温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/zh_cn/33869.html
点击访问原文链接

SignalPlus Macro Analysis Special Edition: The Fox Guarding the Hen House | Bee Network

进入原网站 导航首页
SignalPlus Macro Analysis Special Edition: The Fox Guarding the Hen House | Bee Network Login 热门新闻 备忘录启动板 人工智能代理 德西 TopChainExplorer 给 Newbee 100 倍金币 蜜蜂游戏 重要网站 必备应用程序 加密货币名人 德平 新手必备 陷阱探测器 基本工具 高级网站 交流 NFT 工具 你好、, 签出 Web3 宇宙 游戏 DApp 蜂巢 成长平台 生态 搜索 英语 充值金币 登录 下载 Web3 大学 游戏 DApp 蜂巢 生态 家•分析•SignalPlus Macro Analysis Special Edition: The Fox Guarding the Hen House SignalPlus Macro Analysis Special Edition: The Fox Guarding the Hen House分析1 年前（2024 年）发布怀亚特 35,5411 16

As BTC approaches the $100,000 mark, it seems like every macro observer has become an expert on MSTR convertible bonds over the past week, and 加密currencies have once again been in the news, attracting the most mainstream attention since the FTX incident.

As we have mentioned in the past, the “easy phase” is over and future market volatility will increase significantly as late-comers enter the market with large amounts of leverage.

Microstrategy successfully exercised its $400 million over-allotment option on the basis of its original $2.6 billion convertible bonds (0% coupon, 55% premium), increasing the final size to $3 billion. According to Cointelegraph, Allianz Insurance is one of the main participants in this transaction. The closing price of this batch of convertible bonds due in 2029 exceeded $104 on the first trading day.

The irony of Wall Street’s involvement is obvious. After years of accusing cryptocurrencies of being highly risky and lacking fundamental value, these banks are now scrambling to lead this trade. In fact, these banks were all claiming that BTC was worthless when it was between $6k and $60k, and now these underwriters are suggesting that investors are “quite reasonable” to pay a 55% premium over the $95k price to buy BTC through an indirect equity vehicle. We won’t go into how MSTR is a convertible financing convexity vehicle for TradFi investors, but we must acknowledge that these mainstream “gatekeepers” (including regulators) are bringing mainstream investors into this market through this incredible structure, but it all seems reasonable and legal because it is done through “regulated securities”. It’s a typical traditional finance routine, right?

Mainstream institutions naturally would not miss such an opportunity and quickly launched Microstrategys leveraged ETFs (MSTX, MSTU), allowing retail investors to have more suboptimal ways to leverage BTC spot. According to Bloomberg, the high demand for these leveraged ETFs has put pressure on prime brokers responsible for securities lending, and the related asset management scale has surged to nearly US$5 billion in the past week.

(Friendly reminder: Never buy leveraged ETFs except for short-term trading. Leveraged ETFs are mathematically designed to gradually lose value over time. Please Google their daily return calculation method for more details.)

Prime brokers – the units within banks that work with clients on things like securities lending – have reached the limit of swap exposure they are willing to provide to the roughly month-old T-Rex 2 X Long MSTR Daily Target ETF (ticker: MSTU), which at launch was the most volatile ETF ever on Wall Street, by some measures. — Bloomberg

Mainstream enthusiasm has further fueled the recent market froth, with prominent TV commentators suddenly turning pro-crypto, leading to a significant increase in leverage at current levels and a sharp rise in realized volatility. According to reports, nearly $500 billion in long positions have been liquidated in the past few days as prices have failed to break out again, possibly the largest wave of liquidations in history.

As we have been reminding, the cryptocurrency market will be very volatile in the short term. BTC technical indicators show severe overbought conditions, and the public is experiencing FOMO sentiment towards this asset class. If BTC price can successfully break through the psychological barrier of $100,000, the price may have the opportunity to push further to the $120,000-130,000 range, but we are not optimistic about the prospect of a smooth price increase as the asset market is generally overbought. Selling put options as an income or target buying strategy may still be attractive in the short term (DYOR: not an investment advice).

Speaking of options, following Nasdaq’s launch of IBIT ETF options, CBOE will launch the industry’s first cash-settled options. We still expect the options market to become an important growth catalyst for the industry after 2025. SignalPlus will provide full support for your options journey!

