Now You Have Options
OVERVIEW
Now You Have Options
Before we dive in, here’s today’s crypto market heatmap:
Source: Santiment
And here’s a look at crypto’s total and altcoin market cap YTD:
Source: TradingView
BITCOIN
Why Bitcoin ETF Options Are A Big Deal – Part One 🧠
BlackRock’s iShares Bitcoin Trust ETF (IBIT) just cranked up the hype by launching options trading on Nasdaq, and it’s already making waves. In the first hour, traders smashed through 73,000 contracts, putting it among the top 20 most active nonindex options. 😱
Why Options Matter for Bitcoin 🤔
Options aren’t just for Wall Street pros anymore; they’re now front and center in Bitcoin’s evolution as an asset class. These contracts give traders a whole new toolkit to hedge, speculate, or bet big on Bitcoin’s infamous price swings.
In short, options turn Bitcoin into a playground for sophisticated strategies, and that’s a good thing.
Historically, Bitcoin’s derivatives market in the U.S. has been small potatoes compared to traditional assets, but that’s changing fast. Noelle Acheson of Crypto is Macro Now summed it up: “More derivatives means more confidence, more investors, and fewer wild price swings.”
Translation: the chaos might get a little more civilized, and Bitcoin’s appeal just got a serious upgrade.
Why This is Bullish AF 🐂
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More Liquidity, More Stability: Options bring bigger players and deeper pockets to the game, which means less volatility and more upward (sometimes) pressure on price.
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Institutional-Grade Tools: Funds and pros now have access to strategies like covered calls, protective puts, and fancy straddling iron bird things, making Bitcoin a legit part of any serious portfolio.
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New ETF Products Incoming: Covered-call funds, buffered funds, and other innovations are just the beginning. Options open the door to ETFs that cater to every kind of investor, from risk-averse hedgers to aggressive speculators.
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Regulatory Seal of Approval: The SEC has already greenlit Bitcoin ETFs from Grayscale, Bitwise, Fidelity, and ARK. Adding options only solidifies Bitcoin’s growing legitimacy in the eyes of regulators and institutional investors.
What This Means for Bitcoin 👉️
This isn’t just another “Bitcoin is pumping” story.
Let’s not forget that spot Bitcoin ETFs were already setting records as the most successful launches in ETF history.
Now, with options in the mix, Bitcoin’s appeal just went from niche to mainstream. The bulls are charging, and with the added credibility of options trading, Bitcoin’s next leg up could be closer than we think. 🦵
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BITCOIN
Why Bitcoin ETF Options Are A Big Deal – Part Two 🥈
It looks like money is flooding into another BTC derivative: options. Bloomberg’s Eric Balchunas summed up how bullish BTC ETF options are about halfway through the trading day:
“A few hundred million so far in options volume on IBIT (a ton for Day One).. here’s a rank of the contracts by volume, it’s almost all calls. Seems very bullish, esp the Dec20th C100, which is basically betting price of btc will double in the next month.”
Eric Balchunas on X
Bitcoin made new all-time highs at/near $94,000 (depending on the exchange):
BTCUSD Daily Chart – Click to enlarge.
And the total market cap hit a new all-time high:
Total Market Cap Daily Chart – Click to enlarge.
Let’s see what happens tomorrow when Grayscale and Bitwise’s BTC ETF Options come online. 👀
News In Three Sentences
Metaverse, NFT, & Gaming News 🎮️
🎮 Common Ground World’s GALA Competition Kicks Off
The weekly CGW competition starts tomorrow, with top players earning $GALA prizes and an exclusive Blueprint NFT. This week’s meta-goal focuses on crafting and selling White Rum, with boosted rewards for ingredients and products. Players can also enhance their gameplay with strategic NFTs like the new Epic Tiki Bar (yes, that’s a thing). Gala Games blog.
