Fed Reserve Chair Jerome Powell Calls BTC A ‘Speculative Asset’ Amid Coinbase Direct Listing

Federal Reserve Chairman Jerome Powell Calls BTC A ‘Speculative Asset’ Amid Coinbase Direct Listing

Cryptocurrencies have been around for more than a decade and have just gained global relevance in the last two years.

This has been largely due to institutional investors seeing digital assets like Bitcoin as a hedge against inflation. However, the US Federal Reserve boss believes that crypto-assets are still not ripe for payments.

Crypto Is Just For Speculation

In a virtual interview organized by the Economic Club of New York, Powell said that cryptocurrencies are ideal as vehicles for price speculation. According to him, they have not attained the status of becoming a payment option.

Powell also said that cryptocurrencies like Bitcoin could be rightly compared to precious metals like gold, given the difficulty of mining them. And since humanity has always placed gold on a high pedestal, he feels that Bitcoin can transform into the same mold.

Powell’s comments may seem contradictory to crypto owners who believe that Bitcoin was created for payment services. The jury is still out on whether Bitcoin would function as a medium of exchange effectively. This is due to the development of solutions like sidechains and Lightning Network.

Companies like Tesla now accept Bitcoin as payment for their sedans, and many more businesses would tow the same line soon. The adoption rate in the traditional markets has also been growing.

Just yesterday, the U.S-based bitcoin exchange Coinbase made its debut on Nasdaq as a publicly-traded company.

The milestone, which is a first for the crypto industry, is poised to attract more investments into the space.

Coinbase opened its shares to the investing public at a whopping $381 per share against the $250 reference price.

The company also made its Q1 report for 2021 public, noting that it generated over $1.8 billion in revenue and onboarded 56 million unique users since its founding.

BTC Better Store Of Value Than Gold

Powell’s views on cryptocurrencies are not entirely novel to the crypto universe. Last month, U.S Treasury Secretary Janet Yellen called Bitcoin a highly speculative asset and not fit to be used as a value transmission mechanism.

According to the well-known Bitcoin critic, value transmission through cryptocurrencies is an extremely inefficient way of conducting transactions. Her comments have not slowed down investments in the sector. Software company MicroStrategy owns Bitcoin worth billions of US dollars. The company’s CEO Michael Saylor sees Bitcoin as a better store of value than gold and other precious metals.

Recently, the company announced that non-employee board members will now be paid using Bitcoin.

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Author: Jimmy Aki

One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory

Despite the volatility this week, due to Coinbase making its debut on Nasdaq, the Bitcoin price is holding strong above $62,000.

Amidst this, over $623 million worth of BTC stolen in the Bitfinex hack in 2016 moved, representing 10% of the total 119,756 BTC originally stolen. This could have been an attempt to move unseen amidst all the worldwide frenzy around “COIN” listing.

After hitting nearly $65,000 on Wednesday, BTC took a hit to $61,500, which in part could be due to stolen bitcoin moving and in part COIN shares ending up lowering 24%. But the market expects BTC to be back to a new ATH before taking over $70k.

While anything can happen in the market, we are far from topping out based on past performance.

As CoinGecko notes in its latest 2021 Q1 report on the cryptocurrency industry, the ascent of Bitcoin in this cycle (2020- 2022) is mimicking the trajectory it took in the last cycle (2016-2018).

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As we recently reported, despite rallying 1,610% from March lows, due to a wave of institutional adoption amid a conducive macro-environment, BTC is only 225% above its 2017 peak of $20,000. By comparison, the 2017 peak was 1,578% above 2013 ATH, and the 2013 peak was 3,590% higher than the 2011 ATH.

Interestingly, unlike last year and the previous cycle, this cycle we see very low volatility despite bitcoin becoming a trillion-dollar crypto asset, making its way to a six-figure price.

One reason why bitcoin might continue its trajectory, according to the report, is inflation. After spending trillions of dollars, another $1.9 trillion bill was passed this week that will again pour more money into the market.

Moreover, with the Federal Reserve determined to keep interest rates low, there is a growing fear of rising inflation, a setup that has made Bitcoin an increasingly viable hedge against the inflationary macro-environment stated Coingecko.

