Prediction markets have pushed the odds of Democrats taking both chambers of Congress close to a sure thing. $TRUMP plunged straight from 1.59 to 1.50 during the hour starting at 8 a.m. this morning, on more than six times the usual volume, and is still hovering around 1.50.
Despite the steep drop, open interest in the contract has actually risen by nearly 6%, and the long/short ratio is still above 2.1. Most of the buyers stepping in are probably hoping to catch a rebound in political tokens. After the changeover in Congress comes a news cycle of hearings and investigations, and this kind of news won’t all break at once. I’m not treating 1.50 as the bottom. If I’m not already in, I’ll keep watching and wait until some of the new positions have been flushed out before deciding.
$TRUMP $BTC
Despite the steep drop, open interest in the contract has actually risen by nearly 6%, and the long/short ratio is still above 2.1. Most of the buyers stepping in are probably hoping to catch a rebound in political tokens. After the changeover in Congress comes a news cycle of hearings and investigations, and this kind of news won’t all break at once. I’m not treating 1.50 as the bottom. If I’m not already in, I’ll keep watching and wait until some of the new positions have been flushed out before deciding.
$TRUMP $BTC
