Crypto traders are betting on a bitcoin “Santa Claus rally”

’Twas the night before Christmas, but it wasn’t visions of sugarplums dancing through crypto degens’ heads.

As the price of bitcoin hovers well below its all-time high of over $108,000, some bettors on the crypto-based prediction market Polymarket are wagering that the crypto’s price will see a “Santa Claus rally” before the end of year.

A so-called Santa Claus rally is an overall increase in stock prices from the past five trading days in December through the first two trading days in January. It’s a phenomenon that’s happened in the crypto world before, with CoinGecko identifying crypto Santa Claus rallies in 8 of the past 10 years.

Bitcoin price bets on Polymarket suggest some traders think a rally’s incoming, with current odds at 77% that BTC hits $100,000 again before the end of the year. In a separate event that’s seen nearly $25 million in contracts traded, bettors have wagered that there’s a 16% chance bitcoin’s price will pass $110,000 before the year’s end.

That would be a new record price, and quite the Christmas present for folks hoping for an end-of-year payday.