Markets
SEC Greenlights Nasdaq Listing of Options for BlackRock’s Bitcoin ETF
Published
2 hours agoon
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adminThe U.S. Securities and Exchange Commission has approved a rule change that allows Nasdaq’s International Securities Exchange to list and trade options on the iShares Bitcoin Trust (IBIT), BlackRock’s widely-traded exchange-traded fund.
Its decision marks another step in expanding the range of derivative products linked to Bitcoin, providing investors with additional tools for managing exposure to the world’s largest crypto.
BlackRock had been seeking approval for such a listing since at least March of this year following the regulator’s approval for multiple Bitcoin-linked ETFs in the U.S.
The SEC’s approval follows several amendments submitted by Nasdaq ISE, which sought to address concerns over market manipulation and excessive risk-taking in the fledgling crypto options market.
It follows several requests to amend rule changes to allow for the listing of options tied to Bitcoin and Ethereum ETFs in the U.S., which have faced resistance over market stability concerns.
A key amendment sets position and exercise limits for options on IBIT at 25,000 contracts—described by the exchange as “extremely conservative” given the size of the market and the trust’s liquidity, SEC filing records show.
Options on IBIT will be physically settled and feature American-style exercise, offering a hedge for investors looking to manage Bitcoin-related risks.
BlackRock’s ETF, which tracks the price of Bitcoin, has attracted significant attention from both retail and institutional investors since it launched earlier this year, becoming one of the most liquid Bitcoin-related products in the U.S. market.
Despite the approval, the SEC’s move comes amid ongoing concerns about the potential risks associated with cryptocurrency derivatives.
Comment letters submitted during the review process highlighted worries over market volatility and the broader integration of crypto into traditional financial markets. Some urged the SEC to delay approval until the Bitcoin market further stabilized.
In any case, the SEC found that the exchange’s surveillance mechanisms, including real-time monitoring and inter-market surveillance-sharing agreements with the CME, would be sufficient to deter manipulation.
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Arthur Hayes
Whales buy Pendle after BitMEX co-founder sold it for a loss
Published
20 hours agoon
September 22, 2024By
adminOn-chain data shows a large amount of Pendle inflow into whale addresses a day after Arthur Hayes, co-founder of the BitMEX crypto exchange, sold the asset.
Lookonchain’s X post shows that Hayes sold 1.59 million Pendle (PENDLE) for $5.62 million last week. This brought a $1.29 million loss to the former CEO of BitMEX.
Data shows that Hayes deposited and sold the Pendle tokens on Binance, the largest cryptocurrency exchange by trading volume.
Since the selloff, Pendle witnessed increased on-chain movements from large holders. According to data provided by IntoTheBlock, the token’s whale net flows shifted from 366,310 PENDLE in outflows to 436,860 Pendle in inflows on Saturday, Sept. 21.
The indicator shows that large holders accumulating Pendle have dominated the whales selling the asset.
Meanwhile, the number of large transactions consisting of at least $100,000 worth of Pendle declined from 30 to 17 on the same day, per ITB data.
On the other hand, the volume of large transactions has steadily increased since Sept. 19. In simple terms, only a few of the largest PENDLE holders might have accumulated the token after Hayes sold most of his holdings.
Pendle gained 28% in the past 24 hours and is trading at $4.29 at the time of writing. The asset’s market cap is hovering around $690 million with a daily trading volume of $380 million.
Notably, whale-dominated movements could usually bring high price volatility to a cryptocurrency as many holders will try to aim for short-term profits.
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analysis
Bitcoin (BTC) Price and Hashrate Divergence May Set the Scene for a Potential Rally, Historical Data Shows
Published
23 hours agoon
September 22, 2024By
adminConsistent with this pattern, bitcoin has already shown signs of recovery, gaining about $9,000 since the local bottom on Sept. 6, representing a 15% increase in value. This divergence between bitcoin’s (BTC) price and its hash rate started to shape up in July and then persisted into early September, when the computing power of the network reached an all-time high of 693 exahashes per second (EH/s) on a seven-day moving average, while bitcoin’s price was near $54,000.
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DEX
Solana flips Ethereum on key metric as NFT sales jump
Published
1 day agoon
September 22, 2024By
adminSolana flipped Ethereum in its 24-hour volume in the decentralized exchange industry as most of its meme coins jumped.
According to DeFi Llama, Solana (SOL) DEX networks handled over $845 million in the last 24 hours, bringing the weekly volume to $5.17 billion.
Ethereum (ETH) handled $747 million in the same period. Its weekly volume was over $6.4 billion. The other top chains were BNB Smart Chain and Arbitrum, which processed tokens worth $3.86 billion and $2.32 billion.
Orca has been the biggest DEX in Solana’s ecosystem in the last seven days, followed by Raydium and Phoenix.
Solana summer
Additional data shows that March was Solana’s best month as it handled cryptocurrencies worth $60 billion during the month.
It was followed by July when it handled coins worth $56 billion as Ethereum processed coins worth $52 billion.
Solana’s volume rose because of the strong comeback of some of its meme coins in the past few days. Popcat (POPCAT) token has risen by over 25% in the last seven days, making it the best-performing top ten meme coin.
Dogwifhat (WIF) has risen by over 9.4% in this period, pushing its market cap to over $1.72 billion. Cat In A Dogs World (MEW) rose by 16.2% while Book of Meme jumped by 8.5%. In most cases, crypto volume rises when tokens are in an uptrend.
The other notable Solana news was the strong comeback in the non-fungible token industry. Data by Cryptoslam shows that the total Solana NFTs jumped by over 35% in the last seven days to $16.7 million.
The number of buyers rose by 153% to 220,000 while the most popular NFT collections were Sorare, DeGods, and Solana Monkey Business.
Solana has also made more headlines recently. Coinbase added Solana’s ckBTC support while the developers launched PlaySolana, a handheld gaming console.
Solana’s DEX and NFT volume rose as the SOL token bounced back. It spiked in the last six consecutive days, its highest swing since Aug. 27.
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