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By Omkar Godbole (All times ET unless indicated otherwise)
Timothy Misir, head of research at BRN, described the market bounce as constructive but fragile. “The positive ETF print into Bitcoin and Dolphin cohort accumulation provide a steadying base, yet long-term holder distribution and a record options complex leave the market exposed to volatility,” Misir said.
Traders awaited Friday’s U.S. consumer price index data, which is expected to show the cost of living rose to an 18-month high in September. The way options were priced on Deribit suggested a 2.9% post-CPI price swing in ether compared to less than 2% in bitcoin.
Ahead of the pivotal data, an OG trader who walked away with a $200 million profit following the Oct. 10 crash closed its recently initiated bearish short bet on BTC.
Amid all this, a Bloomberg report said that investment banking giant JPMorgan is set to allow institutional clients to use bitcoin and ether as collateral. Talk about deepening integration of crypto into the traditional financial system!
In other news, rumors of insider trading swirled on social media after stablecoin-focused layer 1 blockchain Stable said that Phase 1 of its pre-deposit campaign quickly hit the $825 million hard cap in minutes after opening.
Meanwhile, Multicoin Capital proposed the innovative concept of perpetual futures contracts tied to Attention Assets, which would enable traders to take long or short positions based on the level of cultural or social attention a topic or entity receives.
These “Attention Perps” will leverage Attention Oracles, aggregating data from prediction markets and other inputs to create a reliable index reflecting real-world attention.
In traditional markets, the dollar index held steady near 99.00, and the 10-year Treasury yield looked to extend Thursday’s bounce to 4%. A hotter-than-expected U.S. inflation report later Friday could add to DXY’s bullishness, capping BTC’s gains. Stay alert!
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead”.
