Bit-Vol!
We’re making today’s post free for all readers on Substack, happy reading!
The ongoing irony of crypto remains that everybody loves DeFi so much… there is a leading market in the old legacy centralised platform that tends to lead for futures. Anyway, CME are quite sensibly not letting go of their position and now we have CME Group To Launch Bitcoin Volatility Futures Contracts (CME) - which sounds like something which will fulfill the ‘never a dull moment’ criteria of trading, even in the context of crypto’s own legacy of being somewhat ‘excitable’ in pricing terms.
Then again, CoinDesk suggests Crypto derivatives have converged with Wall Street. Equity perps could soon prove it.
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Meanwhile, in the courts, Crypto Whale Sues Coinbase Alleging Exchange Refuses to Return Stolen Funds (Decrypt) / Coinbase faces lawsuit over frozen funds from $55M crypto theft (Cointelegraph).
There is a rich irony to this methinks, reading the headline Embrace AI or Get Left Behind: Job Cuts Sweep Through Crypto Firms (Bloomberg). AKA the ‘new new’ thing is in fact already de facto an older thing as AI has in many ways surpassed it?
All of a sudden we have active management… or what some might call selling - the end of the shortsighted crypto treasury wave? Bitcoin treasury firm Strategy breaks from ‘never sell’ approach to the flagship crypto (CNBC).
Crypto’s ‘Decentralised Finance’ Sector Hit By Investor Exodus After Hacks
FT
Newly regulated under MiCa too: Crypto Custodian Taurus Moves Straight Into EU Capital Markets With MiFID License In Cyprus (CoinDesk)
Forbes argues, Crypto Doesn’t Belong In Retirement Plans as Bybit Launches Crypto Payments In South Africa With MoneyBadger (IBS Intelligence) and another conference has talking heads where the message is, It’s Transparency, Not Tech Alone, That Drives Crypto Adoption, Panelists Tell Consensus Miami (CoinDesk)...albeit I thought the problem with crypto was often opacity?
Tokenization Becomes Crypto’s Next Bet, notes Axios and we are left to wonder how many previous bets have won out so far in this tale of crypto development?
Another counterparty risk giving upside only within limits: OKX Joins Crypto’s Pre-IPO Frenzy With OpenAI, SpaceX Perpetual Futures (CoinDesk).
In M&A, MoonPay Acquires Solana Trading Infrastructure Platform In $100m All-Stock Deal (Fortune).
Tantalising future possibility - from yet another conference - From ‘What’ To ‘How’: Robinhood And Bitstamp Say Banks Are Ready To Build On-Chain (CoinDesk).
Another new prediction market too: Blockchain.com Launches Snapmarkets As Prediction Markets Move Into Faster Crypto Bets (CoinDesk).
Finally, Kraken Eyes IPO As It Partners With Moneygram To Bridge Crypto-To-Cash Gap (CoinDesk).
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