First Mover Americas: Traders Place Big Bets on Ether for Second Half of 2023
The latest price moves in crypto markets in context for July 3, 2023.
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..
Ether, the token of the Ethereum blockchain, jumped 61% in the first six months of the year. Traders are now the rally could extend in the second half. On Friday, an investor purchased roughly 63,250 "bull call spreads" tied to ether and due for expiry on Dec. 29, according to data source Amberdata. The trade involved the sale of a call option at the $2,500 strike price to partly fund the purchase of a call option at the $1,900 strike. The strategy cost an initial $10 million because the trader entity shelled out more to buy the $1,900 call than they received from selling the $2,500 call. A call buyer gets protection from the seller against price rallies. In return, the seller receives an upfront premium from the buyer.
The U.S. Securities and Exchange Commission’s (SEC) stance on spot bitcoin exchange traded funds (ETF) is a difficult one to hold, and the probability for approval is fairly high, brokerage firm Bernstein said in a research Monday. Bernstein notes that the SEC already allows futures-based bitcoin ETFs, and recently approved on the premise that futures pricing comes from a regulated exchange like the CME. According to analysts led by Gautam Chhugani, the SEC believes that a spot bitcoin ETF would not be dependable because the “spot exchanges (e.g. Coinbase) are not under its regulation, and thus spot prices are not reliable and prone to manipulation.”
Crypto service providers in Singapore would to deposit customer assets into a statutory trust before the end of the year for safekeeping, the Monetary Authority of Singapore (MAS) on Monday. The requirement comes after the MAS received around enhancing customer protection initiated in October 2022. "This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT (Digital Payment Token or Cryptocurrency) service provider’s insolvency," the central bank said. The MAS has also restricted cryptocurrency service providers from facilitating lending and staking of tokens by their retail customers but institutional and accredited investors could continue to take advantage of these services.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
Last week, Vitalik Buterin and CZ hosted the DeSci (Decentralized Science) conference at Devcon, where Vitalik unveiled the first DeSci product. CZ also expressed ambitions to see 1000 DeSci products next year, sparking widespread attention to the DeSci concept across the industry. Key speculative projects, RIF and URO, each surpassed a market cap of $100 million. As the sector continues to grow, DeSci remains an area worth close attention.
As Bitcoin Hits $100,000, Analyst il Capo Still Not Convinced: 5 Reasons Why
As Bitcoin races from record to record, analyst il Capo urged his followers to be careful in a message he published.
Sender AI announced the TGE will happen this November