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Spot ETFs Absorb 2800 BTC Daily...Demand Shocks Market

According to The Block, James Butterfill, head of research at crypto investment fund Coin Shares, diagnosed a "demand shock for Bitcoin as demand for BTC spot ETFs has exploded." "Bitcoin is being mined at a rate of 900 per day, but the US BTC spot ETF is buying 2,800 units per day. This is causing the market to experience a demand shock, with BTC holdings on centralized exchanges down 28% compared to 2020," he said. "Historically, BTC prices have moved in tandem with interest rate cut expectations, but this has not been the case since the launch of BTC spot ETFs," he added.

Binance WBTC plunges to $5200, then recovers

Cointelegraph reports, “A flash crash in the price of WBTC occurred on Binance on Nov. 23 (local time). This caused WBTC to briefly drop from $98,000 to $5,200, but has since recovered. The cause of the error is still unknown.

blockchain crypto cryptocurrency Trump nominates Crypto Proponent Secretary (SpotedCrypto)

Trump nominates 'Crypto Proponent' Howard Lutnick as Commerce Secretary, while US SEC chairman struggles to narrow down candidates to four.

US President-elect Donald Trump has nominated US investment bank Cantor Fitzgerald CEO Howard Lutnick to serve as Secretary of Commerce, according to the Wall Street Journal (WSJ). Lutnick is an avid supporter of Bitcoin and Tether (USDT), with Cantor Fitzgerald reportedly serving as Tether's U.S. Treasury bond

blockchain crypto cryptocurrency IBIT Option hit 1.9B first day od trading (SpotedCrypto)

BlackRock IBIT Options Hit $1.9 Billion in First Day of Trading, Grayscale Begins Trading on November 20th.

Bloomberg ETFs analyst James Seyffart reports via X that “Options volume on BlackRock's bitcoin spot ETF IBIT, which began trading today (Nov. 19), was about $1.9 billion. A total of 35.4 million contracts were active, of which 28.9 million were calls (82%) and 65,000

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