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CEX

CEXs are platforms managed by centralized organizations that facilitate the trading of cryptocurrencies, offering high liquidity and user-friendly fiat on-ramps. Leaders like Binance, OKX, and Coinbase serve as the primary gateways for institutional and retail entry. In 2026, the industry focus is on Proof of Reserves (PoR), enhanced regulatory compliance, and hybrid models that offer self-custody options. This tag provides updates on exchange security, listings, and global market trends.

4238 Articles
Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
Important news from last night and this morning (November 26-November 27)

Important news from last night and this morning (November 26-November 27)

An ancient whale that has interacted with the Ethereum Foundation has purchased 7318.56 ETH on-chain since yesterday. According to on-chain analyst @ai_9684xtpa, an ancient ETH whale who interacted with the Ethereum Foundation 10 years ago is accumulating shares. Starting yesterday, he bought 7318.56 ETH on-chain at an average price of $3016.09, worth $22.07 million. His most recent purchase was 40 minutes ago. He previously sold 12575 ETH at the ETH high on August 9th, at a cost as low as $0.875, and currently still holds 10529 ETH. Edel Finance's affiliated wallet has been accused of "buying up" 30% of the token supply, and its co-founder has denied the allegations. According to Cryptopolitan, blockchain analytics platform Bubblemaps has accused Edel Finance of snapping up 30% of the token supply ($11 million) during its token offering earlier this month. Their report indicates that approximately 160 linked wallets coordinated funding through Binance and MEXC, completing the purchase through a multi-layered new wallet structure before trading began. Half of the tokens were transferred to 100 secondary wallets linked to MEXC. These wallets employed a uniform obfuscation strategy, and the contract code explicitly contained the secondary wallet addresses, proving they were deliberately hidden. Furthermore, Edel failed to disclose this operation on Telegram, Twitter, or in official documents, raising concerns about transparency. Edel co-founder James Sherborne responded that the team planned to acquire 60% of the token supply and then lock it in a vesting contract. However, Bubblemaps countered that their token economics only allowed the team to obtain 12.7% of the tokens through a 36-month vesting plan (including a 6-month lock-up period). Bubblemaps argues that if Edel were sincere, it should have allocated the tokens in advance according to token economics, rather than employing a hiding strategy, questioning the legitimacy of their actions. Edel Finance reportedly aims to bring traditional stocks to on-chain lending, and its team includes former State Street and JPMorgan Chase employees. Arthur Hayes purchased $245,000 worth of ENA tokens in nearly one hour. According to Lookonchain, Arthur Hayes is buying back the tokens he previously sold. In the past hour, he purchased 873,671 ENA tokens at $0.281 each, worth $245,000. Two weeks ago, he sold 5.02 million ENA tokens at $0.275 each, worth $1.38 million. Tether confirmed to the Uruguayan Ministry of Labor that it will cease operations in the country. According to Elobservador, Tether Holdings Ltd. has confirmed to the Uruguayan Ministry of Labor and Social Security (MTSS) that it will cease operations in Uruguay and lay off 30 of its 38 employees. Since entering Uruguay, Tether planned to invest $500 million, including building three data processing centers in Florida and Taqualumbo provinces, with an estimated power consumption of 165 megawatts; it also planned to build a 300-megawatt wind and solar power park. Of the total investment, over $100 million had been secured, with an additional $50 million allocated to infrastructure construction, which would be owned by the Uruguayan Electricity Company (UTE) and the National Interconnected System. The company warned that continuing the project under current conditions is economically unfeasible. The 31.5 kV transmission contract model and associated costs in Florida province have increased operating costs, despite Tether's repeated applications for more competitive electricity pricing since November 2023. In its proposed alternative, the company suggested switching to 150 kV transmission fees and amending the power purchase agreement, a solution that could have brought economic benefits to Uruguay's power company and avoided unnecessary engineering projects. SpaceComputer raises $10 million in seed funding to support secure blockchain computing from space. According to The Defiant, space computing startup SpaceComputer has raised $10 million in seed funding, co-led by Maven11 and Lattice, with participation from Superscrypt, the Arbitrum Foundation, Nascent, Offchain Labs, Hashkey, and Chorus One. Individual investors include Marc Weinstein, Jason Yanowitz, and Ameen Soleimani. The company plans to build a satellite network to provide secure computing services for blockchain from space. SpaceComputer will use the funds to launch satellites equipped with SpaceTEE secure computing hardware, creating an orbital network that enables privacy-preserving computing and secure record-keeping. Its co-founders stated that the opportunities that space presents for decentralized technology are undeniable, and more and more applications will incorporate space computing layers. Previously, JPMorgan Chase's digital assets division conducted tokenized value transfer tests using low-Earth orbit satellites. The company is known for its satellite tests on SpaceX's Falcon 9 rockets and is currently collaborating with universities such as the Technical University of Munich and Cornell Technology to explore extraterrestrial blockchain computing. SpaceX has transferred 1,163 BTC to a new address, worth approximately $105 million. According to Onchain Lens, SpaceX has transferred 1,163 BTC to a new address, worth $105.23 million. pump.fun appears to have transferred another 75 million USDC to Kraken. According to on-chain analyst Yu Jin, pump.fun transferred another 75 million USDC to Kraken 8 hours ago. In the 12 days since November 15th, they have transferred a total of 480 million USDC obtained from their ICO sale to Kraken. A few days ago, the pump.fun team stated that they had not withdrawn any funds, but rather dispersed the USDC obtained from the ICO sale so that the company could reinvest it in its operations. However, as soon as these 75 million USDC entered Kraken early this morning, 69.26 million USDC were subsequently transferred from Kraken to Circle (the USDC issuer). The United States will extend some tariff exemptions on Chinese goods until November 10, 2026. According to Jinshi News, on November 26 local time, the Office of the United States Trade Representative announced that it would extend the tariff exemptions imposed under Section 301 investigations concerning Chinese technology transfer and intellectual property rights until November 10, 2026. The existing exemptions were originally scheduled to expire on November 29 of this year. BlackRock's SIO fund's IBIT holdings have increased to 2.39 million units, a quarterly increase of approximately 14%. According to SEC filings, BlackRock’s Strategic Income Opportunities held 2,397,423 IBIT units as of September 30, worth approximately $155.8 million at the time, an increase of about 14% from the 2,096,447 units filed in June. A whale once again spent 12.82 million DAI to purchase 4,234 ETH. According to Onchain Lens monitoring, the whale that had been dormant for three months further spent 12.82 million DAI to purchase 4,234 ETH. To date, this whale has cumulatively