Today's News Highlights:
1. The Chicago Board Options Exchange will launch its first cash-settled options product related to spot Bitcoin on December 2.
2. Trump nominated hedge fund manager Scott Bessent as Secretary of the Treasury.
3. Jaime Lizárrag, one of the three Democratic commissioners of the U.S. SEC, plans to resign early next year.
4. The Bitcoin financial public chain Side Protocol will open airdrop registration on November 26.
5. The TGE for Magic Eden (ME token) will take place on December 10, with an airdrop estimated to exceed $500 million.
6. CZ unfollowed Musk on X platform.
7. Coinbase signs sponsorship agreement with the NBA's Los Angeles Clippers.
8. ZKasino misappropriated funds meant to be returned to users for leveraged long positions on ETH.
Regulatory News
The Chicago Board Options Exchange will launch its first cash-settled options product related to spot Bitcoin on December 2.
According to Walter Bloomberg, the Chicago Board Options Exchange (CBOE) today announced plans to launch the first cash-settled index options related to the spot price of Bitcoin starting December 2 (Monday). These options will be exclusively listed and traded on the CME Options Exchange, regulated by the U.S. Securities and Exchange Commission, and based on the new CME Bitcoin U.S. ETF index. Rob Hawkin, global head of product innovation at CME, stated: 'This series of new options based on the CME Bitcoin U.S. ETF index provides a timely and attractive solution for traders to efficiently access spot Bitcoin. We expect the unique advantages of cash settlement, combined with the launch of various index-scale options and flexible options, will offer clients more flexibility in trading strategies. Our index options provide a unique value proposition, and we believe this will attract both institutional participants and retail traders who wish to profit or hedge against Bitcoin price fluctuations without directly holding the asset.'
Robinhood's Chief Legal Officer Dan Gallagher will not serve as chairman of the U.S. SEC.
According to @tier10k referencing CNBC, Robinhood's Chief Legal Officer Dan Gallagher will not serve as chairman of the U.S. Securities and Exchange Commission (SEC).
Jaime Lizárrag, one of the three Democratic commissioners of the U.S. SEC, plans to resign early next year.
Jaime Lizárrag, one of the three Democratic commissioners of the U.S. SEC, plans to resign early next year. He has informed President Joe Biden of his plans to leave at the end of January. Jaime Lizárrag stated that his resignation is to spend more time with his family. Just a day before Lizárraga announced his resignation, SEC Chairman Gary Gensler indicated plans to resign in January. This means Commissioner Caroline Crenshaw will become the only Democrat leading the SEC. Gensler stated that he and Lizárraga not only worked together at the SEC but also at the Treasury Department after the 2008 financial crisis.
Trump has nominated hedge fund manager Scott Bessent as Secretary of the Treasury.
According to Bloomberg, Trump nominated Scott Bessent, who runs the macro hedge fund Key Square Group, as the next U.S. Secretary of the Treasury and hired a key advisor to manage his comprehensive economic agenda that he vowed to implement during his second term.
If confirmed by the U.S. Senate, Scott Bessent would become the first openly gay Secretary of the Treasury and one of the wealthiest Treasury Secretaries in modern history. Scott Bessent has stated that he has always wanted to serve the country, but in the 1980s, his sexual orientation prevented him from entering the U.S. Naval Academy, and after graduating from Yale, he could not join the State Department. As the highest-ranking economic policymaker in the U.S., Scott Bessent must navigate the political disputes in Washington, lead international economic diplomacy, and apply his Wall Street experience to crisis management. He will also be under close scrutiny from investors and financial institutions as they seek predictability and stability in the economy.
Scott Bessent previously managed funds for billionaire George Soros. During Scott Bessent's tenure as investment chief, Soros' family office gained about $10 billion, with an annualized return of around 13%. He later started running Key Square, initially invested by Soros with $2 billion, which he later returned as other investors joined.
The U.S. CFTC has approved the use of blockchain technology to manage collateral for derivative market transactions.
According to a report from the CFTC's Global Markets Advisory Committee released on November 21, the CFTC has approved the use of blockchain technology to manage collateral for transactions in the U.S. derivatives market. The report states that blockchain technology (including distributed ledgers and tokenization) can address long-standing challenges in traditional derivatives exchanges and expand the types of assets that can be used as collateral.
Project Updates
The board of U.S. listed company Anixa Biosciences approved the purchase of Bitcoin as a reserve asset.
According to a press release, U.S. listed company Anixa Biosciences, Inc. (NASDAQ: ANIX) announced that its board of directors has approved the purchase of Bitcoin as a treasury reserve asset, aiming to diversify the company's assets and enable Anixa to benefit from the potential long-term value of digital assets.
Anixa is a clinical-stage biotechnology company focused on cancer treatment and prevention.
Sui has established a strategic partnership with Franklin Templeton Digital Assets.
According to the official blog, Sui has formed a strategic partnership with Franklin Templeton Digital Assets, focusing on supporting builders in the Sui ecosystem and deploying new technologies using the Sui blockchain protocol.
Coinbase signs sponsorship agreement with the NBA's Los Angeles Clippers.
According to Decrypt, Coinbase has signed a sponsorship agreement with the NBA's Los Angeles Clippers, becoming the official partner of the Clippers. This partnership marks the beginning of a multi-year collaboration, providing fans with exclusive experiences, limited edition merchandise, and unique digital and physical collectibles. Financial details of the partnership have not been disclosed. Coinbase will offer new and existing users $5 worth of Bitcoin, along with seasonal benefits for creating a Coinbase account. The Coinbase brand will be prominently displayed at Intuit Dome, the Clippers' new home arena this season.
