The Block
Quick Take Bitcoin options traders are increasingly positioning for a bullish outcome following the U.S. election and the Federal Reserve’s interest rate decision, targeting strike prices above $80,000 for options expiring in mid to late November. However, a slowdown in daily spot bitcoin exchange-traded fund inflows at the end of last week was noted as a potential signal of weakening momentum, according to an analyst.
Legal & General Investment Management is exploring ways to tokenize its funds using blockchain technology, following global asset managers like BlackRock and Franklin Templeton.“Fund tokenization has great potential to revolutionize how our industry operates,” LGIM previously stated.
Quick Take MetaMask and Space ID have announced an integration aimed at making crypto transactions and accessing wallets simpler. Users will be able to register a Space ID domain name and “map those to all their crypto public addresses.”
Quick Take CUDIS has integrated the World App to enable users to verify and secure their data using World’s proof-of-human technology. The smart ring startup is also launching a limited edition ring for World ID holders.
Digital asset investment products brought in $2.2 billion worth of net inflows globally last week — the largest since July — according to CoinShares.The positive flows were driven by optimism over a potential Republican U.S. election win, Head of Research James Butterfill reiterated.
Bitcoin attempting another breakout above $70,000, rising odds that Donald Trump will win the White House and pro-crypto policies from the Harris campaign are helping to fuel bullish sentiment, according to Bernstein.Bitcoin ETF inflows, crypto equity markets and memecoins boosting retail participation add to a market that is “screaming risk-on,” the analysts said.
Quick Take The leader of Japan’s Democratic Party for the People has included the reduction of taxes on crypto gains as part of the party’s policy statement. Japan currently imposes taxes of up to 55% on crypto gains as cryptocurrency is classified as miscellaneous income.
Bitcoin touched a high of around $69,450 earlier Monday morning in Asia.The U.S. presidential election is expected to play an increasingly influential role in the crypto market in the weeks leading up to its result, one expert said.
This is an excerpt from the thirteenth edition of The Funding sent to our verified subscribers on Oct. 20.The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member.To subscribe to the free newsletter, click here.
