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According to Odaily, Kansas City Federal Reserve President Schmid expressed growing confidence in achieving the Federal Reserve's 2% inflation target. This confidence is partly based on recent signs of balance in both the labor and product markets. In a prepared speech for the Omaha Chamber of Commerce, Schmid stated that the progress towards the 2% target indicates that it is now an appropriate time to consider a rate cut. However, he noted that the extent of future rate reductions or the final level they will reach remains uncertain. Addressing the current issue of federal government spending, Schmid emphasized that large fiscal deficits would not trigger inflation, as the Federal Reserve is committed to maintaining inflation at the established 2% target. Nonetheless, he warned that this could result in interest rates remaining at relatively high levels. Schmid highlighted the importance of the Federal Reserve's independence in formulating monetary policy to ensure that inflation remains under control.

According to Odaily, Eric Balchunas, a senior ETF analyst at Bloomberg, recently shared insights on the X platform regarding the trading activity on BlackRock's IBIT. He highlighted that the options trading volume has reached several hundred million dollars, with significant activity observed on the first day of listing. The data indicates a strong preference for call options, suggesting a bullish sentiment among traders. Notably, the C100 options expiring on December 20 are drawing attention, as they reflect a bet on Bitcoin's price doubling in the coming month. This optimistic outlook underscores the market's confidence in Bitcoin's potential for substantial gains in the near future.

According to Decrypt, Marathon Digital Holdings, a Bitcoin mining company based in Fort Lauderdale, Florida, has announced plans to issue $850 million in convertible notes, with the potential to increase the amount to $1 billion. This move is part of the company's strategy to repurchase existing debt, acquire Bitcoin, and support various corporate initiatives amid a recovering cryptocurrency market. The company revealed that it intends to use $199 million of the anticipated $833 million in net proceeds from the sale to repurchase $212 million of its existing 2026 convertible notes. The remaining funds will be allocated towards acquiring additional Bitcoin and for general corporate purposes, which include working capital, strategic acquisitions, asset expansion, and repayment of other debts. Convertible notes are a financial instrument that allows a company to raise capital by selling debt that can later be converted into equity shares, giving investors partial ownership of the company. Marathon's latest offering comes as several firms worldwide are beginning to acquire and hold Bitcoin on their balance sheets following a market rally that has significantly increased the cryptocurrency's value. Notable companies such as MicroStrategy and Japan’s Metaplanet have been actively acquiring Bitcoin, with MicroStrategy holding up to $30 billion in Bitcoin and Metaplanet purchasing over 1,000 BTC this year, valued at approximately $93 million. Additionally, Semler Scientific recently acquired nearly $18 million in Bitcoin. Starting December 1, 2027, holders of Marathon's convertible notes will have the option to request the company to repurchase them for cash. However, the terms may change if significant events like mergers, acquisitions, or delisting occur. The notes, which mature on March 1, 2030, can also be converted into cash, Marathon stock, or a combination of both. On Tuesday, Marathon Digital's stock was trading at $19.86, marking a 9% increase for the day, while its after-hours price remained relatively stable, according to Google Finance data.

James Seyffart, senior ETF analyst at Bloomberg, monitored data showing that the final statistics of the first day of listing of BlackRock IBIT options showed that the nominal exposure through 354,000 contracts was slightly less than $1.9 billion, of which 82% were call options (289,000) and 18% were put options (65,000), with a ratio of 4.4:1. Analysts said: "These options are almost certainly part of the reason why Bitcoin hit a record high today."

Eric Balchunas, senior ETF analyst at Bloomberg, wrote on the X platform: "So far, there have been hundreds of millions of dollars in options trading volume on BlackRock IBIT (a lot on the first day of listing). Ranking by contract trading volume shows that almost all are call options. It looks very optimistic, especially the C100 on December 20, which is basically a bet that the price of Bitcoin will double in the next month."

