Record High Number of Options Expire Today! While crypto media is warning everyone of high volatility, most full-time option traders seem to think it’s exaggerated. Yes, aggregate open interest for both BTC and ETH are on the rise, but for expiration we should actually focus on the number of contracts that have strikes close to current market levels.
n Deribit’s case, this is just ~6k contracts, worth roughly $55m. Because the notional is relatively small compared to futures, it’s much less likely for whales to squeeze or manipulate. The remainder of contracts are likely to be rolled over with limited market impact.
Last week we talked about the DeFi boom and the momentum continues. COMP is maintaining a mkt cap of ~$2.4b, while the new kid on the block is BAL, Balancer’s governance token. Regardless of what Balancer is actually useful for, simply put, users can stake certain tokens via smart contracts and mine BAL. Some of these pools offer >100% APY if you include the mined tokens. Again, we need to be wary of whether these returns are sustainable as it highly depends on BAL token price.
In other news:
- ETH miners have agreed to raise gas limits by 25%. Should increase network’s TPS.
- Grayscale’s ETH product dumps as lockup ends. Premium is still >300%.
- Paypal rumoured to be preparing direct crypto purchases for its users.
Thanks for reading our article record number of options expire today. If you found this information helpful don’t forget to subscribe to our newsletter below!
Newsletter


USV Announces 30% of Core Fund Investing in Crypto Startups
New York-based venture capital firm Union Square Ventures (USV) announced that around 30% of its 2021 Core Fund will go to crypto-related investments. Andy Weissman,


Another Nasdaq-listed Company Adopts Bitcoin as Treasury Reserve Asset
Nasdaq-listed Marathon Patent Group announced Monday that it has purchased around 4,812.66 Bitcoin (BTC) for about $150 million, as another US public company adopts Bitcoin


US Updates Crypto AML Laws As Crypto Hits New All-time Highs
The United States government has updated its crypto Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT) laws, as the prices of cryptocurrencies has been reaching


Bitcoin Falls After “Double-Spend” Story Reported
Bitcoin (BTC) plunged more than 10% Thursday, after a report from Cointelegraph suggested a critical flaw called “double spend” had occurred in the Bitcoin blockchain.


Yearn.finance Proposes Minting $200M in New YFI Tokens
Yearn.finance’s core contributors and community members have submitted a proposal to increase the supply of YFI by 22%, or minting additional 6,666 tokens, worth around


Janet Yellen Warns Crypto Is Used for Terrorist Financing
Janet Yellen, who is expected to lead the US Treasury Department for the incoming Joe Biden administration, raised concerns around the use of Bitcoin (BTC)