First Mover Americas: Bitcoin Breaks New Ground as ETF Options Traders Go Heavy on Bets

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Bitcoin (BTC) continues to make strides, approaching new record highs, hovering just below the $94,000 mark heading into Wednesday’s U.S. session. The cryptocurrency is leading the market with a solid 2% gain over the last 24 hours. On Tuesday, BTC reached an all-time high, setting the tone for continued upward momentum. Meanwhile, the CoinDesk 20 Index was flat, and large-cap altcoins like ether (ETH) and solana (SOL) faced downward pressure.

One of the major drivers of Bitcoin’s climb was the record-setting activity in options trading on BlackRock’s spot bitcoin ETF (IBIT), which saw its first day of trading on Nasdaq. Analysts observed significant call option trading, signaling a bullish sentiment as traders placed bets on IBIT’s share price doubling. Crypto quant expert Samneet Chepal noted that “it’s interesting to see ‘professionals’ piling into $100 strike options, effectively forecasting a double in BTC’s price.” The launch of other bitcoin ETF options in the coming days is expected to further fuel market activity.

In South Korea, the crypto action isn’t solely focused on bitcoin. Memecoins dogecoin (DOGE) and XRP (XRP) have surpassed Bitcoin in trading volume on prominent exchanges like Upbit and Bithumb, further demonstrating the growing interest in alternative cryptocurrencies.

MicroStrategy Joins Top 100 U.S. Companies by Market Cap

MicroStrategy (MSTR) has now secured a spot in the top 100 U.S. publicly traded companies by market capitalization, with its stock price closing at $430 on Tuesday—well above the company’s dot-com-era highs. The business intelligence firm, which holds the world’s largest corporate bitcoin reserve, has seen a remarkable 528% surge in its share price this year. Analyst James Van Straten of CoinDesk highlighted that MicroStrategy’s recent developments include a $1.75 billion issuance of 5-year convertible senior notes with a 0% coupon rate. Van Straten noted that if the issuance is oversubscribed, the total could rise to $2 billion.

Robinhood Positioned to Gain from Crypto Deregulation

Broker Bernstein sees Robinhood (HOOD) as one of the major beneficiaries of expected crypto deregulation under the incoming Trump administration. According to Bernstein’s report, the trading platform stands to generate higher revenues by expanding its crypto offerings, listing additional tokens, and rolling out new crypto product lines. The firm’s acquisition of the European exchange Bitstamp and its European platform is expected to further enhance its value-added crypto services. Bernstein has raised its price target for Robinhood to $51, up from $30, anticipating a 45% upside from Tuesday’s close.

Chart of the Day: U.S. 10-Year Yield

One of the key charts to watch in global financial markets right now is the U.S. 10-year yield, considered the “risk-free” rate. The yield is at a critical point, potentially breaking above its long-term downtrend or falling lower, which could form a head-and-shoulders pattern. A decline in the yield would likely be supportive for risk assets, assuming there’s no major negative event.

Source: TradingView