Fresh Corporate BTC Demand, Macro Shifts, Regulatory Trends, Acquisitions and the New Corporates Onchain

This episode unpacks the latest developments in crypto markets as corporates like Intesa Sanpaolo and Genius Group join the Bitcoin buying wave, with MicroStrategy’s premium holding steady at 1.91. We also highlight Tether’s move to El Salvador and the growing traction of IBIT options, now capturing 50% of Deribit’s open interest, signaling surging institutional demand. An ETF flow update and client strategies reveal how the big players are positioning themselves for 2024.

We analyze funding rates, the Ondo unlock, and how to interpret these trends in relation to market dynamics. Recent aggressive crypto acquisitions reflect growing confidence in the new regulatory environment, paired with an update on Coinbase’s Third Circuit Court of Appeals filing.

On the macro front, we discuss last week’s CPI, PPI, and employment data and we explore fiscal policy outlooks, debt sustainability, and potential policy shifts shaping the economic landscape. Additionally, we discuss China’s 10Y yield dropping from 2.1% to 1.65% and it's potential impact on global liquidity.

In the on-chain segment, we break down stablecoin borrow rates, with Aave at 10-11% and Sky peaking at 12.5%, alongside a surge in USDS growth (25% in the past week). Finally, we examine Sony’s L2 launch on the OP stack, signaling a shift in how corporates leverage blockchain for Web3 adoption, and the interplay between public and permissioned chains.

Topics Covered:

• Corporate Moves: New entrants into BTC buying, MicroStrategy premium analysis.
• Institutional Trends: IBIT options, ETF flows, and client strategies.
• Funding Rates & Unlocks: How market dynamics shape strategies.
• Regulatory Environment: Crypto acquisitions and Coinbase court updates.
• Macro Update: Key data reflections, China’s stimulus, and fiscal policy outlook.
• On-Chain: Stablecoin borrow rates, USDS growth, and Sony’s L2 launch for Web3 corporates.

Host:
Ben Floyd, Head of Execution Services

Panelists:
 David Duong, Head of Institutional Research
 David Han, Research Analyst
 Georg Toropov, Senior CES Sales Trader