Traders expect Bitcoin to rise after the midterm elections, with the largest Bitcoin position on Derive betting that Bitcoin will break above $90,000 in November.

October 27: On the decentralized options platform Derive, a wallet bought 800 Bitcoin call options expiring November 6 with a strike price of $90,000 on October 20, with a notional value of approximately $68 million, and received a net premium of about $940,000 by selling call options expiring in March 2027 and October 30.

Derive stated that this is the platform's largest Bitcoin open position; its market-implied probability of Bitcoin breaking through $100,000 before Christmas rose from 9.7% to 12%, indicating that some traders are betting on Bitcoin rising after the U.S. midterm elections.