US election-related bitcoin options attract nearly $350 million in unpositioned squaring contracts

On August 20th news, the so-called election expiration options will expire and settle four days after the election on November 4th. These options began trading on Deribit a month ago. As of now, according to data source Amberdata, the notional value of unpositioned squaring contracts or the dollar value of active option contracts is $345.83 million. Call options account for 67% of the total unpositioned squaring contracts, and these options offer unlimited upside return potential, but limited losses. The rest comes from put options, which provide protection from falling prices, resulting in a put/call ratio below 0.50.
"These contracts, specifically designed for elections, enable investors to capitalize on increased interest by making targeted predictions about how elections will affect the crypto market," Wintermute, an algorithmic trading firm, said in a report. "The current put/call ratio is 0.50, indicating bullish sentiment in the market, with twice as many call options traded as put options."