Crypto Traders Load Up on Bitcoin Topside Option Plays After Binance’s Gulity Plea
We have seen interest in loading up more topside with strong demand for the March 2024 expiry calls, one OTC desk said.
We have seen interest in loading up more topside with strong demand for the March 2024 expiry calls, one OTC desk said.
Some observers believe Binance’s downfall has boosted the spot-ETF approval odds.
Large movements in spot markets led to open interest surging to $35 billion over the weekend, indicating highly leveraged bets from traders hoping for even higher prices.
XRP prices jumped to 73 cents from 65 cents in 25 minutes after a tweet suggested financial behemoth BlackRock had filed for an XRP ETF in the U.S.
BTC and ETH both surged to milestone levels amid bitcoin ETF optimism, but some shorts and longs got badly burned.
Over $62 million in bitcoin shorts were liquidated in the past 24 hours, contributing to higher prices.
Early Thursday, a large leveraged short position in USD/JPY pair worth $8.26 million crossed the tape on Gains Network.
While most cryptocurrency owners are based in Asia, the buying power of U.S. traders is much bigger, the report said.
Traders on crypto exchanges Binance, Huobi and OKX were hit for $50 million each, suggesting a large amount of leverage used on those platforms.
Uniswap creator Hayden Adams burned his token holdings over the weekend, effectively destroying 99.99% of the outstanding supply.