New data from crypto analytics firm Kaiko reveals that traders are flocking toward bullish Bitcoin (BTC) bets for the upcoming presidential election.

In a new paper, the Kaiko team finds that derivatives traders are placing tens of millions of dollars worth of bullish BTC bets on crypto options exchange Deribit’s new election contracts.

“Options traders flocked to bullish bets on BTC for Deribit’s new US election contracts. The options contracts, which expire on November 8, three days after the US Presidential elections, went live on July 18.

Traders bought $41 million worth of BTC calls on Tuesday, July 23. Weekend trade volumes spiked on Saturday as Republican candidate former President Donald Trump spoke during the Bitcoin 2024 conference in Nashville. Options traders bought $8 million worth of calls during the final day of the conference.”

According to Kaiko, the accumulation of the contracts is an indication traders believe that the pro-crypto Republican candidate Donald Trump is likely to win the election.

“These bullish bets likely reflect traders growing conviction that the former President will win in November. The Republican candidate said he would embrace cryptocurrency and Bitcoin technology on Saturday and pledge not to sell any seized BTC the US government-owned if elected.”

Deribit initially launched its presidential election futures products on July 8 as a means of letting clients position themselves effectively for the upcoming race.

Bitcoin is trading for $66,669 at time of writing, a marginal increase during the last 24 hours.