Singapore based cryptocurrency investment firm QCP Capital reported that the short-term implied volatility reached its peak on election day, expanding by 10 volatility points compared to the previous expiration date, and leaning towards call options rather than put options, despite Bitcoin being about 8% lower than its historical high. At the same time, the stock market presents a different picture. The S&P 500 index has reached a historic high, with 20% of companies about to release their financial reports. The options market tends towards put protection, and it is expected that the index may fluctuate by 1.8% on November 6th, the day after the election. The correlation between the stock market and cryptocurrency has reached a historical high of 0.83. Given the trend of mean regression and the differences in the positioning of the options market, this may indicate the arrival of a turning point. The election has created a zero sum game scenario for the stock market, where the industry winner will depend on the election results. By contrast, both US presidential candidates are more supportive of cryptocurrency than the previous administration, so any weakness in the stock market could prompt capital to reallocate to the cryptocurrency sector.