✨ Sponstar Partners with SKALE for Gas-Free Sponsorships
Sponstar is redefining sponsorships with fractional slots, blockchain-powered transparency, and gamified fan engagement—all on SKALE’s gas-free infrastructure. Brands of all sizes can now access premium sponsorships without traditional cost barriers. The partnership promises to level the playing field in event sponsorships and brand loyalty. SKALE blog.
News In Three Sentences
DeFi, DEX, and Lending Protocol News 🏦
📈 Balancer Ecosystem Prepares for V3 Launch
Balancer v3 rolls out by the end of Q4 2024 with optimized fees, boosted pools, and enhanced LP rewards. Governance discussions are heating up around its impact on liquidity and sustainability, alongside insights on veBAL APR and bribe markets. With $1 billion in swaps from a single pool and $20M in MEV-protected liquidity, the Balancer ecosystem is gearing up for its next big step. Balancer blog.
📊 Curve Launches Llamalend Monitor for Loan Tracking
Curve’s new LlamalendMonitor bot tracks loans across multiple networks, offering real-time updates on liquidation risk. Borrowers can monitor loan health, get alerts for liquidation states, and manage risk with a single interface on Telegram. With privacy-first and open-source design, the bot sets a new standard for DeFi position monitoring. Curve Finance blog.
🎃 The Wings of Nightmare Starts in Three Days!
The biggest Axie Infinity update since Part Evolution drops on November 21 at 3 PM PHT / 2 AM EST. Nightmare parts and bodies introduce rarity, new art, collectible benefits, and meta-changing utility across Axie games. Get ready for devolution, Nightmare bodies, and the biggest prize pool of the year—because Lunacia’s Dream World isn’t playing around. Axie Infinity blog.
📊 DEX Liquidity for GHO Hits New Highs
Aave’s GHO stablecoin continues to soar as its DEX liquidity reaches all-time highs, supporting larger institutional deployments. IntoTheBlock posted that GHO’s resilience and enhanced capacity make it an indispensable institutional adoption. IntoTheBlock’s X.
🔥 7K Aggregator Becomes 7K Smart Trading Ecosystem
The revamped 7K Smart Trading Ecosystem combines swapping, limit orders, DCA, and smart signals in a single interface. With $680M in total swap volume and new features like memes-to-moonshot trading in development, Sui Network traders get everything in one toolkit. Stay tuned for updates on trading terminals and real-time market insights. 7k’s X.
ON-CHAIN ANALYSIS
Burnt Bag Briefing 🔥
Want to know whether the bulls or bears are feeling the most pain today? Well, this is the place to look. 👀
24-Hour Liquidation Heat Map – Source: Coinglass – Click to enlarge.
In the past 24 hours, 88,355 traders were liquidated, with total liquidations reaching $237.55 million.
The largest single liquidation occurred on Bitmex, an XBTUSDT pair valued at $6.02 million.
Longs lost $125.69 million, while shorts were hit for $112.56 million. 🤕
SOCIAL ANALYTICS
What’s Trending 🥓
Most bullish/bearish symbols on Stocktwits at the close: 📈 $BONK, $GRT, $AKT, 📉 $DOGE, $RENDER, and $ALGO
Trending crypto tickers across social media: $BTC, $HBAR, $SOL, $XRP, and $ETH
Top trending crypto buzzwords across social media: word, payfi, answer, world, bridging, payment, traditional, gap, buy, low, volume, change, net, low, usdt, bitcoin, highs, trump, media, and trading
LINKS
Links That Don’t Suck 🔗
🪠 Crypto drainers are retiring as investigators start to close in
🙏 VanEck gives official backing to Donald Trump’s Bitcoin Reserve Strategy
🕊️ Bakkt’s stock soars 162% as Trump Media negotiates to buy crypto firm, report says
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Author Disclosure: The author of this newsletter holds positions in ADA, WMT, LTC, LINK, COPI, MIN, AGIX, ALGO, DOGE, ZEC, AVAX, XLM, XTZ, and NEAR. 📋