As we have seen, Bitcoin continues to outperform all major asset classes, but while the stock market is doing good, making new ATHs, gold, and bonds (TLT) did not amidst a “rally” in the U.S. Dollar index and rising bond yields.

Bitcoin’s market capitalization is actually just 10X away from flipping gold.

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When it comes to the rest of the market, Ether is finally moving up, hitting $2,400 this week. But with rising prices comes congestion and fee spikes, making it not conducive for retail users to do even a simple swap using DEXs. ETH 3.60% Ethereum / USD ETHUSD $ 2,523.06
$90.833.60%
Volume 32.2 b Change $90.83 Open $2,523.06 Circulating 115.48 m Market Cap 291.37 b
3 h European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain 3 h Gitcoin Spins Out of ConsenSys After Raising Over $11M in a ‘Strategic’ Capital Move 4 h Bitcoin Payment Network, BitPay, Joins Square-Led Crypto Open Patent Alliance (COPA)

With ‘Ethereum-Killers’ racing to offer the cheapest gas fees, this turned out to be good for Binance’s BSC. SOL 6.43% Solana / USD SOLUSD $ 27.85
$1.796.43%
Volume 221.45 m Change $1.79 Open $27.85 Circulating 270.02 m Market Cap 7.52 b
6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 1 d Solana’s Data Aggregator Step Finance Raises $2 Million in Private Sale 3 d BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’
BNB 0.93% Binance Coin / USD BNBUSD $ 544.29
$5.060.93%
Volume 4.59 b Change $5.06 Open $544.29 Circulating 154.53 m Market Cap 84.11 b
6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 1 d Ripple Executives File for Lawsuit Dismissal On Back of Last Week’s Victory; XRP Jumps On the News 1 d Binance Is Listing A Tokenized Stock of Coinbase, CZ says ‘Rooting for $COIN’
ADA 1.61% Cardano / USD ADAUSD $ 1.48
$0.021.61%
Volume 5.34 b Change $0.02 Open $1.48 Circulating 31.95 b Market Cap 47.39 b
6 h Cardano Releases Plutus Smart Contract Language in Preparation for Alonzo Hard Fork 6 h One Reason Why Bitcoin (BTC) May Continue On Its Parabolic Trajectory 6 d Revolut Adds 11 New ‘Hot’ Cryptos Including DeFi Tokens for UK and EU Users

“Total TVL is growing, but BSC’s TVL appears to be stealing Ethereum’s thunder – in Q1 2021 alone, BSC’s TVL rose from 3% to 27%. Apr-21 Ethereum is likely losing ground because of rising gas fees which drives away retail users,” noted the report.

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Author: AnTy

Goldman Sachs CEO: Cryptocurrencies are ‘Important to The Future Of Global Financial Systems’

Goldman Sachs CEO says Cryptocurrencies are ‘Important to The Future Of Global Financial Systems’

But instead of crypto wallets for the retail, the investment banking giant is focused on the “institutional side” with respect to crypto payment systems.

Goldman Sachs Chief Executive Officer David Solomon is talking about Bitcoin, and he is bullish on the trillion-dollar asset.

“I also want to touch on the topics of cryptocurrency blockchain and the digitization of money,” Solomon began during the bank’s earnings call Wednesday, saying:

“Central banks are looking at digital currencies, working to apply this technology to the local markets and determine the longer-term impact on global payment systems. Also significant focus on cryptocurrencies like Bitcoin, where the trajectory is less clear as market participants evaluate their possibility as a store of value.”

The investment banking giant beat the expectations with a record first-quarter net profit of $3.77 billion on the back of its strong investment banking and trading businesses. Revenue of $17.7 billion also topped expectations of $12.6 billion.

“We continue to look for ways to expand our capabilities to support our clients’ needs,” he said, adding that they still can’t trade Bitcoin on a principal basis.

But cryptocurrencies are “important to the future of global financial systems.”

Solomon further said they are “not focused on offering a crypto wallet” at the moment rather on the “institutional side” with respect to crypto payment systems.

Recently in an interview with CNBC, Solomon said he expects a major transformation in how the US government regulates Bitcoin and other crypto assets. “I think there’ll be a big evolution as to how this evolves in the coming years,” he said last week.

While refusing to speculate on how things would go on the regulated front, he said, “we’re going to continue to find ways to serve our clients as we move forward.”

