📈 This Quant Trading Firm Just Bet $1.3B on BTC.

Gm sers,

State of the Market: Bitcoin Hits a Wall, Whales Make Waves, and Zora's NFT Revolution.

Ok, lads, let's see Bitcoin price action in three acts:

1. Options Drama: $1.35 Billion in Bitcoin Bets Expiring 🎰

A whole bunch of Bitcoin options contracts (basically, bets on the future price) are about to expire this week. This usually makes the market go nuts, as traders scramble to make their bets pay off.

Analysts are split on who's gonna win this round, the bulls (hoping for price increases) or the bears (betting on a crash).  It all depends on how the market's feeling and whether any crazy news pops up.

2. Bitcoin's Struggling at $62k 😬

Bitcoin's been trying to get its groove back, but it's having a tough time staying above $62,000. And get this: the Bank of England is making noises about cutting interest rates this summer if things stay boring.

Weirdly, Bitcoin doesn't seem to care about that news, even though European stocks are celebrating. This could mean that Bitcoin is facing some resistance, even with all that good news floating around.

3. Whales on the Move! 🐳

A ton of Bitcoin flows to OTC desks, where those big whales and institutional investors make their secret deals.

In the past, this kind of activity has meant a big price swing is coming – either a huge jump or a nasty dip. So buckle up; things could get interesting really soon! 🎢

Alright folks, that's a wrap for today's Bitcoin drama. Now get ready for the most exciting part of the week... the crypto market's legendary weekend slumber party! 🎉😴  Buckle up for some truly thrilling sideways action and prices that move slower than a sloth in molasses.

Chart of the day.

Bitcoin's on a tear, exploding 280% since its miserable lows back in November 2022. And get this – it's starting to look a lot like those good old bull runs we used to have. 📈

Don't get too excited just yet, we've had a few bumps along the way. Those necessary little dips help keep things from getting too out of control. But overall, this whole situation is giving off major positive vibes and might just mean the party's not over yet. History seems to be on our side, so keep on! 🥳

Most important news of the day.

Susquehanna International Group dropped a cool $1.3 billion into a bunch of spot Bitcoin ETFs.  They're mostly in Grayscale's GBTC, but they've got some love for Fidelity, BlackRock, Bitwise, and Ark 21Shares too. Guess those Wall Street suits are finally starting to see the light? 💰

Some big-shot FTX creditors are throwing a fit over the exchange's compensation plan. They say it's not fair and doesn't do enough to make them whole after that whole mess.  Get ready for more legal battles and backroom deals. 🏛️

The Biden administration is ready to throw down anyone trying to overturn that SEC accounting rule (SAB 121). They say it's super important for protecting investors in this crazy crypto world.  Looks like the regulatory crackdown is just getting started. 🥊

The European Securities and Markets Authority (ESMA) is taking a close look at how those UCITS funds invest in crypto. They want to make sure the rules keep up with the times and that regular folks don't get burned. 

The Wall Street Journal is reporting that Binance fired their top surveillance guy after he started sniffing around potential market manipulation. Apparently, he was worried about a big client pulling some shady moves. This is not a good look for Binance and raises questions about how they keep things fair on their exchange. 😬

Our daily pick: Zora, the do-it-yourself NFT workshop. 

Think of Zora as the secret basement workshop 🧰  where all the cool NFT marketplaces are built. Instead of being a marketplace itself, Zora gives creators and developers the tools to make their own, totally custom NFT shops. They're all about putting power back in the hands of the artists 💪.

Who Built This Thing? 🧑‍💻

Zora Labs, a bunch of ex-Coinbase folks, are the brains behind the operation.

Who's Paying For All This? 💸

They've convinced some big-name investors (like Haun Ventures and Coinbase Ventures) to fork over a cool $60 million. Their last funding round in 2022 valued the whole thing at roughly $600 million – not bad! 🤑

Superpowers ✨

All About the Artists: Zora gives creators more control over things like royalties and how they sell their NFTs.

Open for Business: Anyone can build on Zora without needing permission – it's all about open standards and letting people experiment 🧪.

The Fancy zNFT: This little bit of code makes sure creators actually get their royalties and streamlines the whole NFT trading process 🧾.

What Problem Does It Solve? 💥

Those big NFT marketplaces like OpenSea have way too much power 🦹‍♂️.  Zora wants to break up that monopoly and give creators more choices and control over their work ✊.

How it Works (The Short Version)

Trust No One: Zora doesn't need a middleman, it runs directly on the blockchain ⛓️.

zNFTs: These special NFTs handle royalties and buying/selling in a smoother, more secure way 🔐.

Crypto Flexible: Doesn't care which crypto you use to buy and sell 🤷‍♀️.

Tinker Time: Devs can customize the heck out of their NFT marketplaces 😎.

Launch and stuff 🚀

It's out there! Creators are already using it, but Zora Labs is still building and improving things. A token launch? There are no disclosed plans yet.

Potential Problems ⚠️

Open for Copying: Since everything's open-source, competitors could steal their ideas 😬.

How Do They Make Money?: They have some ideas (ZORFs), but it's not clear how they'll pay the bills long-term 💳.

The Big Dogs: OpenSea and those other marketplaces aren't going down without a fight 🥊.

Final Thoughts 🤔

Zora's got a cool vision for shaking up the NFT world 🌍. They're giving power back to creators and letting the market get more creative. But they've still got to figure out how to make money and beat out the competition. Definitely a project worth keeping an eye on! 👀

Enjoy the weekend sers,

-Pep