Bitcoin Stands Firm Amid Major Options Expiry; Bitcoin ETFs Make Headway; Ex-FTX CEO Faces Jail Time
Summary:
Amid the largest Bitcoin options expiration event in history, Bitcoin maintains its value above the $69,000 mark. Furthermore, Bitcoin Exchange Traded Funds have grown to 2.5% of the circulating supply in under three months. Former FTX CEO, Sam Bankman-Fried, has also been sentenced to a 25-year prison term.
Despite the most substantial Bitcoin options expiration event in record, Bitcoin has managed to maintain its value above the $69,000 mark. Bitcoin Exchange Traded Funds have now reached a proportion of 2.5% of the circulating supply just within three months of trading. In another surprising event, the ex-FTX CEO, Sam Bankman-Fried, faces a 25-year prison sentence.
Regardless of the most significant quarterly Bitcoin futures options expiration, Bitcoin's value achieved stability over $69,000. On March 29, cryptocurrency futures options worth over $15.1 billion saw their expiry on Deribit at 8:00 am UTC, as presented in a Deribit post. Out of this, options nearing their expiry represented a notional value amounting to $9.53 billion with a potential “max pain” price of $51,000. Yet, Andre Stoychev, from Nexo’s Prime Brokerage division, suggests that this move had an minute effect on the price.
Spot Bitcoin ETFs have managed to amass over 500,000 Bitcoin since their launch in January, now making up 2.54% of the circulating supply. After launching on January 11, these nine ETFs reached this breakthrough after net Bitcoin inflows amounting to $287.7 million on Thursday, as reported by Farside Investors. This propels the Bitcoin holdings of the nine ETFs to a sum of $35 billion within just 54 trading days. All US spot Bitcoin funds combined, including Grayscale, hold around 835,000 BTC, nearly making up 4% of the total supply. ETF inflows appear to be recovering this week with $845 million accrued so far, reversing outflow inclinations starting March 18.
A recent judicial verdict has sentenced the former FTX CEO, Sam Bankman-Fried (known as SBF), to a 25-year imprisonment by a US federal court. Judge Lewis Kaplan suggests that SBF shall serve 240 months plus an additional 60 months pertaining to his conviction on seven felony counts. He also stands guilty on counts of tampering, leading to the revocation of his bail in August 2023. SBF's sentencing followed the admissions of guilt and plea bargains of former FTX and Alameda executives Gary Wang, Caroline Ellison, Nishad Singh, and Ryan Salame.
This article does not provide investment counsel or suggestions. Every investment and trading action comes with inherent risks, and viewers are encouraged to conduct their own comprehensive research while making any decisions. Reporters Geraint Price, Sam Bourgi, and Felix Ng contributed to additional reporting.
Published At
3/29/2024 4:00:45 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.