In response to rising demand from its clients, Goldman Sachs reportedly starts offering its wealthy clients exposure to digital assets this quarter. Furthermore, they rebooted its bitcoin trading desk and filed for an ETF to provide indirect exposure to BTC by tracking the performance of the ARK Innovation ETF.

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Author: AnTy

Riot Blockchain Now Holds 1,565 BTC on Balance Sheet After Mining 104 BTC in March

The bitcoin mining company generated 75% more BTC in Q1 of 2021 than in 1Q20. Meanwhile, mining machine maker Canaan is reporting supply chain disruptions impacting its revenue.

Nasdaq listed Bitcoin mining company Riot Blockchain has released its Q1 2021 results that reveal that it recorded an 80% increase in its BTC production from the same month last year, pre-halving.

Last month, Riot mined 187 BTC, up from 104 BTC in March 2020, bridging the total BTC produced in Q1 of 2021 to 491, a 75% increase over its pre-halving 1Q20 281 BTC.

As of March 31st, 2021, Riot holds 1,565 BTC on its balance sheet, reported the company.

In this new quarter, the company made some new hires in the top management and signed a definitive agreement to acquire Whinstone US, Inc. (“Whinstone”), creating a US-based industry leader in Bitcoin mining, for $80 million cash plus a fixed 11.8 million shares of Riot common stock, having an implied total transaction value of about $651 million.

Based in Texas, Whitstone is located on a 100-acre site with a total power capacity of 750 MW. Upon the closing of this acquisition, which is expected in Q2 of 2021,

“Riot is expected to be the largest publicly traded Bitcoin mining and hosting company in North America.”

Getting More Hash Power

Riot has also signed a large-scale contract with Bitmain for 42,000 S19j Antminers this month to increase its Bitcoin mining hash rate to an estimated 5 exahash per second (EH/s) by the end of 2021.

While preparing for the future, the company received previously ordered 2,400 S19 Pro Antminers shipped in late March and early April this year.

These new machines will be sent to Coinmint, a facility in Massena, NY, which will be installed by late April. Upon deployment, Riot will have a total of 16,146 Antminers in operation utilizing approximately 51 megawatts (“MW”) of energy, with an estimated hash rate capacity of 1.6 EH/s.

By the end of 2022, the company expects a total hash rate capacity of 7.7 EH/s with a fleet of approximately 81,146 Antminers — consuming about 257.6 MW of energy with an overall hash rate efficiency of 33 joules per terahash (J/TH).

This would mark a 92.5% jump over their previously estimated hash rate capacity of 4.0 EH/s by October 2021.

Significant Increase in Demand

On the other hand, crypto mining machine maker Canaan Inc is reporting supply chain disruptions caused by pandemic to impact its Q4 2020 revenue. The revenues fell to RMB 38.2 million ($5.9 million) from RMB 463.2 million ($70.72 million) a year ago and RMB 163 million ($24.9 million) in the preceding quarter.

The Hangzhou, China-based company said although the market demand for high-quality machines both in and outside of China “increased significantly,” in Q4 2020 along with the rising Bitcoin price, “they did not have sufficient inventory to deliver to its customers.”

But CEO and Chairman Nangeng Zhang said they mass-produced its next-generation A12 series of bitcoin mining machines in quarter fourth and delivered them at a large scale in Q1 of 2021.

Canaan (CAN) stocks dropped to $13.14, down about 65% from March high, despite the price of Bitcoin surging about 9% during the same period, hitting a new ATH at $63,200 today.

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Author: AnTy

House Republican Leader Urges Govt. to ‘Better Start Understanding’ Bitcoin

House Republican Leader Urges Govt. to ‘Better Start Understanding’ Bitcoin

“I do not want America to fall behind. I want the next century to be ours,” said Congressman Kevin McCarthy. A former CIA acting director also came in support, saying, “most illicit activity still takes place in the traditional banking system and not cryptocurrency.”

House Minority Leader Kevin McCarthy says regulators can’t ignore Bitcoin anymore. The day the price of Bitcoin surges as high as $63,775 on Coinbase, the Congressman appeared on CNBC to talk about the largest cryptocurrency. McCarthy said,

“Those who regulate, those who are in government that make policy better start understanding what it means for the future because other countries are moving forward, especially China.”

