Bitcoin Outperforms the Overall Market

CoinDesk 20 Index: 1,950 +3.9%

Bitcoin (BTC): $60,661 +4.4%

Ether (ETH): $2,653 +3.0%

Nikkei 225: 38,062.92 +1.8%

Bitcoin (BTC) surpassed $61,000 earlier in the day. US spot exchange-traded funds (ETFs) saw the second-highest inflows this month. According to SoSoValue data, bitcoin ETFs recorded net inflows of over $61 million, the highest since $192 million on Aug. 8. BlackRock’s IBIT led the way with inflows of $92 million, while Bitwise’s BITB saw outflows of $25 million. Metaplanet announced that it purchased $3.4 million (500 million Japanese yen) worth of BTC, taking its total bitcoin holdings to 360,368 BTC. XRP and BNB Chain’s BNB gained over 7 percent, while Solana’s SOL and Cardano’s ADA gained over 4 percent. Toncoin (TON) fell 0.8 percent in the past 24 hours.

Crypto traders have invested millions in bitcoin options as they continue to speculate on how the upcoming US elections could impact the digital asset industry. The options, which expire four days after the November 4 elections, began trading on Deribit a month ago. At the time of writing, the dollar value of active options contracts is $345.83 million, according to data platform Amberdata. Call options, which offer unlimited upside potential in exchange for limited losses, account for 67% of the total open interest. The rest is made up of put options, which protect against price declines and have a put-call ratio of less than 0.50.

State Street is partnering with digital asset custodian Taurus to execute on its tokenization plans. State Street, which has $44.3 trillion in assets under management, plans to launch tokenized versions of traditional assets. Donna Milrod, product manager for Digital Asset Solutions, said State Street is pushing the need to change SAB 121, which could force banks that want to hold crypto to hold significant amounts of capital to offset risk. “We’re starting to tokenize, but we’re not done with it. We’ll be offering digital custody services as soon as U.S. regulations are in place to help us out,” she said.

The chart shows the funding rates weighted by open interest in bitcoin. Funding rates turned negative over the weekend, indicating a bias against holding bullish positions in the consolidated futures market. However, BTC has climbed above $60,000 in the past 24 hours. The positive price action could see short-term investors add to the bullish momentum. Source: Coinglass