The divergence is "setting the stage for something big," one observer said.

  • Short-term BTC options show a bias for calls, indicating positive outlook around the U.S. election, due Nov. 4.
  • The S&P 500 options suggest otherwise, according to data tracked by Block Scholes, and some crypto traders have been "selling volatility.

The idea that bitcoin (BTC) typically moves in lockstep with the S&P 500 is generally accepted by now. The positive correlation, however, may be tested in the lead-up to the U.S. elections as options market pricing points to diverging trends.

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