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$15.5K retest is more likely, according to Bitcoin futures and options

Published 11/25/2022, 02:26 PM
Updated 11/25/2022, 04:00 PM
$15.5K retest is more likely, according to Bitcoin futures and options

Bitcoin (BTC) has been trading near $16,500 since Nov. 23, recovering from a dip to $15,500 as investors feared the imminent insolvency of Genesis Global, a cryptocurrency lending and trending company. Genesis stated on Nov. 16 that it would “temporarily suspend redemptions and new loan originations in the lending business.”

After causing initial mayhem in the markets, the firm refuted speculation of “imminent” bankruptcy on Nov. 22, although it confirmed difficulties in raising money. More importantly, Genesis' parent company Digital Currency Group (DCG) owns Grayscale — the asset manager behind Grayscale Bitcoin Trust, which holds some 633,360 BTC.

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch
Bitcoin 60-day options 25% delta skew: Source: Laevitas

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