Previously, Coinbase reached a collaboration with the NBA's Golden State Warriors, with its brand appearing prominently at the Chase Center and on the team's limited edition merchandise.
The TGE for Magic Eden (ME token) will take place on December 10, with an airdrop estimated to exceed $500 million.
The ME Foundation will launch the Solana-based ecosystem token ME on December 10, with the airdrop's value potentially exceeding $500 million based on pre-trading prices. This token will only be claimable through the Magic Eden wallet application.
Previously, Magic Eden announced the ME token economic model: the total supply is 1 billion tokens, with over half allocated to the community.
ZKasino misappropriated funds meant to be returned to users for leveraged long positions on ETH.
According to on-chain analyst Yu Jin's monitoring, ZKasino's address began misappropriating funds meant to be returned to users for leveraged long positions on ETH 7 hours ago; they deposited 5,270 ETH into Aave as collateral to borrow 11.589 million DAI, and then bought 3,500 ETH.
Yu Jin stated that on April 21, the ZKasino project forcibly converted 10,515 ETH ($35.17M) deposited by users into their platform tokens by modifying the official website instructions. On May 28, the ZKasino project announced that it would allow users to apply for refunds, but nothing has been refunded until now.
CZ unfollowed Musk on X platform.
According to the X platform, Binance co-founder CZ unfollowed Musk about 6 hours ago.
Kraken plans to add support for 19 new tokens including BNB, DYDX, AR, COW, DOGS, etc.
Kraken's listing roadmap shows plans to add 19 emerging popular tokens including BNB, DYDX, AR, COW, DOGS, FWOG, GOAT, PNUT, NOT, Neiro, etc. Kraken currently has over 300 tokens listed.
The Bitcoin financial public chain Side Protocol will open airdrop registration on November 26.
The Bitcoin financial public chain Side Protocol has opened an airdrop, with registration starting on November 26 at 18:00 (UTC+8), distributing a total of 100 million SIDE tokens. This airdrop covers multiple categories, including users who spent more than 0.005 BTC on the Bitcoin network from January 1, 2023, to November 1, 2024; NFT communities including Pudgy Penguins, Milady, Mad Lads, Bitcoin Puppets, NodeMonkes, Ordinal Maxi Biz, Bitcoin Frogs, Pizza Ninja, Quantum Cats, Runestone, Bad Kids, Celestine Sloth; ATOM stakers and public goods donors; testnet point users. Airdrop tokens will be gradually released after the mainnet goes live.
Previously, the Bitcoin financial public chain Side Protocol announced the economic model of the $SIDE token. The total supply of $SIDE tokens is 1 billion, covering functions like protocol revenue value accumulation, payment of transaction fees, network security staking, and on-chain decentralized governance. The token distribution includes: 20% ecosystem reserves, 18% team, 17% community treasury, 15% public offering, 13% private offering, 7% liquidity, and 10% airdropped to eligible active Bitcoin users, NFT community, Cosmos community, and testnet participants, etc. $SIDE will first be issued under the SPL standard on Solana, with the mainnet expected to go live in January 2025, at which time it can be converted to mainnet tokens and participate in staking and governance.
Important Data
Ethereum spot ETF saw a net inflow of $91.2093 million yesterday, marking the first net inflow after 6 days of outflows.
Bitcoin spot ETF saw a net inflow of $490 million yesterday, continuing a 5-day net inflow.
CryptoQuant: Ethereum futures open interest has hit a historic high of over $20 billion.
According to The Block, the Ethereum derivatives market may be signaling bullish trends as open interest surged over 12% on Friday to a record $20.8 billion. According to a report by CryptoQuant, the Ethereum OI-weighted futures funding rate has repeatedly soared to new historical highs over the past week, indicating that bullish traders are in control. The CryptoQuant report added that, according to Coinglass, the current funding rate is 0.0374%, suggesting that market sentiment is optimistic about price increases in the short term.
Additionally, Ethereum's estimated leverage ratio (a measure of open interest divided by exchange reserves) has risen to a new record high of 0.40. This indicates that traders are increasing their risk exposure as they use higher leverage to amplify potential returns. However, the CryptoQuant report warns that the increase in leverage and the dominance of long positions may heighten the risk of a long squeeze; sudden price fluctuations could trigger liquidations, leading to market corrections.
Tether Treasury minted 1 billion USDT on the Ethereum network early this morning.
Whale Alert monitoring shows that Tether Treasury minted 1 billion USDT on the Ethereum network early today. Tether CEO Paolo Ardoino stated that this is an authorized but unissued transaction, meaning it will be used as inventory for the next issuance request and on-chain exchanges.
Some smart money sold ETH at a high to exchange it for WBTC, and after Bitcoin hit a new high, exchanged back for ETH, netting 1,533 ETH in eight months.
According to @ai_9684xtpa's monitoring, some smart money sold ETH at a high to exchange it for WBTC and then exchanged back for ETH after Bitcoin hit a new high, netting 1,533 ETH in eight months.
On March 19, when ETH was at $3,518, the smart money exchanged 2,942 ETH for 150 WBTC, costing $62,724; additionally, 116 WBTC were bought.
10 hours ago, when BTC was $98,828, 90.8 WBTC was exchanged back for 2,709 ETH at a cost of $3,312.
Additionally, the separately constructed portion of WBTC has a floating profit of $4.156 million.
