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Despite the recovery in the Bitcoin market, options implied volatility has reached its lowest level in years. This suggests that expectations for future price fluctuations in the market have decreased. Experts anticipate a long-term downward trend due to market growth and expect increased market participation on Deribit.
Kitto@kitto
Crypto Trading
With the addition of 26 US stock token assets to the Base network, the adoption of real-world assets (RWA) in the Layer 2 ecosystem appears to be accelerating. Meanwhile, news has emerged that OKXICE, a joint venture between the global exchange OKX and the world's largest exchange group ICE, has recently filed an application with the US Securities and Exchange Commission (SEC) to launch a platform for 24-hour on-chain tokenized trading of 63 US stocks.
We are entering an era where, beyond US Treasury bonds, actual US stocks like Nvidia and Tesla can be traded in token form directly on-chain. It is fascinating to see the RWA space expanding rapidly from its previous focus on bonds and lending protocols into the popular equity market. The market feels much more significant, especially as these initiatives are being formalized under regulatory compliance.
However, for stock tokenization to go mainstream, it must clear the hurdle of final regulatory approval and prove that complex rights, such as dividend payments and shareholder voting, function seamlessly on-chain. Let's keep watching to see if this convergence of institutional finance and Layer 2 opens up new liquidity channels or if it faces regulatory headwinds that force a slowdown.
Bitcoin stays above $86,000 as reduced Fed rate hike bets boost risk assets. Analysts see $90,000 as the next target, with potential for further gains if liquidity improves and ETF inflows continue.
Global markets are experiencing weakness due to rising bond yields and European political uncertainty. Despite mixed stock market performance, cryptocurrencies are mostly gaining, with Bitcoin and Ethereum showing positive movement.
Bitmine Immersion Technologies increased its ETH holdings to over 6 million, now representing 4.9% of the total supply. The company projects significant staking revenues and highlights ETH's strong outperformance against macro assets like the S&P 500.
Michael Saylor's MicroStrategy recently spent more than six times its weekly Bitcoin purchase budget on repurchasing its Series A preferred stock (STRC). This move, coupled with the company's plan to change how it pays preferred stock dividends to a daily basis, suggests a growing importance of preferred stock in its Bitcoin financing strategy.
Bitcoin stays above $86,000 as reduced Fed rate hike expectations boost risk assets. Analysts see $90,000 as the next target, with potential for further gains if liquidity improves and ETF inflows continue.
Bitcoin's current bear market shows shallower stress than previous ones, with price staying above realized value and NUPL remaining positive. Key levels to watch are $77k support and $95-97k resistance.
Net deposits of Bitcoin whales to exchanges, which had continued for over three months, ended at the end of August. This is the longest period in 2023 and is a significant change that could affect the market.
Treasury yields remain high, with oil prices above $100. Fed rate hold odds increase. Bitcoin leverage is decreasing, suggesting a calmer market. European political and fiscal concerns are rising, impacting French and Spanish bonds.
Michael Saylor's MicroStrategy anticipates a $20.91B Q3 gain on digital assets, increasing its Bitcoin holdings to 848,000 BTC after a recent $28.7M purchase.
Bitmine Immersion Technologies reports $17.4B in crypto, cash, and securities, holding 6.02M ETH and 214 BTC. The company aims for 5% ETH supply accumulation and highlights its stock's outperformance against ETH.
Michael Saylor's Strategy spent more than six times its Bitcoin purchase budget last week on preferred stock buybacks. Additionally, Strategy plans to pursue a daily payment of preferred stock dividends and will seek shareholder approval for this initiative.
Cardano (ADA) surged 11% to its highest price since May, outpacing Bitcoin, Ethereum, and XRP. Potential drivers include a new RealFi product, the Dijkstra upgrade, and AI payment integration. However, trading volume on Cardano's network has decreased, suggesting the rally may be speculative.
Global markets show mixed reactions to French fiscal stress and political pressures. US stocks are steady, while the euro weakens. Bitcoin and gold see slight gains amid broader economic uncertainty and upcoming Fed meeting minutes.
Net inflows into US spot Bitcoin ETFs have continued for the third consecutive week, with $241.1 million flowing in during the recent week. In contrast, spot Ethereum ETFs experienced a net outflow of $138 million. Solana and Ripple ETFs recorded net inflows.
From May 5th to 9th, the US will release key economic indicators such as the Services PMI, FOMC meeting minutes, initial jobless claims, and the consumer sentiment index. These are expected to provide clues on the Fed's monetary policy direction, the labor market, and consumer confidence.
The BTC/USDT spot CVD chart displays a volume heatmap and cumulative volume delta through order book analysis. The heatmap shows the volume size by price range, and the CVD indicates the trend of buy/sell orders by fund size, making it useful for identifying potential support/resistance in specific price zones and large order flows.
Global markets show mixed reactions to French fiscal stress and political pressures. US stocks steady, Treasurys strengthen, and the dollar gains. Bitcoin and gold see slight increases.
Bitcoin's derivatives market saw a significant deleveraging, with open interest dropping by 49,000 BTC. This occurred without a price crash, indicating a calm profit-taking rather than panic liquidation. High Treasury yields are currently the main obstacle to a further Bitcoin breakout.
