Over $2.8 billion bet on bitcoin topping $90,000 as it hits all-time high
Jakub Porzycki | Nurphoto | Getty Images
Bitcoin reached a fresh all-time high near $81,000 and futures premiums soared, in a clear sign that investors believe the record-run in the world’s largest cryptocurrency is poised for even more gains on the back of U.S. elections that saw a swell of pro-crypto candidates win office.
Open interest in bitcoin’s price surpassing $90,000 rose to more than $2.8 billion on the popular Deribit derivatives exchange, one of a few crypto native platforms that offers futures trading. Deribit encompasses most of the offshore options market.
“The options market’s bias is heavily toward continued momentum. Call options trade at a premium to puts, and open interest in out-of-the-money calls has grown,” Vetle Lunde, head of research at K33 Research, told CNBC.
A call option gives the buyer the right to buy shares of an underlying asset at a certain price for a specified period of time. Buying a call option is a bet the asset price will move higher. Buying a put option is a bet the asset price will fall.
The CME derivates exchange offers bitcoin futures contracts and is a popular way for institutions in the U.S. to make bets on the future price of bitcoin. Velde told CNBC that on Friday CME premiums for ether and bitcoin averaged 14.5% and 14%, respectively. Ahead of the election, Velde says these premiums sat at 7%, and had spent a majority of the past half year hovering slightly below 10%.
“The recent surge is a meaningful deviation higher emphasizing the bullish flows of late,” he added, noting that yields more or less stabilized well into the double digits after the election became clear.
“Alongside the growth in leverage, we saw the first meaningful example of growing yields in offshore derivatives, indicative of the move being led by determined risk-takers positioning for further upside,” said Velde.
The early innings of bitcoin’s push higher coincided with substantial growth in open interest in perpetual swaps, or contracts that allow buyers to speculate on where they think prices are headed without a set expiration date.
But liquidity in crypto markets on weekends is typically poorer than during weekdays, as neither CME futures nor ETFs are open to trade, so moves thus tend to overreact and substantially retrace once these markets open again, according to Velde.
President-elect Donald Trump promised on the campaign trail to turn the United States into the “crypto capital of the planet.” His multiple pledges to the crypto community included launching a national crypto stockpile with the more than $16 billion in bitcoin the U.S. government has amassed through asset seizures, as well as slashing interest rates. The easing of monetary policy typically dovetails with a surge in crypto prices since it makes it cheaper to borrow money.
The Federal Reserve, which guides the country’s monetary policy, sets the benchmark rate. It also, by design, operates independently from the White House. On Thursday, the Fed approved its second consecutive interest rate cut.
On the back of election results and the Fed’s unanimous vote to again slash the benchmark rate, the crypto market broadly surged into the weekend. Ether eclipsed bitcoin’s rise, up 30% in the last seven days, and solana’s market cap topped $100 billion on Sunday.
The total market cap of all spot bitcoin ETFs is now above $80 billion, and in the last three trading days alone, the spot funds collectively added $2.3 billion.
Within fintech, companies tied to crypto were some of the top performers, after candidates funded by the crypto industry won races up and down the ballot.
Coinbase shares jumped 48% for the week, their strongest performance since January 2023. Coinbase was one of the top corporate donors in the election cycle, giving more than $75 million to Fairshake and its affiliate PACs, including a fresh pledge of $25 million to support the pro-crypto super PAC in the 2026 midterms.
Trump has vowed to oust SEC Chair Gary Gensler, which potentially bodes well for companies like Coinbase fighting the regulator in court over alleged securities offenses.
“Tuesday night was certainly a big night for crypto and the crypto voter,” Coinbase’s chief legal officer Paul Grewal said in an interview. “We’re going to have the most pro-crypto Congress ever, and Coinbase has played some part in all of that.”
Robinhood, which allows users to buy and sell a number of digital currencies, rose 27% for the week. The online brokerage received a Wells Notice from the SEC in May, a move that often precedes formal charges.
