BlackRock’s Bitcoin exchange-traded fund (ETF), known as IBIT, debuted with record trading volume on its first day. Options linked to the ETF generated $1.9 billion in notional exposure across 354,000 contracts. According to James Seyffart of Bloomberg Intelligence, the ratio between call options (289,000) and puts (65,000) was 4.4:1, an “unheard of” level in the market.
Seyffart also highlighted that these options could have contributed to Bitcoin’s recent rally towards new all-time highs, recorded late Tuesday in the United States.
UPDATE: Final tally of $IBIT‘s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls & 65k were Puts. That’s a ratio of 4.4:1. These options were almost certainly part of the move to the new #Bitcoin all time highs today pic.twitter.com/IN3s9hajJ2
— James Seyffart (@JSeyff) November 19, 2024
The launch follows the SEC’s approval in September for similar derivatives on other spot ETFs, seeking to attract greater institutional participation in the crypto market.
Japan moves forward with tax reform on cryptocurrencies in its economic package
The Japanese government, led by Prime Minister Shigeru Ishiba, presented an ambitious economic stimulus package that includes a Cryptocurrency-oriented tax reform. According to Bloomberg, the proposals seek a fixed rate of 20% for digital assets, simplifying the current variable tax system, which can reach up to 55% on transactions.
The package also includes measures to increase the limit on tax-free income and reduce taxes on fuel and sales, until a 2% employment recovery is achieved. These initiatives seek to stabilize the economy and consolidate Japan’s leadership in Web3 technologies, a priority highlighted since Ishiba’s election in September.
Gary Wang avoids jail after collaborating in the FTX case
Gary Wang, co-founder of the failed platform FTX, will not serve a prison sentence thanks to his cooperation with authorities during the criminal trial against his former partner and friend, Sam Bankman-Fried.
According to statements from the prosecution at Wednesday’s hearing, Wang provided key information to clarify the case. Earning the rating of “the easiest collaborator” by researchers.
#breaking: FTX coder turned cooperator Gary Wang has just been sentenced to “time served” – no jail time. Inner City Press live tweeted it below
Judge Kaplan: If this wasn’t the biggest financial fraud in US history, it was certainly among the biggest 2 or 3. https://t.co/mlARf5pUMC
— Inner City Press (@innercitypress) November 20, 2024
Judge Lewis Kaplan, in charge of the case in New York, praised Wang’s decision to testify and stated that he had never seen a case like this, assuring that the defendant “did the right thing.”
Wang pleaded guilty to fraud in December 2022, shortly after the collapse of FTX, which left a trail of million-dollar losses and accusations of financial irregularities also linked to Alameda Research, a firm closely related to the platform.
Meanwhile, Sam Bankman-Fried, former CEO of FTX, was sentenced to nearly 25 years in prison on seven criminal charges. Among them electronic fraud and conspiracy. In addition, it faces the challenge of reimbursing up to $11 billion to affected investors.
Michael Saylor seeks to convince Microsoft to invest in Bitcoin
Michael Saylor, president of MicroStrategy, announced that he will present a proposal to the Microsoft board of directors to consider investing in Bitcoin. Saylor revealed during an X Spaces event hosted by VanEck that she will have three minutes to make her case.
The proposal, promoted by the National Center for Public Policy Research (NCPPR), highlights the success of MicroStrategy, whose shares have outperformed Microsoft’s by more than 300% this year. Although Saylor previously attempted to meet with Microsoft CEO Satya Nadella, his request was rejected. Microsoft’s board of directors will evaluate possible investments in Bitcoin in December.
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