“I do not want America to fall behind. I want the next century to be ours.”

Recently, venture capitalist Peter Thiel also talked in the same regard when he said,

“I do wonder whether bitcoin should be thought of as a Chinese financial weapon against the U.S. It threatens fiat money, but it especially threatens the U.S. dollar.”

Commenting on Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell calling Bitcoin “speculative” and taking a cautious approach to it, the California Republican said regulators tried to ignore crypto and make it go away, but they can’t anymore now that it has grown so much.

Back in 2019, he had said that he liked the decentralized nature of BTC and had also previously advised the government to research how blockchain can improve their tasks.

This week, a former acting director of the Central Intelligence Agency, Michael Morell, also came in support of crypto through his paper “An Analysis of Bitcoin’s Use in Illicit Finance.”

Here, Morell says that Bitcoin isn’t rife with illicit activity, in fact, “most illicit activity still takes place in the traditional banking system,” and that blockchain analysis is actually highly effective in fighting these threats.

Morell said alarmist statements and articles about the threat Bitcoin pose that are circulating are to make headlines and because it is a new technology that is complicated to comprehend, which typically makes people fearful as such, he urges for “more fact-based discussion” on the issue. He wrote on Twitter,

“I hope this study will help advance a transparent and fact-based dialogue between innovators and policymakers to help ensure that we maintain national security without hindering the adoption of potentially revolutionary technologies.”

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Author: AnTy

TIME Will Hold Bitcoin on its Balance Sheet In Partnership with Grayscale Investments

TIME Will Hold Bitcoin on its Balance Sheet In Partnership with Grayscale Investments

TIME Magazine is ready to go all the way with Bitcoin.

The renowned publication will start accepting Bitcoin as a form of payment in partnership with the world’s largest digital asset manager Grayscale Investments.

More interesting is that TIME will take a similar approach as Tesla, and instead of converting the receiving BTC into fiat, they will be HODLing it. TIME will then be holding these BTC on its balance sheet. BTC 5.98% Bitcoin / USD BTCUSD $ 63,647.18
$3,806.105.98%
Volume 70.07 b Change $3,806.10 Open $63,647.18 Circulating 18.68 m Market Cap 1.19 t
4 h Kraken CEO Jesse Powell: You Can’t Rule Out A Crackdown On Cryptocurrencies 6 h Riot Blockchain Now Holds 1,565 BTC on Balance Sheet After Mining 104 BTC in March 6 h House Republican Leader Urges Govt. to ‘Better Start Understanding’ Bitcoin

“Thrilled Grayscale is partnering w/ TIME on a new video series coming this summer explaining the crypto space. Equally as important, Keith Grossman & TIME has agreed to be paid in Bitcoin and hold the BTC on their balance sheet. A first for our media partnerships!” tweeted Michael Sonnenshein, CEO of Grayscale, which holds over 3% of Bitcoin’s circulating supply in its Bitcoin Trust (GBTC). GBTC 6.01% Grayscale Bitcoin Trust tokenized stock FTX / USD GBTCUSD $ 56.48
$3.396.01%
Volume 217.77 K Change $3.39 Open $56.48 Circulating 0 Market Cap 0
9 h TIME Will Hold Bitcoin on its Balance Sheet In Partnership with Grayscale Investments 1 d Bitcoin Volatility Continues to Fall to Dec. Low, While Market Makes a Shift to Short-term Hodlers 3 d Institutions Eyeing High Yield Through Bitcoin Futures Trading at a “Very Steep Contango,” JPMorgan Report

Sonnenshein was then retweeted by TIME President Grossman, who has been retweeting a lot of other Bitcoin-related tweets.

TIME is the latest one to have Bitcoin part of its Treasury, which started with publicly listed business intelligence company MicroStrategy in August last year, which was followed by Jack Dorseys’ Square, and then earlier this year, Elon Musk’s Tesla invested $1.5 billion in Bitcoin.

A few weeks ago, the company had also announced that they were looking to hire a CFO “comfortable with bitcoin and crypto” to transform its “98-year old brand for the next 100 years & beyond.”

