28 April

Open interest in Ether options trading has increased from $50 million to $4 billion over the last year. The massive growth of Ethereum’s futures and options arena is reportedly pointing toward significant institutional involvement in the second-largest cryptocurrency.

In another example of the apparent increase in institutional appetite for Ethereum, ETH saw $34 million in investment product inflows for the past week. This figure puts the total ETH inflow for crypto fund managers at $792 million. The $34-million ETH investment inflow came amid Bitcoin’s lowest weekly inflow numbers since October 2020. Indeed, fund movements were primarily outflows for BTC, with $21 million (the largest weekly outflow recorded) moving the other way.

Amid the growing institutional demand for ETH, Two Prime also predicted that Ether will decouple significantly from Bitcoin’s (BTC) price action.”

See Also: Ether Hits All-Time High Price Near $2.7K After Rallying 19% in 3 Days
See Also: Yearn Finance Earns $5M in Q1, Besting Total 2020 Profit
See Also: Polygon Price Climbs to Record High, Benefiting From Ethereum Congestion

Further gains may remain elusive for a while or unfold at a slower pace, as the max pain point for Friday’s $4.2 billion options expiry is $54,000. Therefore, option writers may try and keep prices around $54,000.

At press time, the total number of outstanding bitcoin options contracts – or open interest – is around $13 billion or 1.3% of bitcoin’s total market capitalization. Further, only 77,000 contracts worth $4.2 billion are set to expire this Friday. Nevertheless, traders can benefit from keeping an eye on the max pain, especially as expiry nears.

Options and futures are new critical datapoints for traders. While bitcoin was up +103% in the first quarter, we saw huge pullbacks end of each month.”

“Suddenly, it’s a top-of-the-mind concern for Wall Street analysts peppering CEOs on quarterly earnings conference calls. The number of mentions of “inflation” in earnings calls of Standard & Poor’s 500 companies has more than tripled year-on-year, the most significant jump in 17 years.

Strategists cited raw materials, transportation and labor as major potential drivers of inflation, adding that the number of mentions of inflation has historically led the consumer price index (CPI) by a quarter. Bond markets have been predicting a pick-up in inflation for at least a year. Inflation expectations for the second half of the coming decade have more than doubled since the March 2020 crash to a 30-month high of 2.25%.

Several publicly listed companies such as Tesla and MicroStrategy have already adopted bitcoin as an asset within their corporate treasuries, casting the cryptocurrency as a store of value.

What we’re trying to do is preserve our treasury; the purchasing power of the cash is debasing rapidly.”

See Also: A Year After Coronavirus Meltdown, Few Investors See Risk of Deflation: Deutsche Bank
See Also: Possible Bitcoin treasury adoption as more companies cite inflation concerns

Gemini cardholders will be given the option to transfer their crypto rewards into interest-earning program Gemini Earn. The card will be made available to American investors across all 50 states later this year.”

“1inch, the decentralized finance (DeFi) protocol for routing trades, has released a wallet for Apple’s iPhone.

The iOS app will offer a similar experience as the web version but with the convenience and simplicity of being mobile. The app will also feature encrypted backup to Apple iCloud, allowing users to migrate between different devices.”

“The amendment means those institutions will now be able to pay for goods and services from other countries in a bid to circumvent U.S. economic sanctions. Some say the local crypto mining industry could generate as much as $2 million a day in revenue.

The bank had previously stipulated only digital assets for import funding could be used by itself and no one else. All miner’s coins had to be sold to the bank directly.”

“Helium, a technology that uses blockchains and tokens to incentivize consumers and small businesses to run commercial telecommunications hubs, is launching a 5G version of its network. Helium hotspot growth has reached 30,000 since 2019, with 200,000 more in the pipeline.

Helium is partnering with FreedomFi, a kind of do-it-yourself tech package for building 5G networks, so that participants can be paid to support the rollout of next-generation wireless networks, effectively by building their own mini cellular towers.

What Helium has so far done with telecoms in the wireless space is almost like Airbnb enabling people to monetize their real estate in the form of a mini hotel.”

Many employers are experiencing an exodus in the workforce of young people who are looking to make their fortune trading amid the current crypto bull run. Many of South Korea’s young workers aged in their 20s and 30s are leaving their average paying jobs to explore crypto day trading.

I face the reality of being unable to afford my own home no matter how hard I save up my salary.”