Nasdaq’s Bold Bitcoin Bet on the Eve of Thanksgiving That No One Noticed

BlackRock's Bitcoin ETF, the iShares Bitcoin Trust, is nearing a significant breakthrough as the SEC considers expanding options trading limits from 250,000 to 1 million contracts. This potential change reflects a growing confidence in the Bitcoin market and could enhance trading activity for the ETF.

SpaceX has transferred 1,163 Bitcoin, valued at approximately $105 million, to a new wallet linked to Coinbase Prime, reducing its on-chain holdings to 6,095 BTC. This move comes as Bitcoin has recently surpassed the $90,000 mark after a period of volatility and selling pressure in the market.

Bhutan has allocated $970,000 in Ethereum for staking through Figment, marking a significant step in the country's strategic embrace of blockchain technology. This investment is part of Bhutan's broader initiative to enhance its digital infrastructure and expand its blockchain activities, particularly as it remains one of the few governments holding Bitcoin.

XRP reserves on Binance have collapsed to record lows, reflecting intense selling pressure as the cryptocurrency market faces significant volatility and declining investor confidence. This situation is exacerbated by Bitcoin's struggles and the broader market's fear and uncertainty.

Bitcoin has rebounded above a key resistance level, recovering from recent selling pressure, although institutional selling persists amid significant ETF outflows. This recovery comes as Bitcoin's price has recently stabilized around the $86,000 mark after a modest bounce, reflecting mixed technical signals.

A significant sell-off has led to a sharp correction in Bitcoin's price, with Fidelity's Global Macro Director, Jurrien Timmer, suggesting that this downturn is a necessary cleansing for overheated risk assets. Timmer views the crash as an opportunity to eliminate excessive leverage and speculation, thereby restoring market discipline.

Nasdaq has proposed to increase the options trading limit for BlackRock's iShares Bitcoin Trust (IBIT) from 250,000 to 1 million contracts, aiming to align IBIT with the largest and most liquid ETFs in traditional markets. This proposal has been submitted to the US Securities and Exchange Commission for approval.

Solana (SOL) has demonstrated resilience by maintaining its position above the critical $140 support level, despite a recent $37 million hack on South Korea's Upbit exchange, which has raised concerns in the cryptocurrency market. The exchange has suspended deposits and withdrawals following the breach, which affected its Solana wallet.