The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here's what you need to know today in crypto: |
- Digital asset investment funds witnessed inflows for the second week totalling $78 million.
- Deribit will soon offer options tied to XRP, SOL and MATIC.
- DOJ wants to block Sam Bankman-Fried from bringing up its anthropic AI raise in court.
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CoinDesk Market Index (CMI): 1,112 −1.5%
Bitcoin (BTC): $27,488 −1.3%
Ether (ETC): $1,589 −1.9%
S&P 500: 4,308.50 +1.2%
Gold: $1,863 +1.8%
Nikkei 225: $1,863 +1.8% |
Digital asset investment funds witnessed inflows for the second week totalling $78 million, the largest inflows since July, according to data from CoinShares. Bitcoin investment funds saw the largest proportion of inflows, totalling $43 million. Bitcoin trading volumes also rose by 16% last week, said the report. CoinShares noted that some investors poured some $1.2 million into short-bitcoin positions after recent price strength. Bitcoin ended September trading at lows of around $26,200 and rose to around $28,400 by the start of October. The Ethereum futures ETF launch in the U.S., attracted under $10 million in its first week, highlighting a muted investor appetite, said the report. |
Deribit, the world's leading crypto options exchange by trading volume and open interest, will soon offer options tied to prominent alternative cryptocurrencies XRP, SOL and MATIC. The exchange announced its expansion plan on X soon before press time, adding that it is seeking a brokerage license in the European Union (EU). Options are derivative contracts that give the purchaser the right but not the obligation to purchase or sell the underlying asset at a predetermined price on or before a specific date. A call gives the right to buy while a put offers the right to sell. FTX founder Sam Bankman-Fried should be barred from bringing up artificial intelligence company Anthropic's recent fundraising efforts in his defense against U.S. Department of Justice charges, prosecutors said on Sunday. The DOJ has been discussing issues that may be raised during witness testimony in Bankman-Fried's trial, and the parties "have reached agreement on many of these issues," said a filing. One area they remain apart on is whether the defense team can raise any issues around the Anthropic fundraise. The DOJ alleges that the $500 million investment in Anthropic in 2022 came from customer funds. "Evidence regarding the current value of the defendant's investments could only be used to support the argument that FTX customers and/or other victims will ultimately be made whole, which the Court has recognized is an impermissible purpose," the filing said. |
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Market Insight: One Thing Bitcoin Traders Should Watch For |
Investment banking giant Bank of America's (BAC) latest take on the U.S. Treasury market is arguably the most important thing for investors in both bitcoin (BTC) and traditional markets. The sell-off in the U.S. Treasuries appears overdone, with prices trading at a significant discount to their 200-day simple moving average and yields at multi-year highs. Bond prices and yields move in the opposite direction. Historically, oversold Treasury notes have presaged major volatility explosions in various corners of the global financial markets, including cryptocurrencies, according to BofA Securities. |
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- The chart shows the annualized premium in three-month bitcoin futures trading on Binance.
- The premium, representing the return from cash and carry trades, has topped 5%, surpassing the 10-year U.S. Treasury yield and matching the two-year Treasury yield.
- Carry trades lost their shine last year as yields surged while the bear market saw futures trading at a negligible premium.
- Source: Velo Data
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Hear from Key Lawmakers and Regulators at State of Crypto: Policy and Regulation |
Several lawmakers and regulators shaping the future of digital assets policy have committed to joining CoinDesk's inaugural State of Crypto: Policy and Regulation, a one-day boutique event uniting key policymakers, regulators and government officials with legal, policy and compliance executives representing the largest and most influential TradFi and DeFi leaders in asset management and financial services. The gathering provides an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy. Are you a GC, CCO, CLO, COO or head of policy or government affairs evaluating or actively investing in digital assets? Join State of Crypto to help drive crypto policy forward collaboratively. Save 10% with code FM10. Learn more and register. |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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