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COINDESK DAILY: Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
Apr 17, 2024
Senators Cynthia Lummis and Kirsten Gillibrand discuss new stablecoin legislation. Latest news includes traders betting on ETH price drop and upcoming Runes protocol launch.
01:33
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Quick takeaways
- Traders are betting on a drop in Ether's value over the next three months, indicated by the increase in put options compared to call options.
- US Senators Lummis and Gillibrand are introducing a new stablecoin bill to regulate and define operational standards for stablecoin issuers in the US, focusing on dollar-backed tokens and the establishment of subsidiaries.
Deep dives
Ether Options Showing Bias for Weakness
Over the past three months, Ether options have displayed a bias towards weakness. Recent data indicates that the 90-day puts for the cryptocurrency are more costly than calls on Deribut, a shift not observed since January. This call puts skew suggests that investors in the crypto space are anticipating a decline in Ethereum's native token value over the upcoming three months. This option market metric unveils traders' readiness to hedge against or profit from bullish or bearish price movements.
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