*𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗝𝘂𝗺𝗽𝘀 𝗢𝗽𝗲𝗻 𝗜𝗻𝘁𝗲𝘁𝗲𝘀𝘁 *:
Bitcoin's open interest on derivatives exchanges experienced a sudden surge of $1 billion, prompting investors to question whether whales were accumulating in anticipation of the unsealing of Binance’s court filings ¹. However, a closer look at derivatives metrics suggests a more nuanced picture, as the funding rate did not exhibit clear signs of excessive buying demand.
*𝗡𝘃𝗶𝗱𝗶𝗮 𝗖𝗿𝘆𝗽𝘁𝗼 𝗦𝗮𝗹𝗲𝘀 𝗖𝗮𝘀𝗲*: The correlation between Bitcoin and Nvidia is at its strongest in over a year, with the 90-day and 52-week correlation coefficient between bitcoin and Nasdaq-listed chip maker Nvidia rising above 0.80 ². This positive correlation is noteworthy, as some analysts believe the surge in NVDA represents an AI bubble that could soon burst.
*𝗠𝗰𝗱𝗼𝗻𝗮𝗹𝗱'𝘀 𝗜𝗻𝘀𝘁𝗮𝗴𝗿𝗮𝗺 𝗛𝗮𝗰𝗸𝗲𝗱*: Scammers hacked the official McDonald’s Instagram account to promote a sham memecoin based on the fast food giant’s mascot Grimace [no additional information available].
*𝗕𝗶𝗻𝗻𝗮𝗰𝗲 𝗧𝗼 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗪𝗼𝗿𝗸𝗳𝗼𝗿𝗰𝗲*: Binance aims to increase its compliance workforce by 200 this year, along with another 800 staff in other departments [no additional information available].
*𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗩𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆*: Bitcoin’s volatility is now higher than it was on the day of its all-time high in March, with traders suggesting this could signal the end of the “massive consolidation” [no additional information available].