The United States Commodity Futures Trading Commission (CFTC) has issued a notice, paving the way for spot Bitcoin exchange-traded fund (ETF) options.
Analysts believe these products could be listed soon.
“Ball now in OCC’s court, and they are into it, so they’ll prob list very soon,” ETF analyst Eric Balchunas commented in a Nov. 15 post on X (formerly Twitter).
CFTC’s position on Bitcoin ETF options
“Here. We. Go,” added ETF analyst James Seyffart.
The CFTC’s Nov. 16 statement clarified the Division of Clearing and Risk’s (DCR’s) position, stating that the agency has no further role in clearing these options.
“These ETF options are cleared and settled by the Options Clearing Corporation as the sole issuer of all equity options,” the statement said.
The CFTC emphasized that the listing of spot Bitcoin ETF options “does not implicate” its jurisdiction.
Optimism for Bitcoin price impact
Crypto executives are optimistic about the potential impact on Bitcoin’s price.
Nick Forster, founder of Derive, highlighted the influence options trading could have, pointing to SoftBank’s past actions.
“SoftBank literally pumped the Nasdaq in 2020/2021 by yeeting options in multiple multi-hundred-billion dollar names,” Forster wrote.
“When someone tries to do that with fixed supply BTC… look out,” he added.
Approvals and timelines
Balchunas noted that CFTC clearance marked “the second hurdle” for Bitcoin ETF options, following prior approval from the Securities and Exchange Commission (SEC).
Bitwise Invest’s Head of Alpha Strategies, Jeff Park, said, “Bitcoin ETF options are sooner than you think,” but cautioned that while the OCC is expected to act quickly, year-end approval remains uncertain.
“I wouldn’t short the odd,” Park remarked.
Bitcoin commentator British Hodl suggested Q1 2025 as the likely timeframe.
The SEC had previously approved applications from the New York Stock Exchange and the Chicago Board Options Exchange on Oct. 18 to list these long-awaited options.
Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, has accused U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler of causing irreversible damage to the crypto industry.
“Let’s all be clear on one thing. Gary Gensler is evil,” Winklevoss stated in a Nov. 15 post on X.
“He should never again have a position of influence, power, or consequence,” he added.
Winklevoss’ remarks align with growing speculation that Gensler may resign following Donald Trump’s victory in the U.S. presidential election on Nov. 5.
Winklevoss: Gensler’s actions are deliberate
Winklevoss claimed that Gensler’s actions could not be dismissed as “good faith mistakes.”
Instead, he argued they were “entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost.”
During Gensler’s tenure, major crypto firms, including Binance, Coinbase, and Ripple, have faced intense legal scrutiny from the SEC.
Winklevoss accused Gensler of adopting a regulation-by-enforcement approach, disregarding the broader impact on the industry.
“Even if this meant nuking an industry, tens of thousands of jobs, people’s livelihoods, billions of invested capital, and more, ironically, his sociopathic ambition ended up torching his own political party,” Winklevoss stated.
Consensys CEO Joseph Lubin echoed similar concerns, describing the SEC’s actions as part of a “gas-lit world.”
Growing backlash against Gensler
Criticism of Gensler continues to intensify.
MicroStrategy founder Michael Saylor noted that whoever succeeds Gensler will hold the “most pivotal role” in shaping the crypto industry.
On Nov. 7, Reuters reported that Robinhood legal chief Dan Gallagher is a leading contender to replace Gensler under Trump’s administration.
In another development, 18 U.S. states, including Texas, Ohio, and Wyoming, filed a lawsuit on Nov. 14 against Gensler and the SEC, accusing the agency of “gross government overreach” against the crypto sector.
The United States Commodity Futures Trading Commission (CFTC) has issued a notice, paving the way for spot Bitcoin exchange-traded fund (ETF) options.
Analysts believe these products could be listed soon.
“Ball now in OCC’s court, and they are into it, so they’ll prob list very soon,” ETF analyst Eric Balchunas commented in a Nov. 15 post on X (formerly Twitter).
CFTC’s position on Bitcoin ETF options
“Here. We. Go,” added ETF analyst James Seyffart.
The CFTC’s Nov. 16 statement clarified the Division of Clearing and Risk’s (DCR’s) position, stating that the agency has no further role in clearing these options.
