Markets
Deribit Launches New Bitcoin and Ether Options for 2024 Election
Cryptocurrency derivatives exchange Deribit is set to introduce bitcoin and ether options expiring on November 8, 2024. These new trading products will be available from July 18, 2024, at 8:00 am UTC, allowing investors to bet on how the election could affect the crypto markets.
“Based on client demand, we have decided to introduce options expiry on November 8, 2024, earlier than the regular introduction time,” Deribit announced on its social media platform. “The early introduction aims to allow our clients to effectively position themselves for the upcoming US elections on November 5, speculate, hedge, and more.”
Early introduction of US ELECTION expiration on November 8th 🇺🇸
Based on client demand, we have decided to introduce options expiry on November 8, 2024 earlier than the normal introduction deadline.
The early introduction aims to enable our clients to position themselves effectively… photo.twitter.com/FAkCkROUwr
— Deribit (@DeribitExchange) July 16, 2024
Deribit has positioned itself as a leader in the crypto derivatives market. According to data from Coinmarketcapthe exchange has over $3 billion in total assets
Deribit has dominated the bitcoin options market since 2020, accounting for 70% ($35.7 billion) of the total trading volume of $51.1 billion as of April 2024.
The introduction of election-related options aligns with a broader trend of blockchain-based betting solutions focused on political outcomes. This trend includes the rise of “PoliFi” (political finance) tokens and prediction markets like Polymarket, where global participants can bet on U.S. election outcomes.
Furthermore, recent political developments have increased interest in crypto-related electoral products. The crypto community has been closely monitoring changes in political attitudes towards digital assets.
For example, former President Donald Trump’s recent positive stance on cryptocurrencies, in contrast to his previous stance, has sparked discussions in the industry. Trump is scheduled to speak at the Bitcoin Convention 2024 in Nashville on July 27.
As the US election approaches, Deribit’s new options offer traders another tool to express their market views on potential regulatory changes and political outcomes. However, like all crypto derivatives, these products carry significant risks and can contribute to increased market volatility around political events.
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