$5 Billion in Quarterly Options Expiry, MicroStrategy Continues Bidding

Sep 25, 2023
Market Update Equities and crypto markets are drifting lower amid continued pressure from rising yields. The 10-year Treasury is higher by 8 bps, topping 4.5%, corresponding with a rise in DXY, which tends to move inversely to crypto prices. Markets have continued to move lower after interpreting the Fed as higher for longer last week. The S&P is on track for its second losing month in a row and worst monthly performance since December (-4%). $BTC is down 4.2% in the last week, retracing to $26.1k today after last week’s rally to $27.4k. $ETH is trading at $1.58k while the $ETHBTC pair has reclaimed .06 at writing. Given the headwinds from the dollar and rising interest rates, bullish investors will be hoping for tame inflation numbers from this Friday’s PCE and University of Michigan Inflation expectations. They will also be watching whether the U.S government can avoid a shutdown that would pause all nonessential functions if Congress fails to reach a funding deal by October 1st. Crypto markets will likely continue to trade primarily on shifts in macro and liquidity conditions, barring any unexpected industry-specific catalyst. Traders will be eyeing nearly $5 billion in Derbit options that are set to expire this Friday. Given that quarterly expiries tend to see the highe

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Bitcoin experienced yet another weekend rally, breaking above $42,000 for the first time since the Terra unwind in April 2022. BTC 1.46%  has since retraced slightly, stabilizing around the $41.5k mark. A major beneficiary of the rally was STX 6.28% , the Bitcoin layer 2 token we pinpointed as a buy in our recent strategy note. The token has rallied impressively, marking an approximate 25% increase today and a 50% bump since the...

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