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Short Ether (ETH) to Hedge Your BTC Longs, Firm Says

A research firm suggests hedging bullish Bitcoin positions by shorting Ether (ETH) due to weak demand and limited capital for major ETH buyers. Markus Thielen, the firm’s founder, notes a preference for Bitcoin over Ether, highlighted by increased demand for put options on Ether. The outlook for ETH appears weak, particularly following a decline in purchases by Bitmine Immersion Technologies, a major Ethereum buyer, which has faced reduced retail demand and capital raising constraints. This situation could restrict Ethereum's upside potential. Options data also reflects an anti-Ether sentiment, with increased put option buying for Ether compared to significant open interest in Bitcoin options. Additionally, a decline in Google search queries signals a shrinking pool of incremental Ether buyers. Shorting Ether presents a hedge against Bitcoin's sideways trading pattern above $100,000. As of now, Ether trades at approximately $3,815, while Bitcoin is around $108,820.

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Record $1.26B Outflow Hits BlackRock Bitcoin ETF as Bearish Options Cost Soars

BlackRock's Bitcoin ETF, IBIT, has encountered a monumental net outflow of $1.26 billion in November, marking the most significant withdrawal since its inception in January 2024. This outflow comes amidst a price decline of 16%, bringing the share price down to $52, a level not seen since

Mastercard Picks Polygon to Bring Verified Usernames to Self-Custody Wallets

Mastercard has announced its collaboration with Polygon to introduce a system allowing users to send cryptocurrencies using verified usernames instead of lengthy wallet addresses. This new feature, referred to as the Mastercard Crypto Credential, aims to enhance security and user-friendliness in crypto transactions. By utilizing the services of Mercuryo, a

Bitcoin Dominance is Bleeding With Price, But Market Observers Say Altcoin Season is on Hold

Bitcoin's recent decline in price and dominance rate indicates a broader market deleveraging rather than a straightforward rotation into altcoins. While Bitcoin has dropped nearly 16% this month, its dominance has slipped from 61.4% to 58.9%. Despite speculation about an upcoming 'altcoin season', many

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