Despite the lower spot price overnight, data suggests considerable institutional interest in December 2024 $100,000 calls.
Perpetual funding rates have normalized, volatility is decreasing, and Bitcoin appears to have settled back into its familiar trading zone of $61,000 to $71,000, where it remained throughout Q2. In the near term, the asset’s spot price might continue to range within this band, particularly with dealers holding “very long” positions in the July 26th $67,000 strike.
Public backing for Trump within the tech industry has surged in recent months. His chosen running mate, Ohio Senator J.D. Vance not only brings experience as a venture capitalist but is also a vocal supporter of Bitcoin and other crypto. Despite the Biden administration showing pragmatism in approving the spot Ethereum ETFs, Trump remains a popular choice. In fact, Standard Chartered recently predicted that Bitcoin could surge to $150,000 if Trump wins the presidency.