“These ETF options are cleared and settled by the Options Clearing Corporation as the sole issuer of all equity options,” the statement said.
The CFTC emphasized that the listing of spot Bitcoin ETF options “does not implicate” its jurisdiction.
Optimism for Bitcoin price impact
Crypto executives are optimistic about the potential impact on Bitcoin’s price.
Nick Forster, founder of Derive, highlighted the influence options trading could have, pointing to SoftBank’s past actions.
“SoftBank literally pumped the Nasdaq in 2020/2021 by yeeting options in multiple multi-hundred-billion dollar names,” Forster wrote.
“When someone tries to do that with fixed supply BTC… look out,” he added.
Approvals and timelines
Balchunas noted that CFTC clearance marked “the second hurdle” for Bitcoin ETF options, following prior approval from the Securities and Exchange Commission (SEC).
Bitwise Invest’s Head of Alpha Strategies, Jeff Park, said, “Bitcoin ETF options are sooner than you think,” but cautioned that while the OCC is expected to act quickly, year-end approval remains uncertain.
“I wouldn’t short the odd,” Park remarked.
Bitcoin commentator British Hodl suggested Q1 2025 as the likely timeframe.
The SEC had previously approved applications from the New York Stock Exchange and the Chicago Board Options Exchange on Oct. 18 to list these long-awaited options.
U.S. President-elect Donald Trump has nominated Representative Matt Gaetz for Attorney General, announced on Nov. 13.
Following this, Gaetz stated he would resign from Congress “effective immediately,” ending his role in the House of Representatives.
This decision halts an ongoing House Ethics Committee investigation into allegations against Gaetz, initiated in 2021, which looked into claims of sexual misconduct and drug use.
Gaetz has previously shown interest in crypto policy.
On June 25, he introduced a bill mandating the Internal Revenue Service to accept Bitcoin payments for federal income taxes, a move inspired by his visit to El Salvador during President Nayib Bukele’s inauguration.
Gaetz claimed he aimed to “modernize” the U.S. tax system with this proposal.
Trump’s selection of Gaetz could influence the cryptocurrency industry, as Gaetz is expected to advocate for regulations that balance innovation in digital assets with appropriate oversight.
In a Nov. 13 post on X, Trump expressed his support for Gaetz’s congressional efforts, particularly regarding “desperately needed reform at the Department of Justice.”
Representing Florida’s 1st Congressional District, Gaetz has been an active member of the House Judiciary Committee, focusing on oversight of federal agencies, especially the DOJ.
As Attorney General, Gaetz is anticipated to tackle what he and other conservatives see as “government weaponization” within federal institutions, a topic he has previously highlighted.
The body of Kevin Mirshahi, a well-known crypto influencer who was abducted from a Montreal condo in June, has been found in a Montreal park, as reported by local media.
Mirshahi’s decomposing remains were discovered by a passerby at Île-de-la-Visitation park on Oct. 30, according to Montreal police, who spoke with The Gazette, a Montreal news outlet.
An autopsy later confirmed the identity of the body as Mirshahi, The Gazette reported on Nov. 13.
Mirshahi, 25, was last seen on June 21 when he, along with three others, was forcibly taken from a condo in Montreal.
While the three other abductees managed to escape, Mirshahi did not.
This incident highlights a troubling pattern of abductions and murders involving crypto executives and influencers, often motivated by attempts to extort or recover large sums of money.
In a similar case, Canadian crypto company WonderFi’s CEO, Dean Skurka, was reportedly kidnapped last week and forced to pay a $1 million ransom for his release.
The investigation into Mirshahi’s death is ongoing.
In August, police arrested a 32-year-old woman named Joanie Lepage, who has since been charged with first-degree murder in connection with Mirshahi’s death.
Mirshahi was known within the Montreal crypto community, previously running a private crypto investment firm called Crypto Paradise Island.
Although it’s unclear if Lepage had invested in this firm, one X user, “Bibi,” alleged he had been scammed by Mirshahi, while others made similar accusations.
Québec’s investment regulator, the Autorité des Marchés Financiers, had previously banned Mirshahi from acting as a broker or investment adviser in 2021 and prohibited him from posting related content on social media.
The regulator extended this ban on July 4, about two weeks after his abduction.
