“The path to $100,000 at the end of the year is still open,” say analysts at the blockchain analysis firm Kaiko Research.
“This strong bullish move suggests that the market had not clearly and completely anticipated a Republican victory. The path to $100,000 at the end of the year for Bitcoin remains open“say analysts at the blockchain analysis firm Kaiko Research.
Experts maintain that behind this enormous rise are BTC Spot Exchange Traded Funds (ETFs). Since the election, Bitcoin ETFs have seen inflows by more than US$4,000 million, recording two of the best days in its short historywith inflows of more than US$1 billion, according to data from Farside Investors.
In turn, Cryptocurrency trading volumes hit their highest levels since March. Specifically, BTC recorded three of its five highest daily volumes this year in Novembersurpassing volumes seen during the August 5 sell-off and its previous all-time high on March 5.
“Options activity on Deribit indicates that traders expect the current rally to continue through the end of the year. Since November 6, the day after the US elections, it was observed intense trading in bullish options with strike prices between US$90,000 and US$120,000 at expiration on December 27 of Deribit”, they point out from Kaiko.
“Many of these options are already in profits, with BTC trading above $91,000 on November 13. This rapid price increase led to a reassessment of risk in Deribit optionsas reflected in our implied volatility data,” adds the French firm.
Source: Ambito
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