On November 4th, Bitfinex Alpha released its latest report, "The Calm Before the Storm". After 8 months of volatility, Bitcoin almost broke through the all-time high last week, and then corrected sharply. We believe that this rally was initially driven by the "Trump trade" narrative, and then gave in due to the continued uncertainty about the outcome of the US Presidential Election tomorrow. This lack of confidence is also reflected in the Bitcoin options market. In the run-up to the election, the market believes that a Republican victory in the United States is good for Bitcoin, while a Democratic victory makes the outlook even more uncertain. The average odds of a Trump victory have dropped from 64.9% to 56%. In the options market, front-end implied volatility for the earliest expiring contracts was unusually flat ahead of Election Day (November 5). This low volatility suggests that investors are watching and waiting for the dust to settle. However, volatility is still expected to spike between November 5 and 8, which could drive significant market volatility or, if it fails to materialize, could signal a more cautious market. The counterfeit products market was also lukewarm, with bitcoin's market share reaching a new cycle high of more than 60%. With bitcoin absorbing most of the money flowing into crypto assets, counterfeit products are struggling to keep pace, and without a new catalyst, their prospects for recovery in the short term seem slim. Even with last week's pullback, Bitcoin's overall resilience since its September low is still noteworthy. In short, current market dynamics point to an exciting week ahead.