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26 November 2020

Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines - CoinDesk

Market Wrap: Bitcoin Hangs Around $18K While Ether Locked in DeFi Declines - CoinDesk


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Bitcoin steadied around $18,000 after record volumes on Wednesday while Ethereum 2.0 may be causing some investors to move ether out of decentralized finance (DeFi).

“The current upward move seems more sustainable than the 2017 bull run as institutional investors are now positioning in bitcoin whereas it was only retail speculation back in 2017,” said Elie Le Rest, partner at quant firm ExoAlpha.

Investors are certainly looking at the derivatives market, with bitcoin futures (over $6 billion) and options (over $4 billion) open interest hitting new highs.

CME, a professional investor venue, has flirted with $1 billion in bitcoin open interest this week, a sign institutions are increasingly hedging crypto positions.

Jean-Marc Bonnefous, managing partner for investment firm Tellurian Capital, suspects some of the ether movement out of DeFi might have to do with Ethereum’s ambitious “2.0” project

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