• Traders have locked in $345 million in bitcoin options expiring four days after the Nov. 4 elections.

• Distribution of open interest shows bullish sentiment, according to Wintermute.

Crypto traders speculating on how the impending U.S. elections might affect the digital assets industry have locked millions in Bitcoin (BTC) options tied to the event.

The so-called election expiry options, due for settlement four days after the Nov. 4 elections, began trading on Deribit a month ago. As of writing, the notional open interest or the dollar value of the number of active options contracts was $345.83 million, according to data source Amberdata.

Call options, which offer an unlimited upside payoff potential at the expense of limited loss, accounted for 67% of the total open interest. The rest came from put options, which offer protection against price drops, amounting to a put-call ratio of less than 0.50.

In other words, twice as many calls were open as puts, reflecting bullish expectations from the outcome of the elections.