The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Wednesday! Here’s what you need to know in crypto today. |
- BTC trades at around $63,600.
- Bitcoin ETFs saw inflows worth five times the daily BTC mined supply.
- Blockchain trading firm Assetera taps Polygon for RWAs platform.
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CoinDesk 20 Index: 2,029.51 +0.74% Bitcoin (BTC): $63,558.29 +0.07% Ether (ETH): $2,6421.07 -0.81% S&P 500: 5,732.93 +0.25% Gold: $2,656.06 -0.08% Nikkei 225: 37,870.26 -0.19% |
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1Low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the fund reaches $2.0 billion in assets or after 6-month waiver period, the fee will be 0.15%. Brokerage fees and other expenses may still apply. See prospectus for additional fee waiver information. Disclosures: Investing involves risk, including the loss of principal. Investments in the Trust involve a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. An investment in ETH or BTC is not an investment in Ethereum or Bitcoin. Foreside Fund Services, LLC is the Marketing Agent for the Trusts. Please read the ETH prospectus and BTC prospectus carefully before investing. Digital Asset Risk Disclosures Extreme volatility of trading prices that many digital assets, including Bitcoin and Ethereum, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the Trust and the shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry. The value of the Trust depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets. |
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Bitcoin traded at around $63,600 during the European morning having retreated from a peak of $64,780 late on Tuesday. BTC is little changed in the last 24 hours, while the broader crypto market has risen just over 0.85%, as measured by the CoinDesk 20 Index. A week on from the Fed's first interest-rate cut in four years, traders are optimistic that the move will create a snowball effect with other central banks taking similar steps. “It’s becoming clear that the Fed has finally started its rate cut cycle, removing such concerns. This implies that we may see more from the People's Bank of China as the Fed continues to cut rates and the negative rate differential narrows,” Presto Research said in a note. |
Bitcoin ETFs saw inflows of $136 million on Tuesday, the biggest in almost a month. More importantly, the inflows were equivalent to 2,132 BTC, according to data by HeyApollo, which represents nearly five times the daily mined supply being removed from the market. Ether ETFs recorded $62.5 million in total inflows, the third-largest day for ether ETF inflows since their launch. This rebound came just a day after Ether ETFs saw their largest outflows since July. Nevertheless, ether ETFs remain firmly in the red, having experienced net outflows of $624 million since they listed on July 23. Assetera, an investment and trading firm for blockchain-based financial instruments, tapped Polygon to power its secondary market RWAs platform. The platform offers tokenized assets, such as securities, funds and money market instruments in a regulated digital trading venue. Assetera will use Ethereum scaling network Polygon to secure transactions and utilize stablecoins for purchase, clearing and settlement to ensure the process is fast and efficient. The Austria-regulated company holds both MiFID II and virtual asset service provider (VASP) licenses, and plans to upgrade to meet MiCA standards, which would open the door to offering its services across the European Union. The platform is open to both retail and professional clients. |
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Market Insight: Bitcoin's $5.8B Quarterly Options Expiry May Spark Market Swings |
The bitcoin market may get busy in the next two days as options contracts worth $5.8 billion are due to expire Friday at 08:00 UTC on leading derivatives exchange Deribit. Of the total bitcoin open interest of $5.8 billion, about 20% was "in-the-money," or having favorable strike prices relative to the cryptocurrency's going market rate. Similar positioning is seen in ether options. For call options, being in-the-money means having a strike price lower than the going market rate, while it's the other way around for puts. Both allow holders to exercise their right to buy or sell profitably, setting the stage for market volatility. "This larger expiry is likely to heighten market volatility or activity as traders close or roll over their positions, which could also impact prices," Luuk Strijers, Deribit's CEO, told CoinDesk in an interview. Rollover of positions means closing existing traders in the upcoming expiry and opening new ones in the subsequent expiries to extend the holding period. Profit-making positions are often rolled over as seasoned traders prefer to let winners run. |
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- The chart shows the ratio between the U.S. Conference Board's leading and lagging economic indicators since 1958.
- The ratio has tanked to a record low in a slide reminiscent of the previous eight meltdowns that portended recessions.
- Source: Jeff Weniger, WisdomTree head of equities
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Don’t wait—prices increase Friday, September 27 at 11 a.m. ET / 11 p.m. HKT. |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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