Bitcoin Skeptic Jamie Dimon Advocates Crypto Ban; ARK Offloads Coinbase Shares; Bitcoin's CME Open Interest Soars
Summary:
Prominent Bitcoin critic and JPMorgan Chase CEO Jamie Dimon stated that he would prohibit cryptocurrencies if he had governmental authority. Meanwhile, ARK Invest, managed by Cathie Wood, sold off 237,572 Coinbase shares across three funds, earning quite possibly $33 million. In addition, Bitcoin's open interest on the Chicago Mercantile Exchange (CME) is nearing an all-time high. The details of CME traders' positions will be clear after the release of CME's report on Dec. 12.
Famed Bitcoin (BTC) antagonist Jamie Dimon voiced his belief that cryptocurrencies should be prohibited if he held a government post. Concurrently, Cathie Wood's ARK Invest shed 237,572 shares of Coinbase across three of its funds, banking a minimum of $33 million. Additionally, Bitcoin's open interest on CME is nearing a record-breaking high.
JPMorgan Chase CEO Jamie Dimon, a well-known Bitcoin detractor, told legislators that if he were in their shoes, he would outlaw the entire asset class. Dimon made these comments during a Senate Banking Committee session in response to Senator Elizabeth Warren of Massachusetts, who is also skeptical of Bitcoin.
Considered a notorious critic of all cryptos, which he refers to as "decentralized Ponzi schemes," Dimon's company ironically has significant involvement in blockchain technologies, tokenization, and programmable payments.
ARK Invest offloaded 237,572 shares of Coinbase from three of its funds, netting at least $33 million as Coinbase's stock value concluded at $140 per share. The ARK Innovation ETF (ARKK) alone was responsible for the disposal of 201,711 shares. Moreover, the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW) sold 28,535 and 7,326 shares respectively.
This recent purge of Coinbase shares by ARK represents one of the heftiest single-day sales throughout 2023, surpassed only by the substantial 478,356 share dump on July 14 and the 248,838 sale on July 17.
The total open interest for Bitcoin futures is inching towards a new all-time high on the international derivatives behemoth Chicago Mercantile Exchange (CME), standing at $5.2 billion, a mere $200 million short of its pinnacle in late October 2021.
Bitcoin's open interest swelled from $3.63 billion to $5.20 billion over the previous 30 days, largely in tandem with the 26% uptick in Bitcoin's value over the same interval. At present, Bitcoin is inching towards the $44,000 mark.
IG Australia analyst Tony Sycamore expressed that the recent upswing signifies renewed attention towards Bitcoin, but it doesn't necessarily reflect the unique positions of CME traders. He stated that until the Dec. 12 report from the CME, it would be unclear how traders are positioned, especially considering the "big players" held net short positions as of the Nov. 28 report.
Disclaimer: This news piece does not offer financial advice or recommendations. Trading and investing incur risk, and individuals are urged to conduct their independent research prior to making financial decisions.
Published At
12/6/2023 11:48:28 PM
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