According to BlockBeats, Matrixport released a daily chart report indicating that the current actual volatility of Bitcoin is relatively low compared to the bull market of 2020/2021. This may be due to the rise of alternative assets with high volatility (such as meme coins) or institutional investors gradually replacing more volatile retail traders as the dominant force in the market. Currently, the launch of spot Bitcoin ETF options provides a new window for observing market dynamics.
Against the backdrop of current Bitcoin's 30-day actual volatility being at a moderate level, traders may push up implied volatility by buying call options or profit from enticing volatility premiums by selling options. The addition of an active options market is another significant milestone in Bitcoin's journey towards financialization, expected to enhance market liquidity and attract more professional investors.
Note: Earlier reports indicated that the U.S. Options Clearing Corporation (OCC) announced on its official website that it is preparing to launch spot Bitcoin ETF options. According to the disclosed notice, the OCC is preparing for the clearing, settlement, and risk management of spot Bitcoin ETF options, which will comply with the new options listing process outlined in the options listing procedure plan.
● CME cryptocurrency futures trading volume hits an all-time high
According to Blockworks, CME's cryptocurrency division achieved its best monthly performance since the launch of Bitcoin futures contracts in 2017. Gio Vicioso, CME's head of cryptocurrency, stated that CME's futures trading volume averaged over $10 billion per day. Compared to November of last year, trading volume and contract numbers have increased more than fivefold this November, with open interest also hitting a new high, averaging over 166,000 contracts, up 60% from October and three times higher than November 2023.
CME's large Bitcoin contracts have attracted more investors, especially retail investors, turning to CME's micro Bitcoin contracts. In recent weeks, the average daily trading volume of micro contracts has exceeded $1 billion. The annual trading volume of micro Bitcoin contracts ranges between $200 million and $300 million, accounting for 6% of Bitcoin trading volume. Recently, micro contracts accounted for over 15% of large Bitcoin contracts. The participant composition is diverse, with retail and institutional buyers of micro contracts evenly distributed, and margin requirements are more manageable. Institutions may be testing new strategies and adjusting risk exposures. With rising interest, the volatility of Ethereum and Bitcoin is also increasing.
Vicioso stated that this trend will continue. Last Friday, CME recorded a historical high of about 600 large open contract holders.
● Grayscale has submitted an updated prospectus for its Bitcoin Covered Call ETF
According to BlockBeats, Bloomberg ETF analyst James Seyffart stated that after Grayscale's BTC ETF options approval, they submitted an updated prospectus for the Bitcoin Covered Call ETF (which currently does not have a trading code). The fund will provide investments in GBTC (Grayscale Bitcoin Trust) and BTC (Bitcoin Mini Trust) while generating income through buy and sell options contracts on Bitcoin ETP.
● BTC briefly reached 93,905 USDT, setting a new historical high
According to Binance market data, on November 20 at around 3 AM UTC+8, BTC briefly reached 93,905 USDT, setting a new historical high.
● Statistics: Over 60 listed companies have adopted Bitcoin strategies
According to PANews, statistics from Cointelegraph show that over 60 listed companies have adopted Bitcoin strategies, and thousands of private companies are also following suit.
● Michael Saylor was allowed to present a 3-minute BTC investment proposal to the Microsoft board
According to Cointelegraph, MicroStrategy Chairman Michael Saylor was given permission to present a three-minute Bitcoin investment proposal to the Microsoft board.
Saylor stated in X Spaces hosted by VanEck that the proposal was initiated by a radical investor who would provide a three-minute speech to the board.
Saylor believes that companies like Berkshire Hathaway, Apple, Google, and Meta should consider Bitcoin investments as they hold large amounts of cash that could harm shareholder value.
The Microsoft board currently has 12 members, including Chairman and CEO Satya Nadella. Microsoft will discuss the Bitcoin investment proposal in December. The proposal is promoted by the National Center for Public Policy Research, emphasizing that MicroStrategy's Bitcoin investment strategy has increased its stock price over Microsoft by 300% this year.
The Microsoft board recommends opposing the proposal, stating that it has evaluated various investable assets, including Bitcoin.
According to Jin10, asset management company Deutsche Bank Asset Management stated in its 2025 outlook that U.S. economic growth will remain strong next year, although the growth rate will slow compared to 2024.
The company expects that the U.S. GDP growth rate will decline from the expected 2.7% in 2024 to 2.0% in 2025. The asset management company also predicts that the Fed will make three rate cuts by December 2025. Deutsche Bank Asset Management stated: 'It is expected that under the new government leadership, the Fed's rate cut measures will not be as aggressive.'
● Litecoin: There is no affiliation with projects using the Lester name or image on Solana
According to Jinse Finance, Litecoin X account stated that there is no affiliation with projects using the Lester name or image on Solana and has not deliberately promoted or acknowledged their intentions; it is not Litecoin's official mascot. Furthermore, Litecoin will continue to uphold the stance that 'Bitcoin is gold, Litecoin is silver' and strive to be the preferred method for global payments and transactions of goods and services, which remains unchanged.