This case joins other international incidents, including the kidnapping and murder of a Bitcoiner in Ukraine in July, and a separate August case where six Malaysians were charged with kidnapping a Chinese national and demanding a $1 million ransom in Tether.
U.S. President-elect Donald Trump has nominated Representative Matt Gaetz for Attorney General, announced on Nov. 13.
Following this, Gaetz stated he would resign from Congress “effective immediately,” ending his role in the House of Representatives.
This decision halts an ongoing House Ethics Committee investigation into allegations against Gaetz, initiated in 2021, which looked into claims of sexual misconduct and drug use.
Gaetz has previously shown interest in crypto policy.
On June 25, he introduced a bill mandating the Internal Revenue Service to accept Bitcoin payments for federal income taxes, a move inspired by his visit to El Salvador during President Nayib Bukele’s inauguration.
Gaetz claimed he aimed to “modernize” the U.S. tax system with this proposal.
Trump’s selection of Gaetz could influence the cryptocurrency industry, as Gaetz is expected to advocate for regulations that balance innovation in digital assets with appropriate oversight.
In a Nov. 13 post on X, Trump expressed his support for Gaetz’s congressional efforts, particularly regarding “desperately needed reform at the Department of Justice.”
Representing Florida’s 1st Congressional District, Gaetz has been an active member of the House Judiciary Committee, focusing on oversight of federal agencies, especially the DOJ.
As Attorney General, Gaetz is anticipated to tackle what he and other conservatives see as “government weaponization” within federal institutions, a topic he has previously highlighted.
Analysts predict Bitcoin’s highly anticipated $100,000 all-time high could arrive in November, driven by historical chart trends and rising demand since the recent U.S. election.
Bitcoin reached a new record high of $90,000 on Nov. 13, just over a week after Donald Trump’s 2024 presidential election win.
With a more than 100% rally year-to-date, Bitcoin has outperformed most traditional financial assets, noted Ryan Lee, chief analyst at Bitget Research.
Lee pointed out that November historically yields the highest returns for Bitcoin, suggesting BTC could hit $100,000 before the month’s end.
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% increase from the current price level will push the coin well above the $100,000 target for the month. The post-halving cycle trend is also very positive when projecting the future of Bitcoin,” Lee explained to Cointelegraph.
CoinGlass data indicates Bitcoin is already up over 20% this month, with November typically bringing in over 44% average monthly returns.
Bitcoin’s strong performance comes after the best weekly return since the March 2023 U.S. banking crisis, with BTC surging past $90,000.
Other analysts, including those from Bitfinex, remain bullish on Bitcoin’s price path into 2025.
They believe Trump’s victory could accelerate crypto adoption in the U.S., setting Bitcoin on course for $100,000 in the coming months.
“Predicting the price is a difficult bet, but we expect Bitcoin to have limited downside now given the bullish impetus. A target of $100,000 in a few months doesn’t seem too far-fetched,” Bitfinex analysts told Cointelegraph.
Key drivers include anticipated U.S. interest rate cuts and Bitcoin’s decreased supply after the 2024 halving, according to Bitfinex analysts.
Despite optimism, Crypto.com CEO Kris Marszalek cautioned that the market may need deleveraging, as current leveraged trading positions have reached potentially unsustainable levels.
Genius Group Limited, an artificial intelligence firm, saw its stock soar by 66% after adopting a “Bitcoin-first” strategy similar to MicroStrategy’s, making Bitcoin its primary treasury asset.
The company announced on Nov. 12 that it will allocate 90% or more of its reserves to Bitcoin, beginning with a $150 million at-the-market (ATM) offering to acquire an initial target of $120 million in BTC.
In addition to holding Bitcoin, Genius Group will enable Bitcoin payments on its educational technology platform and launch a Web3 education series to teach students about Bitcoin and other cryptocurrencies.
Genius Group’s (GNS) shares closed on Nov. 12 at $1.05, marking a 66.4% increase, and continued to climb to $1.71 in after-hours trading, as reported by Google Finance.
“The compelling case that we believe Michael Saylor and MicroStrategy have made for public companies to invest in Bitcoin as their primary treasury reserve asset is one that we fully endorse,” said Thomas Power, a director at Genius Group.
“With our Bitcoin-first strategy, we will be among the first NYSE American-listed companies to fully embrace MicroStrategy’s Bitcoin strategy for the benefit of our shareholders.”
