Spot is down, with BTC at $99,800 and ETH at $3,900 as of this writing. Rep. French Hill was elected Chair of the House Financial Services Committee. In 2023, as Chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion, Hill introduced a discussion draft on digital asset regulation.
The BTC term structure steepened slightly, with fronts now at 53v and backs at 61v. Call skew increased but then retraced. Flows were mixed, featuring BTC rolling and ETH OTM call spread buying. Feb/Mar 70k puts were also bought.
Spot is up, with BTC at $101,300 and ETH at $3,800 as of this writing. Equities also gained as an in-line CPI print cemented the rate cut next week. The Nasdaq Composite surpassed 20,000 points for the first time. Analysts are debating the implications of MicroStrategy’s potential inclusion in the Nasdaq 100.
Both term structures steepened, with fronts down and backs ticking slightly higher. Realizeds continue to climb gradually. Flows were mixed, with both upside and downside lifted. The 28 Mar 25 75k and 70k puts were bought at 66v.
Spot is down, with BTC at $96,900 and ETH at $3,600 as of this writing. Spot ETFs continue their streak of inflows that began after Thanksgiving. Markets expect CPI headline and core at 2.7% and 3.3% respectively, while Fed Funds Futures imply 85% odds of a 25 bps cut next week.
BTC ATMs are flat while ETH fronts are lower. Flows leaned bullish with the 28 Mar 25 150k Call lifted again at 67v, in addition to the 28 Feb 25 130k Call lifted at 63v. The ETH 28 Mar 25 5k Call was sold at 73v.
Spot is down, with BTC at $97,000 and ETH at $3,700 as of this writing. After hitting all-time highs on Friday, the S&P 500 and Nasdaq Composite slipped following China's announcement of an antitrust probe into Nvidia. This week, we have CPI on Wednesday at 8:30 am ET and PPI on Thursday. Tomorrow, Microsoft shareholders will vote on the "Assessment of Investing in Bitcoin" proposal, which the board has recommended voting "Against." The market saw over $1.5 billion in long liquidations over the past 24 hours.
Fronts are climbing, and skew is flipping puts as spot retraces. The BTC term structure is flat-ish, with fronts and backs around 60v, while ETH is backwardated, with fronts at 90v and backs at 70v. The 28 Mar 25 150k Call was lifted at 67v. These was also some noteworthy downside protection buying.
Spot is up, with BTC at $98,700 and ETH at $3,800 as of this writing. Spot ETFs continue to see strong inflows, with BTC and ETH products respectively recording over $1 billion and $300 million in net inflows over the past two sessions. Tomorrow at 8:30 am ET, November payrolls are expected to come in at +214,000. Fed Funds Futures currently imply 70% odds of a 25 bps cut.
BTC term structure flipped to backwardation as fronts spiked when spot broke 100k. Call skew surged and then retraced. Flows were mixed, with OTM calls both bought and sold. The 28 Mar 25 200k call was lifted at 73v.
Spot is up, with BTC at $98,400 and ETH at $3,800 as of this writing. Paul Atkins has been confirmed as the nominee for SEC Chair. President-elect Trump stated: "Paul is a proven leader for common-sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and that provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever before.".
Implieds and realizeds are both up slightly. The ETH volatility premium is widening significantly. Flows leaned bullish, with puts sold and calls bought. The 27 Jun 25 180k call was lifted at 67v.
Spot is up, with BTC at $96,100 and ETH at $3,600 as of this writing. US government wallets moved $1.9 billion worth of seized Silk Road BTC. Reports suggest Paul Atkins, former SEC Commissioner (2002–2008), is a leading contender for SEC Chair. His pro-innovation stance would be a positive for the industry.
The term structure steepened slightly, with fronts down a notch. Flows were mixed, with calendars bought and sold. The 31 Jan 25 115k call was lifted at 60v. ETH flows were muted featuring some call selling.
Spot is down, with BTC at $95,400 and ETH at $3,600 as of this writing. XRP is the notable exception, rallying 26%. Meanwhile, the S&P 500 and Nasdaq Composite climbed to new records. Federal Reserve Governor Waller indicated he is leaning toward cut in the December FOMC, with Fed Funds Futures now pricing 74% odds of -25 bps. Chair Powell is set for a moderated discussion on Wednesday, and November payrolls will be released Friday at 8:30 am ET.
Vols are down a notch. BTC term structure is in contango, with fronts around 50v and backs around 60v, while ETH is in slight backwardation, with fronts at 71v and backs at 68v. Flows were mixed, featuring put spreads bought and OTM outrights both bought and sold. The BTC 27 Dec 24 180k call was bought at 100v.
Spot is up, with BTC at $96,400 and ETH at $3,600 as of this writing. Lower correlation works both ways, as crypto climbs amid equities weakness. Regulatory developments made headlines: the United States Court of Appeals Fifth Circuit ruled that OFAC exceeded its authority in sanctioning Tornado Cash, and reports suggest the Trump administration eyes CFTC to lead digital asset regulation. Expect muted volumes during US hours tomorrow due to Thanksgiving.
The term structure steepened, with fronts down and backs slightly up. Put skew is softening. Flows were mixed, including Dec 97k calls sold and Mar OTM call spreads bought. The ETH Dec 3.8k/4.1k call spread was lifted at 75v/76v.
Spot is down, with BTC at $91,700 and ETH at $3,300 as of this writing. The equities-crypto rolling correlation is declining as the S&P 500 hit fresh highs while BTC retraces. Fed minutes emphasized caution, leaving upcoming data likely to sway sentiment.
BTC Weeklies are slightly up, while the rest of the curve is down a notch. Skew increasingly favors puts. Realizeds edged higher but remain stable, with BTC VRP at 10 and ETH VRP at -2. Flows leaned bullish, with outrights and calendars lifted. The Dec 92k Straddle was bought and sold around 56/57v, and the ETH 28-Mar-25 4k/5k Call Spread was bought at 72v/75v.