The recent moves by Lutnick (Trump’s new Commerce Secretary) and his company Cantor in the cryptocurrency space should have a positive impact on the long-term structural development of the ecosystem. According to recent disclosures, in addition to being Tether’s custodian, the company has also invested $600 million to acquire a 5% stake in Tether (valuing the company at $12 billion). The company will also launch an (off-chain) Bitcoin financing business, providing customers with fiat loans with BTC as collateral, further strengthening Bitcoin’s role as a balance sheet asset in the mainstream ecosystem.

Back to TradFi, last Wednesday, Nvidias earnings beat expectations, the high-income consumer index hit a new high, reflecting the strong spending power of the (high-income) group in the United States, and the stock market rebounded strongly from the earlier pullback. The economic surprise index rebounded to a strong first-quarter level, while inflation data has not yet broken upward, keeping the possibility of a Fed rate cut (December probability = 56%), and the soft landing scenario remains solid. In addition, Bank of America reported that more than $448 billion has flowed into the U.S. stock market this year, breaking the 2021 record and reaching an unprecedented level.

Trading activity is likely to be very light this week as the US market heads into the Thanksgiving holiday on Thursday. Hopefully this will also give us some time to catch our breath as we head into the final month of the year.

您可以使用 SignalPlus 交易风向标功能 t.signalplus.com 获取更多实时加密资讯，如想第一时间收到我们的更新，请关注我们的推特账号@SignalPlusCN，或加入我们的微信群（添加助手微信号：SignalPlus 123）、Telegram群、Discord社群，与更多朋友交流互动。

SignalPlus Official Website: https://www.signalplus.com

This article is sourced from the internet: SignalPlus Macro Analysis Special Edition: The Fox Guarding the Hen House

#分析# 比特币# 加密# 市场© 版权声明文章版权归作者所有，未经允许请勿转载。 上一篇 Railgun: A privacy service worth $2 billion, a ZK tool to cover up money laundering on the chain 下一篇 本周融资快讯 | 14个项目获投资，披露融资总额约 相关文章 Forbes: Trump, one of the largest BTC investors in the United States 6086cf14eb90bc67ca4fc62b 18,764 Research on the Cryptocurrency Marketing Ecosystem: Focusing on the Korean Market 6086cf14eb90bc67ca4fc62b 10,259 1 本周特色互动项目库鲁测试网刷卡交易；扎马工会任务；亚拉稳定币存款 6086cf14eb90bc67ca4fc62b 25,928 3 Helius raised $500 million to buy SOL, but the Solana community now just wants it to change its name 6086cf14eb90bc67ca4fc62b 21,521 1 NEO Ignites the Robotics Race: A Review of Potential Robotics Projects 6086cf14eb90bc67ca4fc62b 17,737 InfoFi Gold Digging Guide: In addition to Kaito, what other Alpha gameplays are there? 6086cf14eb90bc67ca4fc62b 35,138 2 1 条评论 您必须登录后才能发表评论！ 立即登录 #BeelieverTYRDVMI 客人 “如果您被任何公司、经纪人或客户经理诈骗而损失了钱财，并想取回钱财，请联系 www.Bsbforensic.com，他们帮我追回了资金！”

12个月前 最新文章 Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 8小时前 327 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 8小时前 451 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 8小时前 425 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 8小时前 352 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 8小时前 399 热门网站TempoLighterGAIB滑翔机普朗克雷尔斯BCPokerVooi Bee.com 全球最大的 Web3 门户网站 合作伙伴 硬币卡 Binance CoinMarketCap CoinGecko Coinlive 装甲 下载蜜蜂网络APP，开始web3之旅 白皮书 角色 常见问题 © 2021-2026.保留所有权利。. 隐私政策 | 服务条款 下载蜜蜂网络 APP 并开始 web3 之旅 全球最大的 Web3 门户网站 合作伙伴 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 白皮书 角色 常见问题 © 2021-2026.保留所有权利。. 隐私政策 | 服务条款 搜索 搜索InSite链上社会新闻 热门推荐： 空投猎人 数据分析 加密货币名人 陷阱探测器 简体中文 English 繁體中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia हिन्दी اردو Русский 简体中文

智能索引记录