Bloomberg: Bitcoin has its first weekly decline since Trump's election, and the options market has begun to hedge downside

Bloomberg analyzed that the cautious policy outlook of the Federal Reserve has weakened the optimistic sentiment of the US government towards the cryptocurrency industry, causing Bitcoin to experience its first weekly decline since Trump won the US presidential election. This week, Bitcoin's seven-day decline reached about 7%, marking the largest decline since September. Sean McNulty, trading director of liquidity provider Arbelos Markets, said that the outflow of funds from US exchange-traded funds that directly invest in Bitcoin last week will put pressure on Bitcoin prices in the short term. He expects that the BTC price will remain at the level of $90,000 before the end of 2024, and adds that the options market is beginning to attempt downward hedging, with option buyers setting execution prices of $75,000 to $80,000 in January, February, and March next year.