JUN 08, 2021 • 4 Min Read
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The crypto market had a weak open during Asia hours and the futures premium on BTC has eroded. Given the amount of forced selling and leverage wipeouts that occurred in the past few weeks, the fact that BTC is still holding $30,000 implies there’s a strong spot bid. However, conditions can reverse in an instant in crypto markets, and sellers have continued to offload coins with a vengeance.
Interesting thread speculating Elon Musk’s long term plans for BTC.
@elonmusk has had a big impact on crypto recently, & because some of his actions have been a bit unconventional, I was inspired to dig in a little deeper to find out what exactly his “end game” is
& what I’ve found does not disappoint.
I’ll compile all of the info below ???
— croissant (@CroissantEth) June 1, 2021
The Federal Government seized $2.3m worth of BTCs from the Colonial Pipeline ransomware attack with private key access.
The federal government says it seized by court order $2.3 million of the ransom paid by Colonial Pipeline.
The FBI had the password to the hackers’ Bitcoin account, @PeteWilliamsNBC reports.
“Today we turned the tables on DarkSide,” says Deputy Attorney General Lisa Monaco.
— Geoff Bennett (@GeoffRBennett) June 7, 2021
Options flow continues to be mildly bearish with very little volume.
1) Normally write when Options active, but tape bereft of large trades, yet market sentiment (distinctly BTC) extreme negative and FUD rife.
Skew (extreme high) confirms.
But Implied Vol apathetic, <RV & barely reacting to FUD.
Interpretation: Protection on, concern, no panic. pic.twitter.com/YnwQzAjSXv— Deribit Insights (@DeribitInsights) June 8, 2021