which may be a good sign It's a good sign that the crypto derivatives market will continue to grow in liquidity as the asset class matures. Bitcoin is increasingly seen as an inflation hedge and an alternative to the U.S. presidential election, and the options market is expecting a 7 percent swing in bitcoin on the day of the U.S. election, which is slightly lower relative to bitcoin's beta against risky assets. (The Block)
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Data: BitMine currently holds approximately 3.56 million ETH, with an unrealized loss of $2.98 billion.