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First Mover Americas: Bitcoin ETNs to Debut on London Stock Exchange
The latest price moves in crypto markets in context for March 26, 2024.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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The London Stock Exchange will roll out a market for bitcoin and ether exchange-traded notes (ETN) on May 28, it said on Monday. The stock exchange will accept applications for trading crypto ETNs starting on April 8. The market will be subject to the approval of the U.K. regulator, the Financial Conduct Authority, the notice said. ETNs are similar to exchange-traded funds (ETFs) in that they are designed to mirror investments tracked by an index or benchmark. They differ because an ETN functions more like a bond. They are unsecured debt notes. The FCA said earlier in March that it would not turn down requests from recognized investment exchanges to create a listed market segment for ETNs. The products will be available to professional investors only.
The Nasdaq-listed spot bitcoin ETFs registered inflows totaling $15.4 million on Monday, ending a five-day run of outflows, according to provisional data published by investment firm Farside. Fidelity’s FBTC led the inflows, collecting $261.8 million, followed by BlackRock’s IBIT, which amassed $35.5 million. Other funds like BITB, BTCO, EZBC, and BRRR received between $11 million and $20 million each. Meanwhile, Grayscale’s ETF (GBTC) continued to bleed money, losing just over $350 million. Last week, the ETFs saw a cumulative outflow of $887.6 million, as a result of withdrawals from GBTC.
The U.S. Securities and Exchange Commission (SEC) has asked a New York judge to impose a nearly $2 billion fine on Ripple Labs, according to court filings. On Monday, Stuart Alderoty, Ripple Labs’ chief legal officer, posted on social media that the SEC was asking for such a fine and that redacted versions of the court documents would be made public by March 26. The SEC's proposal asks the court to order Ripple Labs to pay $876 million in disgorgement, $198 million in prejudgment interest, and $876 million civil penalty, amounting to a total of $1.95 billion.
Chart of the Day
- The chart shows the 24-hour change in the number of active bitcoin options contracts at various strike levels on Deribit.
- Open interest has increased notably in call options at $90,000 and $105,000 strikes, signaling expectations for a continued price rally into six figures in the coming months.
- Source: Amberdata
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Más para ti
Bitcoin derivatives point to broad price range play between $85,000-$100,000
BTC options flow points to expectations for a broad range play rather than a massive surge or crash.
Lo que debes saber:
- Bitcoin's derivatives market shows stability, with strong support at $85,000 and resistance between $95,000 and $100,000.
- Traders are selling put options at $85,000, indicating confidence that bitcoin won't fall below this level soon.
- Call options are being sold at $100,000.
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