used 16.08 million DAI to purchase 5,343 ETH at an average price of $3,010, and still holds 55 million DAI in available funds. Vitalik donated 128 ETH each to Session and SimpleX to support private communications. Ethereum co-founder Vitalik Buterin published an article on the X platform stating that encrypted communication tools like Signal are crucial for protecting user digital privacy. Currently, there are two key directions for advancement in this field: enabling permissionless account creation and ensuring metadata privacy. The instant messaging applications Session and SimpleX are actively exploring these directions. To this end, Buterin donated 128 ETH to each of them. However, Buterin pointed out that these two software programs are still imperfect and have not yet reached the ideal user experience and security performance. He stated, “Achieving strong metadata privacy protection requires decentralization, but decentralization is difficult, and users’ demand for multi-device support adds to the difficulty. At the same time, achieving Sybi/DoS resistance capabilities on the message routing network and the user end (not forcibly relying on mobile phone numbers) further increases the technical difficulty. These complex issues urgently require more professional attention and research.” DWF Labs launches $75 million DeFi investment fund According to The Block, crypto market maker DWF Labs has announced a new $75 million investment fund focused on decentralized finance (DeFi), targeting projects built on Ethereum, BNB Chain, Solana, and Base. This expands DWF's "incubation and venture capital building efforts," specifically seeking to invest in the next wave of founders focused on "solving real structural problems in areas such as liquidity, settlement, credit, and on-chain risk management, rather than incremental improvements to existing protocols." This includes tools such as perpetual DEXs with dark pools, on-chain money markets, and fixed-income or yield-generating products, areas "expected to see significant growth" as liquidity continues to migrate structurally on-chain. The new fund is funded by its own capital and is not currently accepting new investors. The World Federation of Exchanges is urging the U.S. Securities and Exchange Commission (SEC) not to allow crypto companies to "bypass" the rules. According to Reuters, the World Federation of Exchanges (WFE), an international non-profit organization of major global stock exchanges, stated in a letter to the U.S. Securities and Exchange Commission (SEC) this week that the regulator's proposed plan to allow crypto companies to sell "tokenized" stocks without regulation could harm investor interests. Several crypto companies plan to sell crypto tokens linked to listed stocks; however, to sell such products in the U.S., unregistered crypto companies need a no-action letter or exemption from the SEC. SEC Chairman Paul Atkins stated that the agency is working on developing an "innovation exemption" provision in securities law to allow crypto companies to experiment with new business models. The WFE letter points out that exemptions could pose risks to market integrity and weaken investor protection. WFE CEO Nandini Sukumar stated, "The SEC should avoid granting exemptions to companies attempting to circumvent regulatory principles that have protected markets for decades." The SEC published the WFE letter on its website but declined to comment. James Auliffe, head of the WFE's technical working group, stated, "We and cryptocurrency platforms should compete on a level playing field, and we should be subject to the same rules." Tether's CEO responded to S&P's ratings: "We are proud of your hatred," acknowledging the flaws in traditional rating models. Tether CEO Paolo Ardoino responded to S&P's rating on the X platform, stating: "We are proud of your 'hatred' for Tether. Those classic rating models designed for traditional financial institutions have historically led countless individuals and institutions to invest in companies that, despite receiving investment-grade ratings, ultimately failed. This has prompted global regulators to question these models themselves, as well as the so-called independence and objective assessment capabilities of all major rating agencies. When a company attempts to challenge the 'gravity' of this broken financial system, the propaganda machine of traditional finance becomes increasingly anxious—no company should dare to decouple from it. Tether, however, has built the first company in the financial industry that is over-capitalized and does not hold any toxic reserve assets. And we still maintain extremely high profitability. Tether itself is a living example that the traditional financial system is so riddled with holes that even those nominal 'emperors' are beginning to fear it." Previously, S&P Global downgraded USDT's stability rating to the lowest level, warning of the risks of Bitcoin exposure. JPMorgan expects the Federal Reserve to cut interest rates in December, overturning its forecast from a week ago. According to Jinshi News, JPMorgan Chase economists have revised their forecasts, now believing the Federal Reserve will begin cutting interest rates in December, reversing the bank's assessment a week earlier that policymakers would postpone rate cuts until January. A research team led by the bank's chief U.S. economist, Michael Feroli, said on Wednesday that statements from several key Fed officials (particularly New York Fed President Williams) supporting recent rate cuts prompted them to reassess the situation. Following the delayed release of the September jobs report last week, JPMorgan Chase had initially predicted that interest rates would remain unchanged in December. Currently, JPMorgan Chase expects the Fed to implement two 25-basis-point rate cuts, one in December and one in January. "We are re-locking our final rate cut timing to January," Feroli wrote in a report to clients. "While the outcome of the next FOMC meeting remains uncertain, we believe the latest round of statements from Fed officials has tipped the scales in favor of a December rate cut." Federal Reserve Beige Book: Economic activity was largely unchanged in recent weeks, but consumer polarization intensified. According to Jinshi News, the Federal Reserve's Beige Book showed that U.S. economic activity remained largely unchanged in recent weeks, with overall consumer spending declining further except for high-end consumers. The Beige Book noted a slight weakening in the U.S. job market and moderate price increases. The Fed stated in the report, "The overall economic outlook remains stable, with some surveyed businesses warning of risks of an economic slowdown in the coming months, while the manufacturing sector expressed cautious optimism." Due to the disruption of key economic data collection caused by the longest government shutdown in U.S. history, which lasted until November 12, field surveys reflecting the actual situation of businesses and consumers have been closely watched in recent months. Fed officials will not be able to obtain complete labor market and inflation data for October and November before the December policy meeting. Nasdaq ISE proposes raising the open interest cap for IBIT options to 1 million contracts. According to the Federal Register and several analysts, Nasdaq ISE has proposed raising the option position cap for BlackRock's Bitcoin spot ETF, IBIT, from 250,000 contracts to 1 million contracts. This cap was previously raised from 25,000 contracts in July 2025. Analysts say the proposal sends three significant signals: Surge in demand: ISE states that demand for IBIT options will continue to grow in 2025, and the current cap is limiting large institutional operations; Bitcoin's