According to Fox News, the Trump-endorsed candidate has secured victory in the New Jersey Republican gubernatorial primary, defeating several GOP competitors and setting up a race against Democratic Congresswoman Mikie Sherrill in November (Fox News, June 11, 2025). This result is drawing attention from cryptocurrency traders, as U.S. political shifts can influence regulatory sentiment and market volatility. Analysts note that Trump-backed wins have previously correlated with heightened discussions around crypto policy, which may impact Bitcoin and altcoin prices in the lead-up to the general election (Fox News, June 11, 2025).

According to Greeks.live, the market experienced a 'sell the news' event from a volatility perspective, with implied volatility dropping from around 80% to 40% for near-term expirations. However, there remains notable volatility 'kinks' for options expiring on August 2nd and in November, coinciding with the US election.