Spot Bitcoin ETF Options Ready for Launch
The Options Clearing Corporation (OCC) has announced that it is ready to clear and settle options for spot Bitcoin exchange-traded funds (ETFs). While the listing process is expected to proceed quickly, options for BlackRock’s iShares Bitcoin Trust (IBIT) could come into play as early as November 19. This development comes after the SEC approved 11 spot Bitcoin ETFs this year and BlackRock green-lit IBIT options in September. Retail investors are expected to use these options for speculation, while institutions are expected to use them for hedging purposes. Bitcoin’s strong retail appeal could mean more speculative activity compared to traditional equity ETF options.
Goldman Sachs Unbundles Digital Asset Platform
Goldman Sachs plans to spin off its digital asset platform as a new company within 12 to 18 months, which will allow major financial firms to create, trade, and settle financial instruments on the blockchain. The early-stage initiative includes a partnership with Tradeweb Markets and aims to create an industry-owned marketplace. Goldman also plans to facilitate secondary trading at dedicated digital asset companies and relaunch its Bitcoin-backed lending operations. The move builds on the company’s history with digital assets, including the launch of its crypto desk in 2021, blockchain-based projects like the Canton Network, and major investments in spot Bitcoin ETFs. CEO David Solomon has highlighted the potential for blockchain technology to streamline financial systems, while describing Bitcoin as a speculative investment.
MicroStrategy to Buy Bitcoin for $1.75 Billion
MicroStrategy plans to raise $1.75 billion through 0% senior convertible notes to purchase additional Bitcoin and for general institutional needs. The notes, which mature in 2029, are being sold at a discount and give bondholders priority in the event of liquidation. If all funds are allocated to Bitcoin, the company could add another 19,065 BTC to its current holdings of 331,200 BTC. The company’s Bitcoin investment strategy has yielded 133% returns at an average cost of $39,292 per BTC. The move is seen as part of a 3-year “21/21” plan to increase Bitcoin reserves.
Solana DEX Volume Surpasses $70 Billion
Solana’s decentralized exchange (DEX) ecosystem has reached a historic milestone of surpassing $70 billion in monthly volume. Raydium led the way with a record $43 billion in volume over the past 30 days, while Orca and Lifinity delivered $11.55 billion and $4.48 billion, respectively. Solana also drew attention with its daily volume exceeding $5 billion for three consecutive days and surpassing Ethereum in 24-hour trading volume. Solana saw $6.24 billion in trading volume, while Ethereum was only at $850 million. Additionally, meme coins like Dogwifhat (WIF) and Bonk (BONK) have rank among the top 40 cryptocurrencies by market cap, further adding to Solana’s appeal.
MicroStrategy Bought $4.6 Billion in Bitcoin
MicroStrategy, led by Michael Saylor, has purchased an additional 51,780 Bitcoins for a total of $4.6 billion, bringing its total Bitcoin holdings to 331,200 BTC. The company’s Bitcoin holdings were purchased for approximately $16.5 billion, currently valued at almost $30 billion. The purchase was funded by raising $4.6 billion through a market-based equity program. In recent weeks, MicroStrategy has purchased 72,000 BTCs for $6.6 billion, demonstrating its commitment to this Bitcoin-focused strategy. The company’s stock has risen nearly 400% since the beginning of the year, reflecting investor confidence.
Mentzen Promises Bitcoin Reserve for Poland
Polish presidential candidate Sławomir Mentzen aims to make Poland a crypto-friendly nation by promising to create a Bitcoin reserve if elected in 2025. The proposal aligns with global trends such as US President-elect Donald Trump’s promise of a “Strategic Bitcoin Stockpile” and El Salvador’s acceptance of Bitcoin as legal tender. Mentzen’s plan sees Bitcoin as a hedge against economic instability and a strategic financial asset. With strong support from tech-savvy and pro-financial reform voters, Mentzen’s pro-crypto stance could significantly influence Poland’s financial policies.
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BITCOIN (BTC)
BTC is priced at 91,600 with a 1.35% gain as of the morning hours. The price is currently trading at 91,734.49 and is close to the resistance zone at 91,796.91. This resistance level stands out as a critical barrier that must be overcome in order for the price to continue its upward movement. In the event of a downward movement, the level of 86,628.74 stands out as an important support point. This support level is considered to be a region where strong buyer interest can occur in the event of a decline in the price. In general, the price is in the consolidation phase within the upward trend. Breaking the resistance of 91,796.91 may allow the price to gain momentum towards higher levels. However, if this resistance zone cannot be overcome and the price pulls back, the support at 86,628.74 will play a critical role.
ETHEREUM (ETH)
ETH is priced at $3,152 as of the morning hours, down 1.72%. The price is currently trading at 3,156.49 and is close to the resistance zone at 3,175.47. Breaking this level is critical for the continuation of upward movements. If the resistance is overcome, the price can be expected to test the next resistance level of 3,248.52. In downward movements, there is a demand zone marked in blue at 3,040 levels. This zone draws attention as an area where buyer interest can intensify in case the price declines. At lower levels, the level of 2,819.69 stands out as a strong support. Below this level, the demand zones around 2,700 and 2,500 stand out as other important levels that can provide support in case the price declines further. At the lowest level, the level of 2,338.99 is of critical importance as a long-term support.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $1.1153 with a 0.13% gain in value. The price is currently trading at 1.1187 and is in a short-term consolidation process. In upward movements, the first important resistance level that the price will encounter is 1.2025. If this level is exceeded, the price is expected to gain upward momentum and reach higher levels. In downward movements, there is a demand zone marked in green around 0.9000. This region stands out as an important area where buyer interest can intensify and the price can recover in the event of a price pullback. In addition, the 0.8398 level stands out as a critical level that can provide support in case the price declines further, while the 0.7398 level stands out as a long-term support point.
AVALANCHE (AVAX)
AVAX is priced at $35.10 with a 1.10% loss in value as of the morning hours. The price is currently trading at 35.10 and is in a horizontal consolidation process. The first strong support level in downward movements is 32.95, and this level stands out as an important area where buyers can step in if the price declines. At lower levels, there is a demand zone marked in green around 30, and this area draws attention as an area where strong buyer interest can occur if the price declines. In addition, there is another demand zone marked in red around 28, which can provide support if the price declines further. Deeper support levels include the demand zone marked in blue around 26 and the area marked in orange around 24. These areas are considered as areas where buyer interest can intensify if the price declines to lower levels. At the lowest level, 21.88 stands out as a long-term support point.
SOLANA (SOL)
SOL is priced at $240 with a 0.03% loss in value as of the morning hours. The price is currently trading at 240.33 and is moving in an upward trend. In upward movements, the first important resistance level in front of the price is seen to be around 250, and exceeding this level may provide momentum that will support the continuation of the uptrend. In downward movements, the first strong support level is 215.27, and in the event of a price pullback, this level is expected to encounter significant buyer interest. While the 205.00 level may serve as support further down, there is a demand zone marked in green around 200 just below this level, and this area stands out as a critical area where buyers can step in if the price declines. At lower levels, the 183.38 level draws attention as another support point, while the 163.70 level below this has been determined as a long-term support point.