rise to "elite" status: The 1 million contract cap only applies to global systemic ETFs such as EEM and FXI, indicating that Bitcoin is being viewed as a core macro asset; Unlocking billions of dollars in hedging capacity: The existing 25,000 contract cap only supports approximately $125 million in hedging positions, far from meeting the needs of sovereign wealth funds or pension funds. If the proposal passes, it will open up over $1 billion in option hedging capabilities for them. Avail officially launched on the Nexus mainnet, creating a unified liquidity execution layer across multiple chains. According to The Block, the modular blockchain platform Avail has launched its cross-chain execution layer, Nexus, on its mainnet, supporting multiple ecosystems including Ethereum, BNB Chain, and Base. Nexus employs an intent-driven architecture and multi-source liquidity aggregation, allowing users to seamlessly transfer assets and execute operations across different chains. Unified verification will be achieved through Avail DA in the future. The platform aims to eliminate the complexity of bridging and chain switching, provide a unified user experience, and improve the usability of Web3 applications. S&P Global downgraded USDT's stability rating to the lowest level, warning of the risks associated with Bitcoin exposure. According to The Block, credit rating agency S&P Global downgraded Tether's USDT stability rating to "5" (the weakest level), citing increased risk asset allocation, insufficient disclosure, and the inability of current reserves to absorb the impact of a sharp drop in Bitcoin prices. USDT is currently backed by approximately 5.6% of its issuance in Bitcoin, exceeding its 3.9% reserve buffer. S&P noted that USDT may face undercollateralization risks if high-risk assets decline simultaneously. As of September 30, Tether's risk assets (including Bitcoin, gold, secured loans, corporate bonds, and other investments with limited disclosure) accounted for 24% of its reserves, up from 17% a year ago. Upexi plans to raise $23 million through a private placement to strengthen its SOL Treasury strategy. According to The Block, Nasdaq-listed Upexi (UPXI) announced a private placement of up to $23 million in shares and warrants to support its core Solana treasury strategy. The offering price is $3.04 per share including warrants, initially raising $10 million, with an additional $13 million if all warrants are exercised. Despite recent market corrections causing its Solana holdings to lose over $200 million in value, Upexi remains committed to a long-term cash holding strategy and will use the proceeds for general operations and further Solana accumulation. Bitwise launched a DOGE spot ETF on the NYSE, ticker symbol "BWOW". According to The Block, Bitwise officially launched the Bitwise Dogecoin ETF (ticker symbol: BWOW) on the New York Stock Exchange today, providing a compliant investment channel for Dogecoin (DOGE) holders. Naver plans to acquire Upbit's parent company, Dunamu, in an all-stock deal for $10.3 billion. According to Bloomberg, South Korean tech giant Naver announced it will acquire Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, in a $10.3 billion all-stock transaction through its financial subsidiary Naver Financial. Upon completion of the transaction, Dunamu will become a wholly owned subsidiary of Naver Financial, allowing Naver to accelerate its digital asset strategy and promote the issuance of a Korean won stablecoin. Upbit currently holds over 80% of the South Korean market share. Binance will launch IRYS perpetual contract trading pair According to a Binance announcement, Binance Futures will launch USDⓈ margin-backed IRYSUSDT perpetual contracts at 24:00 (Beijing time) on November 26, supporting leverage up to 20x. USDC Treasury issues $500 million USDC on the Solana blockchain. According to Whale Alert monitoring, at 22:21 and 22:22 (UTC+8), the USDC Treasury issued 250 million USDC on the Solana chain, for a total of $500 million. Vitalik proposed increasing gas costs for inefficient operations to address network expansion. Ethereum co-founder Vitalik Buterin tweeted that he expects Ethereum to continue scaling next year, but the growth will be more targeted. He proposed a possible path to increase the block gas cap by 5 times, while simultaneously raising the gas costs of inefficient operations, such as creating new storage stores (SSTOREs), calling pre-compiled contracts, large contract calls, and complex arithmetic operations, in order to improve network processing efficiency. Grayscale filed an S-3 registration statement with the SEC, proposing to convert the Zcash Trust into an ETF. SEC filings show that Grayscale Zcash Trust (ZEC) has submitted Form S-3, proposing to list on the NYSE Arca and be renamed "Grayscale Zcash Trust ETF" with the ticker symbol "ZCSH". The filing discloses: the custodian is Coinbase Custody, and the prime broker is Coinbase; each basket (10,000 shares) currently requires approximately 817.0998 ZEC; currently, only cash redemptions are supported, but in-kind redemptions may be opened in the future depending on regulatory approval; the trust is a Delaware statutory trust, and its objective is to track the price of ZEC (net of fees and liabilities). Thailand's data regulator has ordered World to delete over 1.2 million iris scans and suspend operations. Thailand's Personal Data Protection Commission has ordered World (formerly Worldcoin), the digital identity project co-founded by Sam Altman, to delete approximately 1.2 million iris scan records and suspend operations in Thailand, ruling that exchanging cryptocurrency for biometric data violates local data laws. Local cryptocurrency platforms Binance, Bitkub, and Orbix have warned users to exercise caution when trading WLD. According to the Bangkok Post, executives at M Vision, the contractor responsible for installations in Thailand, have objected, claiming the deletion would result in losses of approximately $31 million for users. Bolivia plans to incorporate stablecoins into its financial system. According to Solid Intel, Bolivia's Minister of Economy has announced plans to integrate stablecoins into the country's formal financial system. Data: Micropayment transactions on Polygon surpassed 500,000 in November, a 23% increase compared to October. Leon Waidmann, Head of Research at Onchain, tweeted that half of all payment transactions on Polygon are "small" transfers, ranging from $10 to $100. This falls within the range of everyday credit card transactions and merchant payments. In November 2025, small payment transactions ($10-$100) on the Polygon chain surpassed 500,000, a 23% increase from October. This range corresponds precisely to everyday credit card transactions and merchant payments, indicating that Polygon is gradually becoming a core payment channel for crypto cards and PayFi applications. Data sources include major payment service providers such as Coinbase Commerce, Moonpay, Revolut, and Rain. The ChinaAMC Hong Kong Dollar Digital Currency Fund will be listed and traded on the Hong Kong Stock Exchange on November 28. According to an announcement from the Hong Kong Stock Exchange, the ChinaAMC Hong Kong Dollar Digital Currency Fund (stock code: 3471) will be listed and traded on the Hong Kong Stock Exchange on November 28, 2025. A large transaction of over 1000 ETH was detected in Vitalik's wallet address. According to Arkham on-chain data, a large transfer of 1,009 ETH, approximately $2.94 million, just occurred between the vitalik.eth wallet addresses. Subsequently, 1,006 ETH were transferred to an address starting with 0x3C77 (presumably still belonging to Vitalik), and then to the privacy protocol Railgun: WETH Helper (0x402).