Founded in 2002, Genius Group is a Singapore-based company focused on AI-driven education tech for students across various levels, from primary and secondary education to entrepreneurship and business sectors.
The company listed on the NYSE American in 2022 and recently restructured its board to include blockchain and Web3 industry experts.
“Genius Group is focused on educating students for the exponential technologies of the future. We see Bitcoin as being the primary store of value that will power these exponential technologies,” Power added.
The firm follows the path of Michael Saylor’s MicroStrategy, whose Bitcoin holdings have reached 279,420 BTC, currently valued at $24.5 billion with Bitcoin at around $88,000.
Other companies that joined the Bitcoin treasury trend this year include Semler Scientific and Metaplanet, both holding over 1,000 Bitcoin.
Coincheck, a Tokyo-based cryptocurrency exchange and subsidiary of Monex Group, is set to become the first Japanese crypto exchange to debut on the Nasdaq Global Market, possibly as soon as Dec. 10.
On Nov. 13, the United States Securities and Exchange Commission (SEC) approved Coincheck’s application to list on Nasdaq.
This milestone move will occur through a merger with Thunder Bridge Capital Partners (TBCP), marking the first time a Japanese crypto exchange will be listed on a U.S. stock exchange.
The merger with TBCP, a special purpose acquisition company (SPAC), will allow Coincheck to remain a consolidated subsidiary of Monex Group following its listing.
This listing could potentially motivate other Japanese exchanges to explore similar opportunities in the future.
The SEC’s approval came after Coincheck filed a Form F-4 registration statement on Nov. 7, which became effective on Nov. 12.
With the regulatory green light, TBCP can proceed with a shareholder vote on Dec. 5 to approve and finalize the business combination, a key step before the listing.
If shareholders approve, the merger with TBCP will conclude, positioning Coincheck to be listed on Nasdaq as soon as Dec. 10, trading under the ticker CNCK.
The Nasdaq listing is a significant development for both Japan and the U.S., potentially leading to greater global market integration and encouraging other Japanese exchanges to consider international listings.
For the U.S., the listing could draw more international crypto firms to American markets, especially as the incoming Trump administration is expected to favor pro-crypto regulations.
The SEC has played a major role in shaping the crypto industry in the U.S., implementing strict oversight of digital assets and exchanges.
Joe Lubin, CEO of Consensys, recently criticized the SEC at Devcon 2024 in Thailand, urging for supportive crypto regulations and expressing optimism for smoother regulatory shifts in the future.co
Bitcoin’s price surge to nearly $90,000 in early November drove a massive flow of funds into U.S. spot Bitcoin exchange-traded funds (ETFs).
On Nov. 6, Bitcoin started a bull run, skyrocketing from $69,000 to nearly $90,000 within a week. The surge, fueled by positive market sentiment and fear of missing out (FOMO), led retail and institutional investors alike to increase their Bitcoin exposure.
As a result, investments into spot Bitcoin ETFs in the U.S. for the week of Nov. 6–11 reached $2.6 billion, according to Farside Investors.
Of the 11 U.S. spot BTC ETFs, BlackRock’s iShares Bitcoin Trust attracted the highest investments, bringing in over $2 billion during this period.
Other significant ETFs contributing to the inflows included Fidelity’s Wise Origin Bitcoin Fund, the Bitwise Bitcoin ETF, and the ARK 21Shares Bitcoin ETF, which recorded inflows of $668.3 million, $180 million, and $253.2 million, respectively.
Grayscale, which previously saw substantial outflows from the ETF ecosystem, recorded a rare positive streak during the bull run.
Data from Farside Investors revealed that Grayscale’s Bitcoin ETFs — GBTC and BTC — accumulated $219.8 million in net positive inflows since Nov. 6.
Related: ‘Volmageddon’— Bitcoin ETFs, Coinbase, MicroStrategy trading volume hits $38B
The optimism extended to spot Ether ETFs as well. On Nov. 11, U.S. spot Ether ETFs reported their highest-ever daily inflows since their July launch, with $294.9 million coming in — surpassing the previous record of $106.6 million on launch day.
“After being a laggard for most of this cycle, Ethereum is starting to catch a bid,” noted BTC Markets crypto analyst Rachael Lucas in a report to Cointelegraph.