Robinhood’s general manager for its crypto unit told CNBC that the goal at Robinhood is to be able to work within the administration.
“If you think about crypto, it’s a very fast-moving pace. It’s complicated, it was made by engineers, for engineers,” said Johann Kerbrat, the Vice President and General Manager of Robinhood Crypto. “We want to help policymakers to understand it and help them drive the right protections for the customers.”
The Kia EV5 has officially arrived in the UK. Boasting up to 329 miles of range, Kia opened orders for the new Sportage-sized electric SUV on Monday. Here’s a breakdown of Kia EV5 prices, range, and other specs for the UK market.
Kia EV5 prices and range in the UK
Kia calls the EV5 “a cornerstone” of its electrification strategy. The midsize electric SUV is about the size of a Tesla Model Y and loaded with Kia’s latest tech, software, and sleek new styling.
After opening EV5 orders in the UK on Monday, Kia now offers an SUV across every powertrain in Europe’s most competitive segment.
The EV5 is available in three trims: Air, GT-Line, and GT-Line S. All three variants are powered by an 81.4 kWh battery, offering a range of up to 329 miles. Based on a 400V platform, Kia said the electric SUV can recharge from 10% to 80% in about 30 minutes.
All three are powered by a single front-mounted electric motor, capable of producing up to 214 horsepower (160 kW) and 295 Nm of torque. The EV5 can go from 0 to 62 mph in 8.4 seconds.
The interior features Kia’s new Connected Car Navigation Cockpit (ccNC), which includes a three-screen infotainment system.
Kia’s ccNC infotainment features dual 12.3″ driver display and navigation screens with Wireless Apple CarPlay and Android Auto, as well as a 5.3″ climate control display. A customizable 12.3″ Head-Up Display (HUD) is available on higher trim options.
At 1,875 mm wide, 4,610 mm long, 1,675 mm tall, and a wheelbase of 2,750mm, the EV5 is 10mm wider, 70mm longer, and 30mm taller than the Sportage.
Prices for the base Kia EV5 Air start at £39,295 ($53,000), on-the-road (OTR). Upgrading to the sporty GT-Line model, which gains exclusive trim exterior and interior design elements, is priced from £42,595 ($57,800). The range-topping GT-Line S starts at £47,095 ($63,700).
| Starting Price (OTR) |
Driving Range (WLTP) |
|
| Kia EV5 Air | £39,295 ($53,000) | 329 miles |
| Kia EV5 GT-Line | £42,595 ($57,800) | 313 miles |
| Kia EV5 GT-Line S | £47,095 ($63,700) | 313 miles |
The EV5 joins the EV3, EV4, EV6, and EV9 as Kia expands its electric vehicle lineup in the UK. Kia’s EV3 was the best-selling retail EV in the UK in the first half of 2025.
Can its bigger brother, the EV5, top it? Pre-orders are now open, and Kia plans to deliver the first customer vehicles later this year.
As a sibling to the Sportage, Kia’s global, European, and UK-wide best-selling vehicle, it might actually have a chance. Let us know what you think of it in the comments below.
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Tesla has reduced the price of the Model 3 RWD Long Range, a newly launched version of the popular Model 3, amid a sales slump.
As we reported last week, China has reached a tipping point of EV adoption: the majority of new car sales are electric.
Yet, Tesla, which was once the largest EV company in China, is not benefiting from the surge in EV sales in China.
As of last week, Tesla’s sales in China are down 6.3% year-to-date based on insurance registration data compared to 2024.
Electric vehicle competition is intensifying, and Tesla is struggling to keep up.
Over the last few weeks, Tesla has launched two new versions of the Model 3 and Model Y to help stem the decline in China.
For Model 3, Tesla launched a new Long Range RWD version in early August for 269,500 yuan.
Today, Tesla slashed the price by 10,000 yuan just weeks after the launch – indicating that demand was lower than anticipated.