Author: PANews

2025/11/27

The next big thing in crypto: on-chain options

The next big thing in crypto: on-chain options

Source: variant.fund Compiled by: Zhou, ChainCatcher If the core value of cryptocurrencies lies in providing new financial pathways, then the lack of widespread adoption of on-chain options is perplexing. In the US stock market alone, daily trading volume for individual stock options is approximately $450 billion, representing about 0.7% of the total market capitalization of the $68 trillion US stock market. In contrast, daily trading volume for cryptocurrency options is approximately $2 billion, representing only 0.06% of the approximately $3 trillion market capitalization of cryptocurrencies (relatively 10 times lower than stocks). Although decentralized exchanges (DEXs) currently handle over 20% of cryptocurrency spot trading volume, almost all options trading is still conducted through centralized exchanges (CEXs) such as Deribit. The difference between traditional options markets and on-chain options markets stems from early design limitations and the lack of infrastructure that enabled them to meet two key elements of a healthy market: protecting liquidity providers from bad order flows and attracting good order flows. The infrastructure needed to address the former is now in place—liquidity providers can finally avoid being devoured by arbitrageurs. The remaining challenge, and the focus of this article, is the latter: how to develop effective market entry strategies (GTMs) to attract high-quality order flows. This article argues that on-chain options protocols can thrive by targeting two distinct sources of high-quality order flows: hedgers and retail investors. The Trials and Tribulations of On-Chain Options Similar to the spot market, the first on-chain options protocol draws on the order book, a market design that dominates traditional finance. In the early days of Ethereum, transaction activity was sparse and gas fees were relatively low. Therefore, order books seemed like a reasonable mechanism for options trading. The earliest example of options order books can be traced back to EtherOpt in March 2016 (EtherDelta, the first popular spot order book on Ethereum, was launched a few months later). However, in reality, on-chain market making is very difficult; gas fees and network latency make it challenging for market makers to provide accurate quotes and avoid losing trades. To address these issues, next-generation options protocols employ Automated Market Makers (AMMs). Instead of relying on individuals to conduct market transactions, AMMs obtain prices from either the internal token balance of liquidity pools or external price oracles. In the former case, the price is updated when traders buy or sell tokens in the liquidity pool (changing the pool's internal balance); the liquidity provider itself does not set the price. In the latter case, the price is updated periodically when a new oracle price is published on-chain. Protocols such as Opyn, Hegic, Dopex, and Ribbon adopted this approach from 2019 to 2021. Unfortunately, AMM-based protocols have not significantly increased the adoption of on-chain options. The reason why AMMs can save gas fees (i.e., prices are set by traders or lagging oracles rather than liquidity providers) is precisely because their characteristics make liquidity providers vulnerable to losses from arbitrageurs (i.e., adverse selection). However, what truly hinders the widespread adoption of options trading is perhaps that all early versions of options agreements (including those based on order books and automated market makers) required short positions to be fully collateralized. In other words, sold call options had to be hedged, and sold put options had to be cash-backed, making these agreements capital inefficient and depriving retail investors of a crucial source of leverage. Without this leverage, retail demand diminishes as the incentive disappears. Sustainable Options Exchanges: Attracting High-Quality Order Flows and Avoiding Low-Quality Order Flows Let's start with the basics. A healthy market needs two things: Liquidity providers' ability to avoid "bad order flows" (i.e., avoiding unnecessary losses). "Bad order flows" refer to arbitrageurs profiting at the expense of liquidity providers, thus gaining virtually risk-free profits. The strong demand stems from the need to provide a "high-quality order flow" (i.e., to make money). A "high-quality order flow" refers to traders who are not price-sensitive and who, after paying the spread, generate profits for the liquidity provider. A review of the history of on-chain option protocols reveals that their past failures stemmed from the failure to meet both of the above conditions: Early options protocols' technological infrastructure limitations prevented liquidity providers from avoiding bad order flows. The traditional method for liquidity providers to avoid bad order flows was to update quotes on the order book for free and frequently, but delays and fees in the order book protocol in 2016 made on-chain quote updates impossible. Migrating to Automated Market Makers (AMMs) also failed to solve this problem because their pricing mechanisms are relatively slow, putting liquidity providers at a disadvantage in competition with arbitrageurs. The requirement for full collateral eliminates the option function (leverage) valued by retail investors, which is a key source of high-quality order flow. Without other on-chain option usage solutions, high-quality order flow is impossible. Therefore, if we want to build an on-chain options protocol by 2025, we must ensure that both of these challenges are resolved. In recent years, numerous changes have demonstrated that we can now build infrastructure that enables liquidity providers to avoid bad order flows. The rise of application-specific (or industry-specific) infrastructure has significantly improved market design for liquidity providers across various financial application areas. Among the most important of these are: speed bumps for delayed order execution; order placement-only prioritization; order cancellation and price oracle updates; extremely low gas fees; and censorship resistance mechanisms in high-frequency trading. With the help of innovation at scale, we can now build applications that meet the requirements of a good order flow. For example, improvements in consensus mechanisms and zero-knowledge proofs have made block space costs low enough to enable sophisticated margin engines to be implemented on-chain without full collateralization. Solving the problem of bad order flow is primarily a technical issue, and in many ways, it's actually "relatively easy." Admittedly, building this infrastructure is technically complex, but that's not the real challenge. Even if the new infrastructure enables the protocol to attract good overflow traffic, it doesn't mean that good order flow will magically appear. Instead, the core question, and the focus of this article, is: assuming we now have the infrastructure to support good order flow, what kind of marketing strategy (GTM) should the project employ to attract this demand? If we can answer this question, we have a chance to build a sustainable on-chain options protocol. Price-insensitive demand characteristics (good order flow) As mentioned above, a good order flow refers to price-insensitive demand. Generally, price-insensitive demand for options mainly consists of two types of core customers: (1) hedgers and (2) retail customers. These two types of customers have different goals, and therefore use options in different ways. hedge funds Hedgers are institutions or businesses that believe risk reduction is valuable enough and are willing to pay a certain amount above market value. Options are attractive to hedgers because they allow them to precisely control downside risk by choosing the exact price level at which losses are stopped (the strike price). This differs from futures, where hedging is either/or; futures protect your position in all circumstances but do not allow you to specify the price at which protection takes effect. Currently, hedgers account for the vast majority of cryptocurrency options demand, and we expect this to come primarily from miners, who are the first "on-chain institutions." This is evident from the dominance of Bitcoin and Ethereum options trading volume, and the fact that mining/validation activity on these chains is more institutionalized than on other chains. Hedging is crucial for miners because their income is denominated in highly volatile crypto assets, while many of their expenses—such as salaries, hardware, hosting, etc.