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Offshore crypto traders remain 'heavily exposed' amid institutional risk-off sentiment, analysts say
Offshore crypto traders remain 'heavily exposed' amid institutional risk-off sentiment, analysts say

Bullish offshore traders from the past two weeks are currently underwater on their bitcoin positions, exposing the market to potential long squeezes, according to K33 Research.Meanwhile, traders on the CME de-risked Tuesday morning after the record 19-day net inflow streak for U.S. spot Bitcoin ETFs ended.

The Block·2024/06/11 15:02
Bitget announcement on adding support for IO futures trading, spot margin trading, copy trading, and trading bots
Bitget announcement on adding support for IO futures trading, spot margin trading, copy trading, and trading bots

The IOUSDT futures trading pair will be launched on June 11, 2024, 15:00 (UTC), with a maximum leverage of 50. IO spot margin trading, trading bots, and copy trading will be available on June 12, 4:00 (UTC), June 12, 4:00 (UTC), and June 12, 4:00 (UTC), respectively. Spot margin trading: IO/USDT sp

Bitget Announcement·2024/06/11 12:46
Fidelity International joins JPMorgan’s tokenized network
Fidelity International joins JPMorgan’s tokenized network

The network sits on Onyx Digital Assets, JPMorgan’s private blockchain network based on Ethereum

Blockworks·2024/06/11 10:34
Flash
13:14
US Stock Market Volatility Index Soars, Semiconductor Stocks Experience Rapid Two-Month Surge Halted
BlockBeats News, June 6th. As the semiconductor sector experienced a sharp pullback, the Cboe Volatility Index (VIX), known as Wall Street's "fear gauge," surged nearly 40% in a single day, marking the largest gain since March this year. The VanEck Semiconductor ETF (SMH) fell by nearly 10% intraday, ending a strong rally of about 80% over the previous two months. Data shows that the S&P 500 index options saw a record 7.8 million contracts traded on Friday, a 16% increase from the previous high in April. Meanwhile, the 10-year Treasury yield rose after strong nonfarm payroll data, leading to a significant increase in demand for put options on long-term Treasury ETFs (TLT) as well as investment-grade and high-yield bond ETFs. Brent Kochuba, the founder of the options analysis platform SpotGamma, stated that the recent abnormally high premium of single-stock options compared to index options is readjusting, indicating a need for the overheated chip stocks to cool down. Danny Kirsch, the head of options at Piper Sandler, pointed out that a substantial amount of leveraged ETF funds are concentrated in the semiconductor sector. Coupled with funding for tech giants like Meta and Alphabet and concentrated large IPO issuance, the market correction pressure has been further intensified. Impacted by the decline in risk appetite, Bitcoin briefly dropped below $60,000 before stabilizing, while Strategy's stock fell by nearly 7% on the day, with the trading volume of put options exceeding that of call options by two-fold. The Nasdaq index recorded its worst single-day performance since April 2025.
12:47
Tether Appoints Independent Director to Twenty One Capital Board, Restoring Full Audit Committee Structure
BlockBeats News, June 6th, Tether announced that it has appointed a new independent director to the board of Bitcoin reserve company Twenty One Capital (XXI) to fill the previous vacancy in the audit committee. The company stated that this appointment complies with the independence requirements of the U.S. SEC Securities Exchange Act Rule 10A-3 and NYSE listing rules. This vacancy arose after Tether's acquisition of XXI shares held by Softbank Group on May 20th. Following the termination of the governance agreement between the two parties, Softbank's appointed director resigned, one of whom was a member of the audit committee. According to reports, Twenty One Capital currently holds over 43,500 Bitcoins and is positioned as a vertically integrated Bitcoin company with business operations covering Bitcoin mining, asset reserves, capital markets, and financial services. Tether CEO Paolo Ardoino stated that XXI is in the process of building one of the most significant Bitcoin enterprises globally. Therefore, the company's priority is to ensure that the board has an independent oversight mechanism in compliance with SEC and NYSE requirements to match its robust balance sheet.
11:48
FT Experiences Minimal Liquidation During Major Market Correction
On June 6, Sonic co-founder Andre Cronje stated that during the first significant market correction experienced by the derivatives platform FT (FlyingTulip), the equity account lending model resulted in only about $50,000 in liquidation. This is significantly lower than traditional loan-to-value (LTV) models due to the use of net risk calculations instead of discounted collateral models, along with the effectiveness of a soft liquidation mechanism, which resulted in an average liquidation amount of only $200 to $2,000 per transaction. Andre Cronje noted that if a traditional LTV-based lending system had been used, the liquidation scale during this market volatility could have increased by 10 to 20 times. He emphasized that the equity account model enables net risk management and reduces market impact through the soft liquidation mechanism, leading to a safer, lower volatility, and reduced discount loss lending experience.
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