Crypto Markets Daily - Nov 27, 2024
Short-term bearish positioning, ETH yields and ETFs, and MicroStrategy's latest convertible note.
Temporary Set Back, ETH Basis, and Microstrategy Convertible Notes
The post-election “up-only” rally in crypto seemingly hit a roadblock this morning – although we note that the real bearish positioning in options markets was limited to short tenor options, and even then the skew looked bearish because of (we speculate protective) put-buying, rather than unwinding of bullish call positioning. That fact was supported by stubbornly positive funding rates and levels of open interest in perps markets.
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