Now, TIME is holding Bitcoin on its balance sheet just as MicroStrategy announced on Monday that they would be paying their board of directors in BTC instead of cash while New York Stocks Exchange (NYSE) is launching NFTs, and Coinbase much-anticipated IPO on Wednesday has a valuation of a whopping more than $100 billion, aiming to be the largest one in history.

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Author: AnTy

Keep Network to Launch An Updated Bitcoin to Ethereum Bridge, tBTC Protocol V2

Keep Network to Launch An Updated Bitcoin to Ethereum Bridge, tBTC Protocol V2

The Keep Network has released more details of tBTC, a Bitcoin bridge on Ethereum. Keep Network developer Evandro Saturnino disclosed this in a blog post.

Keep Network Unveils tBTC V2

Saturnino made it known that the network considered different changes to address tBTC past issues with collateralization.

The developer said that while the tBTC v1 relies on a 200% outside collateral, it has struggled to scale without more ETH into the network, despite being on top of $300M Total Locked Value (TVL). He said the system works perfectly, but the economic constraints are still present.

This second iteration of tBTC (v2) is expected to require stakers to only lock up Keep rather than both Keep and Ether (ETH), alongside introducing changes to its wallet-generation mechanism.

tBTC is a fully Bitcoin-backed ERC-20 token pegged to the price of Bitcoin. It facilitates Bitcoin holders acting on the Ethereum blockchain, accessing the decentralized finance (DeFi) ecosystem, and earning with their Bitcoin.

The network is fully trustless, using a system of “signers” selected by a random beacon to safeguard the deposited BTC. tBTC can be converted to BTC, and vice versa, at any time, with no intermediary needed to sign off.

According to Saturnino, this v2 of tBTC would greatly decrease the staking assets’ collateral ratio.

He added that insurance coverage pools would be used to protect against malicious validators to neutralize risks to the peg. He described the coverage pools as perfectly suited to ensure against fraud in tBTC v2.

tBTC And Existing Bitcoin Tokenized Solutions

First announced in April last year, tBTC was built as an application to allow trustless storage of the Bitcoin-backed tBTC tokens. It was officially launched in May but had issues with a smart contract bug, after which it relaunched in September 2020.

The developer said the team had learned a lot since the protocol launched the second time.

The tBTC protocol works on both the Bitcoin and Ethereum public blockchains, with users locking up BTC so that nodes in the Keep network can mint tBTC while staking 150% of the BTC’s value in ETH.

Bringing Bitcoin to Ethereum is considered to be an exciting prospect by many as the tokenization of Bitcoin gets increasingly popular. It can be split into custodial and non-custodial. Popular custodial solutions like Wrapped BTC (wBTC) are one of the largest, while non-custodial solutions like renBTC have followed closely since its launch last year May.

Meanwhile, the Keep network’s tBTC is still trying to gain ground among DeFi users.

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Author: Jimmy Aki

9th Bitcoin ETF Filed in the US; Mike Novogratz’s Galaxy Digital Joins the BTC Race

Billionaire Investor Mike Novogratz’s Galaxy Digital has filed with the US SEC for a Bitcoin exchange-traded fund (ETF).

In the ongoing race to get the first Bitcoin ETF in the US, several companies, nine including Fidelity, VanEck, and NYDIG, have filed applications. Two applications are currently under review of the Securities and Exchange Commission while other applications have yet to have their exchange partners file their corresponding ones as well before the review process can be started by the SEC.

Galaxy is already a sub-advisor to the CI Galaxy Bitcoin ETF listed on Toronto Stock Exchange, which currently has just under $200 million in assets. Canada is actually leading North America in Bitcoin ETFs, with the first one ever Purpose Bitcoin ETF (BTCC) already holding 17,013 BTC ($1.24 billion CAD). In Feb., Novogratz said that,

“Crypto is being institutionalized at an accelerating rate, and now an ETF product is showing up in Canada first, it will show up in the U.S. next. It’s all part of this accelerating evolution of being a store of value.”

Last week, after a year and a half of hiatus, Kryptcoin also filed an amended application for a Bitcoin ETF.

“The Trust will hold bitcoin, process all creations and redemptions in-kind, and accrue its management fee solely in bitcoin,” reads the S-1 filing, which also mentions Gemini as custodian.