—are denominated in fiat currency. retail Retail investors refer to individual speculators who aim to profit but lack experience—they typically trade based on intuition, belief, or experience rather than models and algorithms. They generally prefer a simple and easy-to-use trading experience, and their driving force is getting rich quickly, rather than rationally considering risks and rewards. As mentioned above, retail investors have historically favored options due to their leverage. The explosive growth of zero-day options (0DTEs) in retail trading exemplifies this—0DTEs are widely regarded as a speculative leveraged trading instrument. In May 2025, 0DTEs accounted for over 61% of S&P 500 index option trading volume, with the majority of that volume coming from retail users (especially on the Robinhood platform). Despite the popularity of options in the financial trading world, retail investor acceptance of cryptocurrency options is virtually zero. This is because there is a better cryptocurrency tool for retail investors to leverage long and short positions, which is currently unavailable in the financial trading world: perpetual contracts. As we've seen in hedging, the biggest advantage of options lies in their level of sophistication. Options traders can consider going long/short, timeframe, and strike price, making options more flexible than spot, perpetual, or futures trading. While more combinations offer greater granularity, which is exactly what hedgers desire, they also require more decision-making, often overwhelming retail investors. In fact, the success of 0DTE options in retail trading can be largely attributed to the fact that 0DTE options improve the user experience of options by eliminating (or significantly simplifying) the time dimension (“zero day”), thus providing a simple and easy-to-use leveraged tool for going long or short. Options are not considered leverage tools in the cryptocurrency space because perpetual contracts are already very popular and are simpler and easier to leverage for long/short positions than 0DTE options. Perpetual contracts eliminate the factors of time and strike price, allowing users to continuously leverage long/short positions. In other words, perpetual contracts achieve the same goal as options (providing leverage for retail investors) with a simpler user experience. Therefore, the added value of options is significantly reduced. However, options and cryptocurrency retail investors are not entirely without hope. Beyond simple long/short operations using leverage, retail investors crave exciting and novel trading experiences. The sophisticated nature of options means they can deliver entirely new trading experiences. One particularly powerful feature is allowing participants to trade directly on volatility itself. Take, for example, the Bitcoin Volatility Index (BVOL) offered by FTX (now closed). BVOL tokenized implied volatility, allowing traders to directly bet on the magnitude of Bitcoin price fluctuations (regardless of direction) without managing complex options positions. It packaged trades that typically require straddles or straddles into a tradable token, making volatility speculation easy and convenient for retail users. Marketing strategies targeting price-insensitive demand (good order flow) Now that we have identified the characteristics of price-insensitive demand, let’s describe the GTM strategies that the protocol can use to attract good order flows to the on-chain options protocol for each characteristic. Hedgers GTM: Meet the miners where they are. We believe the best marketing strategy to capture hedging flows is to target hedgers, such as miners currently trading on centralized exchanges, and offer a product that allows them to own the protocol through tokens while minimizing changes to their existing custody setup. This strategy mirrors Babylon's user acquisition approach. When Babylon launched, a large number of off-chain Bitcoin hedge funds already existed, and miners (some of the largest Bitcoin holders) were likely already able to leverage these funds for liquidity. Babylon primarily built trust through custodians and staking providers (especially in Asia), catering to their existing needs; it didn't require them to try new wallets or key management systems, which often require additional trust assumptions. Miners' adoption of Babylon indicates their emphasis on the autonomy to choose custody options (whether self-custody or choosing another custodian), gaining ownership through token incentives, or both. Otherwise, Babylon's growth would be difficult to explain. Now is an excellent time to leverage this global trading platform (GTM). Coinbase's recent acquisition of Deribit, a leading centralized exchange in the options trading space, poses a risk to foreign miners who may be unwilling to deposit large sums of money in US-controlled entities. Furthermore, the improved viability of BitVM and the overall improvement in the quality of Bitcoin bridges are providing the necessary custodial guarantees for building an attractive on-chain alternative. Retail Marketing Promotion: Providing a Brand New Transaction Experience Instead of trying to compete with criminals using the same tricks they use, we believe the best way to attract retailers is to offer them novel products that simplify the user experience. As mentioned above, one of the most powerful features of options is the ability to directly observe volatility itself without considering price movements. On-chain options protocols can create a vault, allowing retail users to trade long and short positions on volatility through a simple user experience. Traditional options libraries (such as those on Dopex and Ribbon) were vulnerable to arbitrage by arbitrageurs due to their inadequate pricing mechanisms. However, as we mentioned earlier, recent innovations in specific infrastructure applications have provided clear reasons why it's possible to build an options library free from these problems. Options chains or options aggregations can leverage these advantages to improve the execution quality of long/short volatility options libraries while also enhancing order book liquidity and order flow. in conclusion The conditions for the success of on-chain options are finally gradually being met. The infrastructure is becoming increasingly mature, sufficient to support more efficient capital utilization schemes, and on-chain institutions now have a real reason to hedge directly on-chain. By building infrastructure that helps liquidity providers avoid bad order flows and by constructing on-chain options protocols around two price-insensitive user groups—hedging clients seeking precise trades and retail investors seeking entirely new trading experiences—a sustainable market can ultimately be established. With this foundation, options can become a core component of the on-chain financial system in unprecedented ways.

