Blockchain
Bitcoin Traders Scoop Up Options Bets at $65K and Higher
The bullish flow is reminiscent of the 2020-2021 bull market when traders consistently snapped up bitcoin calls at levels well above the going market rate.
Move over fears of a bitcoin (BTC) price drop due to so-called overbought technical conditions and potential selling by bankrupt crypto lender Genesis.
Crypto traders are snapping cheap out-of-the-money (OTM) bitcoin calls or bullish options bets at levels around the cryptocurrency’s lifetime high of $69,000.
Over the weekend, many call options at strikes $65,000, $70,000 and $75,000 changed hands on Deribit, the world’s leading crypto options exchange by volumes and open interest. On Deribit, one options contract represents one BTC.
Call options give investors the right to buy the underlying asset at a specific price by a stated date, while puts confer the right to sell. A call buyer is implicitly bullish on the market.
The mass buying of higher strike calls reflects a bullish mood among sophisticated market participants.
“We see a concentration of open interest in $50k calls and have seen flows in $50K, $60K and $75K calls in the listed options markets from April to June maturities”” Kelly Greer, Head of Americas Sales, Galaxy, told CoinDesk in an interview. “These flows demonstrate conviction from buyers willing to pay a premium to take on these positions, suggesting investors have a constructive view on bitcoin.”
Greer added that a similar concentration of activity in the OTM calls at $30,000 and $40,000 in the final quarter of 2023 paved the way for a convincing price rally through those levels.
Positioning in the options market has been a reliable indicator of impending price swings.
The recent bullish flows are reminiscent of the 2020-2021 bull market when sophisticated market participants consistently bought calls at strikes at $80,000 and higher at cheap valuations.
Bitcoin has nearly doubled to $50,000 since early October, with prices rising from $38,500 in the past three weeks, mainly due to strong ETF inflows.
The cryptocurrency’s 14-day relative strength index, a popular technical analysis tool, has jumped above 70, signaling overbought conditions in the bitcoin market. An overbought reading is often taken as a signal of an impending bearish trend reversal, although it only means the market has rallied a little too fast in a short period and may take a breather.“
“Bitcoin posted its seventh consecutive day of gains, but the strengthening slowed over the weekend. It also coincided with a move above 70 on the RSI on the daily timeframes, which could increase players’ appetite for short-term profit-taking. Caution is also building as we approach the January peak,” Alex Kuptsikevich, senior analyst at FxPro, said in an email Monday.
Besides, a looming concern is that failed crypto lender Genesis’ forced sale of $1.6 billion in bitcoin, ether and ethereum classics could drive prices lower. Genesis recently filed a motion asking a U.S. judge to approve the sale of the above-mentioned cryptocurrencies held in Grayscale’s trust products.
Source: coindesk.com
The post Bitcoin Traders Scoop Up Options Bets at $65K and Higher appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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