Learn From Smart Money: BTC Reaches a Fresh ATH Amid Macro Events, but What’s Next?

The price of BTC hit a fresh all-time high as traders and investors braced for the outcome of the U.S. elections and the upcoming interest rate decision from the Fed. As our Weekly Institutional Insights highlighted, the rising odds for a Republican presidency have increased volatility in Treasuries and equities, suggesting significant market implications depending upon election outcomes. Data shows that derivatives traders on Bybit have been setting up for short-term market volatility, while things could be relatively stable toward year-end.

Post-Election Dated Options in Focus

BTC derivatives traders have been focusing on the upcoming macro events, and the U.S. elections are front and center, dominating news headlines globally. Despite the price of BTC remaining in its multi-month range, data shows that traders have been keen to bet on BTC's potential price movement after the U.S. elections. Bybit's Contract Data page indicates that most of the open interest in BTC options was has been on contracts with a Nov 8, 2024 expiration.