Bitcoin Options Tied to US Elections Reach Nearly $350 Million in Open Interest

Crypto traders have invested millions in bitcoin (BTC) options as they continue to speculate on how the upcoming US elections could impact the digital asset industry.

The options, which expire four days after the Nov. 4 election, began trading on Deribit a month ago. At the time of writing, the dollar value of active options contracts is $345.83 million, according to data platform Amberdata.

Call options, which offer unlimited upside potential in exchange for limited losses, account for 67% of the total open position. The remainder is made up of put options, which protect against price declines and have a put-call ratio of less than 0.50.

“The current put-to-ask ratio of 0.50 indicates that there are twice as many calls and a bullish trend,” algorithmic trading firm Wintermute wrote in a note shared with CoinDesk.

The $80,000 call option is the most popular, with over $39 million in open interest. Overall, open interest is concentrated in the high strike calls of $70,000 to $140,000, a sign that traders are positioning for new record highs that could be reached come election time.

$39 million was locked in $45,000 put options.