Author: PANews

2025/11/27

SpaceX transfers $105 million in bitcoin to unmarked wallets: Arkham

SpaceX transfers $105 million in bitcoin to unmarked wallets: Arkham

Some have previously suggested that SpaceX was simply transferring bitcoin in an effort to consolidate its holdings.

Author: The Block

2025/11/27

Elon Musk’s SpaceX moves 1,163 Bitcoin worth $105M

Elon Musk’s SpaceX moves 1,163 Bitcoin worth $105M

The post Elon Musk’s SpaceX moves 1,163 Bitcoin worth $105M appeared on BitcoinEthereumNews.com. Key Takeaways SpaceX moved 1,163 Bitcoin worth $105M to a new wallet, following a larger transfer last month. The moved funds are believed to be for custody reasons, with SpaceX’s wallet now holding 6,095 BTC. A crypto wallet associated with SpaceX moved 1,163 Bitcoin valued at around $105 million to a new wallet today, according to Arkham Intelligence data. The transfer comes after the Elon Musk-owned space exploration company sent $268 million in Bitcoin to a new address last month. Analysts suggest SpaceX may have moved the funds for custody purposes rather than selling them. The labeled wallet currently holds 6,095 Bitcoin worth almost $553 million. Following a three-year dormancy period, the wallet resumed activity in late July, sending out $153 million worth of Bitcoin. Bitcoin is currently trading near $91,000, up 3.5% over the past 24 hours, according to CoinGecko. Source: https://cryptobriefing.com/spacex-bitcoin-transfer-wallet-november/

Author: BitcoinEthereumNews

2025/11/27

Stunning $105 Million Crypto Movement Shakes Markets

Stunning $105 Million Crypto Movement Shakes Markets

The post Stunning $105 Million Crypto Movement Shakes Markets appeared on BitcoinEthereumNews.com. The cryptocurrency world was electrified today when a SpaceX Bitcoin address transferred a staggering 1,163 BTC worth approximately $105 million to a new wallet. This massive movement, tracked by Onchain Lens, has sent ripples through the crypto community and raised important questions about institutional cryptocurrency strategies. What Does This SpaceX Bitcoin Transfer Mean? The recent SpaceX Bitcoin transaction represents one of the largest institutional crypto movements this month. According to blockchain analysts, the transfer occurred in a single transaction, moving the funds to a completely new address. This type of large-scale movement typically indicates either portfolio rebalancing, security upgrades, or strategic repositioning. SpaceX has been quietly accumulating Bitcoin since 2021, when Elon Musk first revealed the company’s cryptocurrency holdings. However, this particular SpaceX Bitcoin transfer stands out due to its timing and scale. Market observers are closely watching whether this signals a broader trend in corporate cryptocurrency management. Why Are Institutional Bitcoin Moves So Important? When major companies like SpaceX make significant Bitcoin transactions, the entire market pays attention. Here’s why these moves matter: Market confidence indicators – Large transfers can signal institutional sentiment Price impact potential – Movements of this size can affect liquidity Adoption trends – Shows how corporations are integrating crypto into treasury management Regulatory implications – Demonstrates compliance with financial regulations The SpaceX Bitcoin transaction comes at a crucial time when institutional adoption is accelerating. Many corporations are following Tesla’s lead in adding cryptocurrency to their balance sheets, making movements like this SpaceX Bitcoin transfer particularly significant for market analysts. How Do We Know It’s Really SpaceX? Blockchain analytics firms like Onchain Lens use sophisticated tracking methods to identify wallet ownership. While Bitcoin transactions are pseudonymous, several factors help identify the SpaceX Bitcoin address: Previous transaction patterns matching known corporate movements Connection to other verified institutional…

