The trading volume of CME options on bitcoin futures has increased ahead of the U.S. election, with some large trades suggesting that institutional investors are preparing for significant price moves in the days after Americans go to the polls on November 5.

Arbelos Markets CEO Joshua Lim told The Block that sizable derivatives trades are betting on bitcoin’s price surging above $85,000 by the end of November. Lim cited one example: a purchase of 3,050 bitcoin units in options set to expire on November 29, with a strike price of $85,000. This trade involved a $4.6 million premium, with $173,000 of vega and $42 million of delta — suggesting that if bitcoin’s price approaches or surpasses the $85,000 mark, the value of these options could quickly increase. The high premium indicates institutional traders are confidently wagering that bitcoin’s price will exceed the $85,000 strike by the end of November.