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Trading Desk Insights
Risk assets saw an uptick on Tuesday after the producer price index (PPI), the first major inflation report of the week, came in softer than expected. This has shifted investor focus to Wednesday’s consumer price index (CPI) report, which will offer crucial clues about the Federal Reserve's next move on interest rates.
Bitcoin continues to consolidate in the $90,000 to $100,000 range, with market sentiment fluctuating between fear and greed. After dipping to session lows yesterday, BTC rebounded by 10% as short positions were unwound and buyers stepped in, driving up open interest and fueling the price recovery. Currently, BTC is hovering near the 61.8% Fibonacci retracement level, measured from yesterday's low to the recent high at $102,700. A short-term pullback to $94,000 could be in the cards, particularly if equities continue to slide.
Options tied to BlackRock’s spot bitcoin ETF (IBIT), which launched on November 19, have seen significant growth, now making up half the size of Deribit’s BTC options market, which has an open interest of $23 billion.
In a separate development, U.S. judges have ordered the Securities and Exchange Commission (SEC) to explain its reluctance to implement clear regulations for the cryptocurrency industry. This comes after the SEC rejected calls for well-defined crypto regulations, sparking judicial scrutiny and highlighting the need for greater regulatory clarity in the fast-moving digital asset space.
In unrelated news, the Chinese government is reportedly exploring the possibility of allowing Elon Musk to acquire TikTok’s U.S. operations.
The News Room
Italy's Largest Bank Intesa Buys Bitcoin for $1 Million as a 'Test'
Italy's largest bank, Intesa Sanpaolo, reportedly made its first proprietary bitcoin purchase, acquiring 11 BTC worth approximately €1 million ($1.03 million) in what CEO Carlo Messina described as "an experiment, a test." The move marks the first time an Italian bank has directly acquired cryptocurrency, and while the investment is minimal compared to its $100 billion securities portfolio, it signals readiness to meet potential client demand for digital assets. The bank established its crypto proprietary trading desk in 2023, enabling spot crypto trades after previously focusing on derivatives, and received necessary approvals and technical setups last November to facilitate such purchases.
Semler Scientific Expands Bitcoin Holdings to 2,321 BTC with Latest $23 Million Purchase
Nasdaq-listed healthcare tech firm Semler Scientific recently expanded its Bitcoin holdings by purchasing an additional 237 BTC for $23.3 million between December 16, 2024, and January 10, 2025, at an average price of $98,267 per coin. This acquisition brings its total Bitcoin holdings to 2,321 BTC, which were acquired for an aggregate of $191.9 million at an average cost of $82,687 per Bitcoin, and are now valued at roughly $221 million. Semler Scientific ranks as the 13th largest public corporate Bitcoin holder, trailing behind leaders like MicroStrategy.
Sony’s Public Blockchain Platform Soneium Launches on Mainnet
Sony Block Solutions Labs announced the mainnet launch of its public blockchain platform, Soneium, which aims to bridge Web2 and Web3 to protect creators’ rights and ensure equitable value distribution between creators and fans. Utilizing Optimism’s OP Stack and Superchain, Soneium follows a successful Layer 2 testnet debut and targets content creators, fans, and communities by simplifying blockchain interactions through intuitive platforms and real-world applications. The launch paves the way for initiatives like Sony’s NFT-based Fan Marketing Platform and the Soneium Spark incubation program, as the company seeks to expand the platform’s presence, protect intellectual property, and foster global fan engagement through new frameworks and use cases.
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