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

’Twas the night before Christmas, but it wasn’t visions of sugar-plums 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 so-called “Santa Claus rally” before the end of year.

A “Santa Claus rally” is an overall increase in stock prices from the last 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 eight of the past ten 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.