The Breakdown First Five - Thursday, June 27, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Assange Home Thanks to Bitcoiner 

Julian Assange safely arrived home yesterday but was asked by the Australian government to pick up the tab for $520,000 in charter flights. His wife launched a crowdfunding campaign which quickly gathered $380,000 in fiat donations. Once a Bitcoin address was attached, one generous Bitcoiner donated 8BTC, covering the cost. The donor is anonymous, but Jack Dorsey sent this tweet at the same time the donation was sent.

4. Zyn Stays In 

Cult memecoin Zyncoin has won a surprise victory against tobacco giant Phillip Morris. Its founder received a cease and desist in April which asked for the Zyn trademark be removed. This was impossible due to the coin being listed as an immutable smart contract. Perhaps realizing their folly and the negative press surrounding this move, Phillip Morris has now compromised, allowing Zyncoin to keep using the trademark within a few minor guidelines.

3. $10B Options Expiry

Friday will see $6.7B worth of Bitcoin options expire as monthly and quarterly contracts settle. At this stage around 20% of contracts are in the money. Analysts suggest that such a large amount of profitable contracts will mean a rush of trading activity and a burst of volatility. Max pain, where the most contracts expire worthless is around $58,000. 

2. Germans Still Selling

The German government has continued sending Bitcoin to exchanges apparently liquidating seized funds. So far 3,500 Bitcoin have been transferred, with additional tranches going to Kraken, Bitstamp and Coinbase on Wednesday. 345 Bitcoin also went to trading firm Flow Traders, likely either settlement for an OTC deal or a sign they were engaged to sell the rest. The government still has $2.7B to liquidate if the plan is to sell it all. 

1. US Government Selling

The US Government has sent $241M worth of Bitcoin to Coinbase Prime, presumably to be sold. The Bitcoin was seized from international darkweb narcotics dealer Banmeet Singh earlier this year. Despite fears the Government is about to sell their entire $13B stash, most coins are still tied up in litigation and not eligible to be sold.