HBO’s Satoshi Statement Failed to Impact the Crypto Market

CoinDesk 20 Index: 1,918.40 -0.63%

Bitcoin (BTC): $62,086.59 -0.68%

Ether (ETH): $2,431.18 -0.10%

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Bitcoin (BTC) was little changed as the HBO documentary came to light and investors awaited US economic data scheduled for today and tomorrow before taking further positions.

The HBO documentary “Money Electric: The Bitcoin Mystery” sparked speculation in the cryptocurrency community last week when it was said to generate significant interest in the identity of Bitcoin’s anonymous creator, Satoshi Nakamoto. With its documentary, HBO has joined the ranks of those who identify Bitcoin developer Peter Todd as Nakamoto, based on evidence from the network’s early years.

Todd denied the allegations in an interview with CoinDesk, while the Bitcoin community at X largely ignored HBO’s apparent findings.

According to SoSoValue data, on Monday, US-listed spot bitcoin ETFs recorded cumulative outflows of over $18 million, while ether ETFs witnessed outflows of over $8 million.

Following China’s new announcements, hopes for the incentive package that contributed to bitcoin’s run have diminished. Stocks in China turned red with the announcement. The Shanghai Composite Index fell 3.9%, while Shenzhen’s Composite Index lost 4%. Crypto traders are looking forward to the Federal Reserve meetings scheduled for this week, which will play a big role in positioning the market.

A large bitcoin (BTC) options trade executed on Deribit earlier in the day envisions a shift from the current low volatility regime to a period of high price volatility, potentially exceeding the $53,000 to $87,000 range.

The price of bitcoin must fall above $87,000 or below $53,000 by the end of November for the strategy to become profitable and more than offset the premium paid, Lin Chen, Deribit’s Asia business development manager, says in an interview with CoinDesk. In other words, a bet is placed on an explosion of volatility beyond the $53-87k range.

If the price remains between these levels until the end of November, investors will incur losses and the maximum loss will be the $1 million premium paid.

The chart shows the total amount of outstanding loans provided by primary brokerage firms to hedge funds. According to Apollo’s chief economist Torsten Sløk, this amount has risen to over $2 trillion, posing a risk to financial stability. Source: US Office for Financial Research