ilqdty daily2 min readRead the latest
coinbase filed to list never expiring futures on US stocks
binance switched on 100x currency trading that never closes, and the bill meant to set rules for both just died in congress.
| Markets | Level | 24h | week |
|---|---|---|---|
| $BTC | 81,290 | +0.5% | +5.2% |
| $ETH | 2646.3 | +1.3% | +4.8% |
| $SOL | 112.1 | -0.6% | +10.2% |
| BTC.D | 58.3% | ||
| F&G | 71 greed |
01Crypto3 stories
- two days after that bill failed, the CFTC sent the white house its own crypto rules.bloomberg
- coinbase's filing covers 50 to 60 individual stocks, one contract each, no expiry date.decrypt
- north korean fake recruiters infected 30,000 devices and reached 7,000 crypto wallets.the register
02Macro2 stories
- $7 trillion of US options expired friday, the second largest expiry day on record.bloomberg, citing citadel securities
- warren buffett stepped down as berkshire chairman at 96. his son howard takes the chair.cnbc
03Trends2 stories
- pumpswap on solana took $24.0M in fees over the last 7 days, just past uniswap v4 on ethereum at $23.9M. over 30 days uniswap is still bigger, $130.7M to $101.3M.defillama
- $STONK leads solana's trending list this morning, a $205.8M market cap doing $31.9M of daily volume and down 7%, while $TIGRINO traded $19.1M on a $2.5M cap, up 24208%.
04Today2 stories
- monday, china sets its benchmark lending rates and is expected to hold. the first sign of whether beijing eases while the US and japan hike.
- tuesday, the treasury sells $78B of two year notes at the highest two year yields since 2024. a straight demand test.
05My view
coinbase and binance landed on the same idea this week, separately. the closing bell is the part their customers do not want. the product crypto is exporting to them is its clock.
the sequence is the part that gets me. the CFTC is mailing rules to the white house because congress could not pass a law, so the products ship first and the rulebook shows up later, written by whoever is still standing. my guess is binance keeps the volume and coinbase keeps the lawyers.
what would change my mind is the draft itself. if it comes back narrow enough that a stock contract with no expiry needs a full exchange listing to trade, this week was an announcement and little else. nobody has read it yet, me included.
it's saturday and crypto is the only market open. enjoy that while the paperwork catches up.