Author: BitcoinEthereumNews

2025/11/27

A new user is worth $50? The covert battle for growth among crypto exchanges

A new user is worth $50? The covert battle for growth among crypto exchanges

Original article by Odaily Planet Daily Author: Golem Late at night, after a long day of crypto trading, you lie exhausted in bed and open Tinder, ready to find a stranger for a wonderful date. Suddenly, an ad for a crypto exchange pops up, proclaiming, "Earn xxx USDT reward for your first transaction!" You sigh inwardly, thinking how disappointing. Unable to sleep, you open a video website to watch an episode of your favorite American drama, only to be interrupted by a 15-second ad—not for a casino, but for a crypto exchange. At this point, you finally snap and yell, "F**k you, crypto!" Crypto exchanges are infiltrating the daily lives of ordinary people through advertising, and behind this lies the growth ambition of CEXs. According to Binance's official disclosure, its global registered users exceeded 250 million by the end of 2024, an increase of approximately 47% compared to 2023. While this achievement is impressive, it also means that for top exchanges, the industry's capacity to provide new users is nearing saturation. To acquire new users, they must proactively stimulate consumer demand beyond crypto and extend their customer acquisition reach to Web2. Who is secretly advertising to us? To satisfy the exchange's ambitions, the company that puts ads into the corners of our cyber life is a little-known growth department—Paid ads. “Within the exchange, we are a department parallel to BD, both responsible for user growth, except that we reach users through paid advertising,” Hamburger (pseudonym), who works in Paid ads at an exchange, told Odaily. Traditional crypto users primarily interact with exchange business development (BD) professionals. These professionals not only connect with B-end project teams but also deeply engage with C-end communities, maintaining strong relationships with KOLs, website administrators, and referral commission leaders. Sometimes, they even act as customer service representatives, resolving issues for ordinary users. Some BD professionals from large exchanges also develop into KOLs, leveraging their personal influence to boost user growth. However, as user growth in the industry has hit a bottleneck, the role of business development (BD) has become increasingly limited. Reaching new users is becoming more and more difficult, so maintaining existing customer relationships and poaching customers from competitors through differentiated strategies have become the daily routine for BD professionals. Therefore, when conventional user growth methods were nearing failure, Paid ads became a lifeline for exchanges to increase their user base. The goal of Paid ads is to acquire qualified traffic or users (installs, registrations, conversions, leads) through paid channels at the lowest/optimal cost and to translate campaign performance into measurable business growth. “We will purchase advertising space and display positions on media platforms such as the Apple Store, Google, TikTok and Facebook, and bring some new users to our exchange based on the media platforms’ algorithms and audience targeting,” Hamburger explained. Different growth strategies also determine team size. According to Hamburg, although Paid ads and BD are parallel departments, there is a significant difference in the number of people involved. "For example, at our exchange, there are no more than 20 colleagues worldwide working on Paid ads." Although the team is small, it's more than enough. Paid advertising is divided into self-placement and outsourced placement. Self-placement means the exchange's Paid Ads team collaborates with media platforms, uploading materials, setting up ads, monitoring performance, and making real-time adjustments. Outsourced placement means entrusting the placement work to an advertising agency. This model can meet the needs of a small team but a large number of platforms. Paid ads are not a new concept in the exchange sector; they have only seen large-scale investment in the past few years. According to sources, Binance began experimenting with Paid ads in 2021-2022, but didn't invest heavily until 2024, while OKX entered the field even earlier than Binance. “Mid-sized exchanges typically have an annual budget of around $2 million for paid ads, while large exchanges spend even more,” Hamburger told Odaily, explaining the exchange’s budget for paid advertising. However, he declined to disclose his own exchange’s annual budget for confidentiality reasons. However, compared to the paid advertising budgets of Web2 giants, the investment of cryptocurrency exchanges is negligible. According to public data, Google's advertising budget in 2025 is approximately $8.7 billion, while Amazon's advertising budget is $31 billion, and Netflix's advertising spending in 2024 exceeded $1.7 billion. While there is a gap in profitability, this also indicates that the user growth model of Paid ads for CEXs is still in its early stages and has not yet matured. "Theoretically, top-tier exchanges have a huge demand for Paid ads, and as long as the results are good enough, the budget can be unlimited," Hamburger said confidently. Ideally, $50 would get you a new user. According to Hamburg, their current advertising campaigns are indeed effective in attracting new users. One advantage of Paid Ads compared to Business Development (BD) is the ability to clearly calculate ROI (Return on Investment, a measure of net profit generated from every dollar invested). This allows for the evaluation of advertising effectiveness across different media platforms. For example, the younger the user demographic on a platform and the higher their acceptance of encryption, the better the advertising results. “A typical example is the Apple App Store, where advertising is more effective, while advertising to mobile phone manufacturers is less effective,” Hamburger said. “However, taking major media platforms as an example, in terms of conversion rates, achieving $50 per new user is already considered a good result.” While this may sound costly, Hamburger explained that from an ROI perspective, a $1 million budget would allow for a positive ROI in a maximum of six months. Meanwhile, the effectiveness of ad placement is also related to the ad creative. Generally speaking, ads targeting new users will use incentives such as first-transaction rewards. In addition, Hamburger said that ads promoting the advantages of cryptocurrencies and the historical investment returns of Bitcoin are also more likely to attract external users. Regulation remains the main obstacle to the development of cryptocurrency pay ads. At the end of 2024, I was taking a taxi in Beijing and passed by the Liaoning Building. My friend pointed at it and said, "If you were doing Web2 advertising 10 years ago and hadn't been to this building, you weren't really in the industry." My friend was describing a golden age for Web2 advertising, but 10 years later, the spring for Web3 advertising has still not arrived. "Due to restrictions imposed by different countries and policies, some major media platforms are still resisting advertising on Web3," Hamburger told Odaily. For example, countries and regions such as the United States, Hong Kong, the United Kingdom, and Canada have explicitly banned unqualified exchanges from advertising. Furthermore, the policy restrictions vary depending on the exchange's product; some exchanges may allow advertising on spot trading but not on futures or stablecoin investments. Some exchanges may use misleading materials to deceive audits, but this is extremely risky. However, there are also countries and regions that are more friendly to encrypted advertising, such as South Korea, Vietnam and Turkey, where the regulations are relatively relaxed and the consumption of advertising spending is also relatively large. Globally, however, regulators remain cautious about exchange advertising, which is a major reason why exchange advertising spending cannot compare with that of Web2 companies. The biggest problem with Web3 is that there aren't enough experienced users and not enough new users. Despite the current situation, Hamburg remains confident about the future prospects of advertising on exchanges. "The biggest problem for Web3 is still user growth," Hamburg believes, adding that leading exchanges in the crypto industry have both the need and the responsibility to use Paid Ads for user growth. Amidst uncertainties surrounding regulation, costs, and conversion rates, Web3's use of methods like Paid Ads to acquire new users remains in its exploratory phase. However, with user growth currently hitting a bottleneck, for established large platforms, it's no longer an option but a necessary step. The next phase of competition will not only be about who has the bigger budget, but also about who understands users better and who understands growth better. The real battle may have just begun.

