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First Mover Americas: Options Coming to Bitcoin ETFs Is a Big Deal
The latest price moves in crypto markets in context for November 19, 2024.
Updated Nov 19, 2024, 1:03 p.m. Published Nov 19, 2024, 1:03 p.m.
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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CoinDesk 20 Index: 2,975.88 +1.3%
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Bitcoin is changing hands around $92,000, just 2% below record prices ahead of Tuesday's U.S. session. The largest crypto has advanced 2% over the past 24 hours, outperforming the 1.1% gain in the broad-market benchmark, the CoinDesk 20 Index. Native tokens of Chainlink , Hedera and Uniswap led gains among the biggest altcoins as traders expect broader institutional adoption and less regulatory headwinds for crypto from a Trump administration. Crypto hedge fund QCP anticipates BTC attempting a run to $100,000 in the coming months, with traders rotating those gains into altcoins. "We won't be surprised to see altcoin season in full swing in the coming months,” QCP said. Still, there's a chance of a near-term blow-off top — a rapid drop following a rapid gain — as markets remain frothy, Augustine Fan, head of insights at SOFA, warned.
Bitcoin ETF options trading in the U.S. is expected to start today. Options on BlackRock's iShares Bitcoin Trust (IBIT) ETF cleared the last regulatory hurdle on Monday, and they could bring more institutional appetite for the largest cryptocurrency. "This marks a monumental shift," 10x Research said in a Tuesday newsletter. The products "could attract significant trading volumes, potentially driving sharp price rallies in bitcoin," it said. For example, MicroStrategy (MSTR), the Nasdaq-listed company that owns the largest corporate BTC treasury in the world, is punching above its weight due to the booming market in its share options. MSTR options open interest surpasses the firm's market capitalization, while the stock's trading volume levels with Apple's and Microsoft's, companies with around a 40-times larger market value. A similar explosion in open interest and trading volume could happen with BTC, which could be accelerated due to bitcoin's supply limit, 10x Research noted.
Bitcoin mining economics improved in the first half of November, JPMorgan analysts said in a report. The hashprice, which measures miners' profitability, rose nearly 30% in the first two weeks of the month as the BTC price climbed to record highs. Rising profitability benefited the 14 U.S.-listed miners tracked by the bank, adding about $8 billion to their combined market capitalization. U.S.-based miners' share of the network hashrate remains at record highs, accounting for about 28% of the global network.
Chart of the Day
- The chart shows daily active addresses on prominent blockchains.
- Solana is well ahead of the pack, supporting the case for SOL outperformance ahead while Near Protocol is a distant second.
- Source: Artemis
- Omkar Godbole
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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