This time, the company plans to issue its shares on Cboe BZX Exchange; previously, it was NYSE Arca, just like WisdomTree and VanEck. Cboe has already filed its paperwork with the SEC to provide its services to VanEck’s offering.

There is a growing sense that a Bitcoin ETF might finally arrive in the US thanks to the nominated SEC Chairman Gary Gensler, who has taught courses on cryptocurrency.

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Author: AnTy

MicroStrategy to Now Pay its Board of Directors in Bitcoin Instead of Cash

MicroStrategy to Now Pay its Board of Directors in Bitcoin Instead of Cash

MicroStrategy has taken yet another step towards its Bitcoinization. The publicly-listed business intelligence company will now start paying its board of directors in BTC, currently trading above $60k.

This latest step is the result of a modification made on April 11 to the compensation arrangements for non-employee directors. The latest filing reads,

“Going forward, non-employee directors will receive all fees for their service on the Company’s Board in Bitcoin instead of cash.”

By approving bitcoin as a form of compensation, the company says the board is showing its commitment to bitcoin’s ability to “serve as a store of value, supported by a robust and public open-source architecture, untethered to sovereign monetary policy.”

The fees payable to the board will remain unchanged and nominally denominated in USD. It will be converted from USD into Bitcoin at the time of payment through a payment processor and then deposited into the relevant person’s digital wallet.

MicroStrategy first started buying Bitcoin in August 2020, replacing the debasing fiat with BTC in its Treasury, and the continuous accumulation has them currently holding 91,579 BTC.

MSTR shares are currently trading at $711, down from its ATH of $1,273 in early February but up from $123 in August 2020.

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Author: AnTy

Institutions Eyeing High Yield Through Bitcoin Futures Trading at a “Very Steep Contango,” JPMorgan

Institutions Eyeing High Yield Through Bitcoin Futures Trading at a “Very Steep Contango,” JPMorgan Report

JPMorgan Chase has released its new weekly report on Bitcoin, highlighting its steep futures curve.

The big banks are reportedly eyeing Bitcoins’ contango, a situation where the futures price of an asset is higher than the spot price. As Su Zhu, the CEO of Three Arrows Capital, put it, “Bankers coming for that juicy yield.”

“As of this writing, the June CME Bitcoin contract offers ~25% annualized slide relative to spot. The richness of futures is even more acute if we broaden our view to include unrelated exchanges, where carry can be as high as 40+%,” stated JPM analysts.

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According to the JPMorgan report, the growth and gradual maturation of the crypto market has generated interest in derivatives and other sources of leverage. The trillion-dollar asset naturally dominates the crypto futures space.

The spread in the price on the spot market and futures market is because the latter is “out growing the pace of money willing to come in to arbitrage this spread. the market has grown super fast,” with open interest (OI) soaring to $25 billion which was mere $2 billion a year ago, explained trader CL.

“The growth has largely been demand for going long, thus they push up the premium.”

Also, this yield implied by Bitcoin futures is substantially higher than all the major currencies across developed as well as emerging markets. “The situation is even more pronounced on offshore exchanges,” JPM added.

This is the reason hedge funds continue to be record short on Bitcoin while being long on the spot.

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According to JPMorgan strategists, this attractive pricing hasn’t been arbitraged away because of counterparty and repatriation risk in offshore markets. Additionally, traditional players don’t really have ways to gain spot BTC exposure except for GBTC, which is the primary source but has its own set of premium issues. This premium has been negative for more than a month now.

This is where the Bitcoin exchange-traded fund in the US comes into the picture, as a “key” to normalize the price of Bitcoin futures, wrote the analysts.

Interestingly, GBTC premium went negative not long after several Bitcoin ETFs started trading in Canada, with the first one, the Purpose BItcoin ETF (BTCC), accumulating 17,013 BTC in less than two months.

While reducing barriers to entry and bringing new potential demand into the asset class, JPMorgan says the risk factor worth considering here is that “it would also make basis trading much more efficient and attractive at current pricing, particularly if those ETFs can be purchased on margin. We would expect that to bring more basis demand into futures markets, especially the CME but also potentially other onshore exchanges.”

This will normalize the funding spreads and can broaden the base of participants in BTC derivatives more generally, given that people are already willing to pay 30-40% annually to source levered long exposure, it added.

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Author: AnTy