The crypto market surge after the US election has generated colossal gains for Wall Street, with profits estimated at $1.4 billion on futures alone, according to the latest data from Forbes.
American banks are riding the bullish wave of Bitcoin
US banking giants invested heavily in Bitcoin derivatives markets in the weeks leading up to the presidential election.
THE CFTC data reveal that these institutions have accumulated 10,564 new futures contracts, representing 52,820 BTC. At the Chicago Mercantile Exchange (CME), their long positions now reach $3 billion, with an average entry price of $65,800.
JPMorgan, Goldman Sachs and SG Americas Securities are among the main players in this digital gold rush. Between October 8 and 15, their open positions jumped from 1,200 to 11,766 contracts, from $373 million to $3.8 billion. At current prices, these positions are valued at $5.3 billion, generating a performance of 36% in less than a month.
Banks, while limited in their ability to hold Bitcoin directly, leverage derivatives and ETFs to capitalize on the volatility of the crypto market.
The impact of Trump's victory on the crypto market
Bitcoin's bullish momentum has increased considerably since the re-election of Donald Trump on November 6. Markets are anticipating a more favorable approach from federal regulators under the new administration, propelling the entire crypto sector to new heights.
This confidence is also reflected in the performance of companies in the sector. Coinbase (COIN) saw its stock jump 20% on November 11, surpassing $300 for the first time since 2021. The total capitalization of the crypto market now reaches $3.17 trillion, an increase of 119% over a year ago. year.
The combination of favorable political factors and growing institutional interest continues to support bitcoin's bullish momentum, portending new opportunities for traditional financial players.
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