Author: PANews

2025/11/27

SpaceX Bitcoin Transfer: Stunning $105 Million Crypto Movement Shakes Markets

SpaceX Bitcoin Transfer: Stunning $105 Million Crypto Movement Shakes Markets

BitcoinWorld SpaceX Bitcoin Transfer: Stunning $105 Million Crypto Movement Shakes Markets The cryptocurrency world was electrified today when a SpaceX Bitcoin address transferred a staggering 1,163 BTC worth approximately $105 million to a new wallet. This massive movement, tracked by Onchain Lens, has sent ripples through the crypto community and raised important questions about institutional cryptocurrency strategies. What Does This SpaceX Bitcoin Transfer Mean? The recent […] This post SpaceX Bitcoin Transfer: Stunning $105 Million Crypto Movement Shakes Markets first appeared on BitcoinWorld.

Author: bitcoinworld

2025/11/27

SpaceComputer raises $10 million in seed funding to support secure blockchain computing from space.

SpaceComputer raises $10 million in seed funding to support secure blockchain computing from space.

PANews reported on November 27th that, according to The Defiant, space computing startup SpaceComputer has completed a $10 million seed funding round, co-led by Maven11 and Lattice, with participation from Superscrypt, the Arbitrum Foundation, Nascent, Offchain Labs, Hashkey, and Chorus One. Individual investors include Marc Weinstein, Jason Yanowitz, and Ameen Soleimani. The company plans to build a satellite network to provide secure computing services for blockchain from space. SpaceComputer will use its funding to launch satellites equipped with SpaceTEE secure computing hardware, building an orbital network capable of enabling privacy-preserving computing and secure record-keeping. Its co-founder stated that the opportunities space presents for decentralized technologies are undeniable, and an increasing number of applications will incorporate space computing layers. Previously, JPMorgan Chase's digital assets division successfully tested tokenized value transfer using low-Earth orbit satellites. The company is known for its satellite tests on SpaceX's Falcon 9 rockets and is currently collaborating with universities such as the Technical University of Munich and Cornell Technology to explore extraterrestrial blockchain computing.

Author: PANews

2025/11/27

SpaceX has transferred 1,163 BTC to a new address, worth approximately $105 million.

SpaceX has transferred 1,163 BTC to a new address, worth approximately $105 million.

PANews reported on November 27 that, according to Onchain Lens monitoring, SpaceX has transferred 1,163 BTC to a new address, worth $105.23 million.

Author: PANews

2025/11/27

Ethena Team Buys ENA Amid Rally: $0.50 Target Possible Despite Liquidity Challenges

Ethena Team Buys ENA Amid Rally: $0.50 Target Possible Despite Liquidity Challenges

The post Ethena Team Buys ENA Amid Rally: $0.50 Target Possible Despite Liquidity Challenges appeared on BitcoinEthereumNews.com. Ethena Labs recently purchased over 125 million ENA tokens worth approximately $33.45 million from centralized exchanges, coinciding with a 12% price surge for ENA to around $0.30. This accumulation reflects growing reserves in the USDe stablecoin protocol, potentially signaling further bullish momentum amid increased trading volume. Ethena Labs’ ENA purchases have historically preceded price rallies, with the latest buy injecting significant liquidity into the token. The USDe Reserve Fund reached $62.45 million, underscoring the protocol’s expanding stablecoin ecosystem despite market competition. Trading volume for ENA spiked over fivefold in the last 24 hours, supporting a breakout from a month-long consolidation pattern, though liquidity below $0.29 poses downside risks. Discover how Ethena Labs’ massive ENA token purchase drives price surges and stablecoin growth. Explore implications for investors in this detailed analysis—stay ahead in crypto markets today. What is Ethena Labs’ recent ENA purchase strategy? Ethena Labs’ recent ENA purchase strategy involves acquiring substantial amounts of its governance token from centralized exchanges to bolster reserves and support protocol development. On November 26, 2025, the team withdrew over 105.35 million ENA tokens valued at $28 million, followed by an additional 20 million ENA worth $5.45 million from Bybit. This accumulation, bringing total holdings to $88.67 million, aligns with historical patterns where such buys have triggered price increases for ENA. How has the ENA price responded to Ethena Labs’ buying activity? The ENA price experienced a sharp 12% rise in the past 24 hours, climbing from $0.2288 to approximately $0.30, fueled by heightened trading volume that exceeded five times the price movement. Technical indicators like the Bull Bear Power at 0.0396 and RSI at 78 confirm strong bullish control on the 4-hour chart, though the overbought RSI suggests possible short-term pullbacks. Data from OnChain Lens reveals this surge followed the team’s purchases, mirroring past…

Author: BitcoinEthereumNews

2025/11/27

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