Furthermore, Tesla is also offering a series of incentives on top of the price reduction:
- Participate in the referral bonus promotion and place an order before September 30th to receive an 8,000 yuan bonus on optional paint.
- Order select models (excluding the High-Performance All-Wheel Drive version) before September 30th to apply for a limited-time 5-year 0% interest financing plan. Order
- select models (excluding the High-Performance All-Wheel Drive version) and receive delivery before September 30th, along with partner insurance, to receive a limited-time subsidy of 8,000 yuan.
Competition in the EV sector is tough in China. New models are being launched every week, and prices are incredibly competitive.
Tesla is still performing well in the premium segment, but its most popular models are, by far, the cheaper Model 3 and Model Y in RWD versions. Meanwhile, Chinese EV automakers have launched numerous vehicles in these segments.
Electrek’s Take
Add this to the numerous red flags regarding Tesla’s declining sales worldwide.
For Tesla, Europe is almost a thing of the past. China is in a steady decline, while the US is expected to experience only slight growth.
The level of competition in China is simply too high, resulting in Tesla selling many vehicles in the market for virtually 0% gross margin.
This is not sustainable and will likely result in Tesla starting to lose money in 2026 without some major changes.
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With just a week left until its official debut, Volkswagen is giving us a sneak peek of its most affordable electric SUV, the ID.2. Here’s our closest look at the new entry-level EV.
The Volkswagen ID.2 is an affordable electric SUV
Volkswagen is revamping its electric car lineup with a new family of entry-level models, starting with the ID.2. The ID.2 is an electric hatch that VW promises is “spacious like a Golf,” yet still “affordable like a Polo.
With a starting price of around € 25,000 ($29,000), the ID.2 will be among the most affordable electric cars on the market.
Shortly after launching the electric hatch, Volkswagen is set to introduce an SUV version of the ID.2, which could be an even bigger hit. The ID.2 SUV will sit below the ID.3 and ID.4 in Volkswagen’s EV lineup as an even more affordable crossover SUV option.
Although we’ve seen the hatch out testing a few times, the SUV version has been mostly kept under wraps outside of a blurry image from December 2023. That is, until now.
Volkswagen’s design boss, Andreas Mindt, offered a closer look at the ID.2 SUV on Monday, releasing a few new teasers. The images reveal a sleek new look from its current ID models, closer in style to the updated T-Roc, which was unveiled last week.
Mindt said the “design speaks for itself.” The ID.2 and SUV versions will be based on a new MEB+ platform, which will underpin Volkswagen’s upcoming lineup of entry-level EVs.
The hatch will be offered with two battery pack options: 38 kWh or 56 kWh, offering a WLTP range of up to 280 miles. Volkswagen has yet to reveal final prices and range for the SUV version.
According to VW’s tech development boss, Kai Grünitz, the brand’s EV lineup is in line for a major refresh. Grünitz told Autocar that “huge improvements” were coming, including updated styling inside and out.
The interior will feature the new design, which includes a 12.9″ infotainment and 10.9″ driver display screens and plenty of physical controls. There will also be a few fun added features like the ability to switch between drive modes that resemble Volkswagen classics, like the Golf or Beetle.
Since the ID.4 starts at around 35,000 euros ($41,000) to 40,000 euros ($47,000), depending on the market, you can expect prices to be slightly lower, likely at around 30,000 euros ($35,000).
Volkswagen will unveil the ID.2 SUV next week at the Munich Motor Show on September 7. The German auto giant claims the ID.2 SUV “is another important step towards bringing affordable electric mobility to the masses.” It’s expected to hit the market next year following the hatch version. We’ll learn more at the event.
Although the ID.2 is not expected to be sold in the US, Volkswagen’s current SUV, the ID.4, is actually already one of the most affordable electric SUVs. Volkswagen is currently offering ID.4 leases as low as $129 per month. That’s even cheaper than a Jetta.
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