The Breakdown First Five - Wednesday, November 20, 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.

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5. Bitcoin Options Go Live

The first day of trading is in the books for Bitcoin ETF options, with derivatives on IBIT seeing $1.9B in volume. Bullish calls far outpaced bearish puts, with a 4.4 to 1 ratio. Positions were clustered around December and the $65 strike. This suggests the street is looking for Bitcoin to get well beyond $100 by the end of the year. 

4. Coinbase Delists wBTC

After months of drama around wBTC transitioning to a Justin Sun controlled consortium, Coinbase is pulling the plug. The original DeFi collateral token will be delisted in December. Coinbase merely cited their period listing reviews as the reason to close the order books. The wBTC urged Coinbase to reconsider, claiming they have always committed to providing “the most compliant, transparent, and decentralized” wrapped Bitcoin product. 

3. Rumble Teases BTC Allocation

Alternative video streaming platform Rumble has teased a Bitcoin treasury allocation. CEO Chris Pavlosky asked twitter whether he should add Bitcoin to the balance sheet. Over 90% of 36,000 votes said yes in an accompanying poll. Michael Saylor has offered to explain the finer details. Rumble is in a solid place financially, with growing revenue and little debt. Markets cheered the rumor, sending the stock up 11% in after hours trading.

2. Goody Pick for SEC

Crypto lawyer Teresa Goody Guillén is reportedly being considered to lead the SEC under Trump. Goody Guillén has been in the private sector for over a decade and currently co-leads the blockchain team at Baker Hostetler. The industry is rumored to be pushing for her selection behind closed doors and the public commentary is glowing. Maybe we will finally get a Goody at the SEC. 

1. Lutnick Named Commerce Sec

Raging Bitcoin bull and Cantor Fitzgerald CEO Howard Lutnick has been tapped for the role of Commerce Secretary. The appointment takes Lutnick out of contention for Treasury Secretary, which remains a three way tossup. Trump said that Lutnick will “lead our tariff and trade agenda.” Commerce Secretary is traditionally a minor role, but the office could have outsized influence in shaping pro-growth policy for domestic crypto companies.