As Bitcoin’s (BTC) price inches closer to the psychological milestone of $100,000, its impact on derivatives markets is becoming a key focus. While retail investors celebrate such milestones, the real significance lies in the institutional adoption and evolution of Bitcoin's derivatives infrastructure.Derivatives Growth Signals Institutional InterestCurrently, Bitcoin (BTC) futures open interest stands at 626,520 BTC ($58 billion), a 15% increase over the past two months, according to CoinGlass. If Bitcoin (BTC) hits $100,000, this open interest could climb to $62.5 billion, representing 3.1% of Bitcoin’s projected $2 trillion market cap. Comparatively, the S&P 500 futures open interest of $817 billion constitutes only 1.9% of its $43 trillion market cap, highlighting Bitcoin’s (BTC) disproportionate derivatives activity relative to traditional assets.This dynamic underscores the growing institutional interest in Bitcoin futures, especially as spot Bitcoin ETFs and ETF options prepare to enter the market. These products are expected to create new pathways for institutional players, enabling advanced strategies like covered calls and liquidity risk hedging.Institutional Adoption: Key to Market MaturityInstitutional interest is pivotal in transforming Bitcoin’s (BTC) $100,000 milestone into a meaningful derivatives market expansion. Recent regulatory developments, including approvals for spot Bitcoin ETF options, mark progress but remain insufficient without deeper integration into traditional financial markets.Historical examples illustrate the challenge of adoption. The CBOE discontinued its Bitcoin futures offering in 2019 due to low demand, emphasizing the need for sustained institutional engagement. Spot ETFs, particularly those offering in-kind creation, could bridge this gap, attracting institutional investors who view Bitcoin as a reserve asset.Game-Changing CatalystsSeveral developments could catalyze Bitcoin’s rise and derivatives market expansion:Corporate Bitcoin Allocation: Microsoft shareholders recently voted on allocating funds to Bitcoin (BTC), signaling growing acceptance among influential corporate players. Such moves could pressure other corporations to consider similar strategies.Strategic Bitcoin Reserve: U.S. Senator Cynthia Lummis has proposed converting Treasury gold certificates into Bitcoin, aiming to acquire 1 million BTC—5% of the total supply—as a 20-year reserve. This initiative could solidify Bitcoin’s role as a reserve asset and spur broader institutional interest.Derivatives: A Consequence, Not a CauseBitcoin’s derivatives markets are likely to expand as a result of broader adoption rather than drive it directly. Institutional and retail fears of fiat debasement remain the primary drivers pushing Bitcoin higher. Research by Lyn Alden correlates Bitcoin’s price with the global M2 money supply, reinforcing its appeal as a hedge against monetary debasement.As Bitcoin solidifies its role in institutional portfolios, a mature and liquid derivatives market will emerge organically, serving as a reflection of its broader adoption and acceptance in traditional finance.Read More: Ethereum DApp Volumes Surge 38% — Will ETH Price Follow?Why Is XRP Price Down Today? Profit-Taking and Controversies Weigh on SentimentBitcoin Eyes $94K as ETF Options Launch Brings Renewed Bullish Momentum

"The decision to cut rates is a recognition of growing confidence that inflation is on track to reach the Fed's 2% objective -- confidence based in part on signs that both labor and product markets have been moving toward balance in recent months," Kansas City Fed President John Schmid said in remarks prepared for delivery to the Omaha Chamber of Commerce. He said that while progress toward the 2% objective means now is the right time to cut rates, "how much further rates will fall or to what extent they will ultimately fall remains to be seen." On the current issue of federal government spending, Schmid said large fiscal deficits will not be inflationary because the Fed will fulfill its mandate to keep inflation at its established 2% objective. However, that could mean "persistently higher interest rates," Schmid said, which is why the Fed must maintain its independence in setting monetary policy.

According to sources, the Trump team is considering Teresa Goody Guillén, a partner at law firm Baker Hostetler and co-head of its blockchain team, as one of several candidates for the next SEC chairman. Goody Guillén is an experienced securities lawyer with experience serving the SEC and representing blockchain companies and traditional businesses against the agency. Sources said Trump is looking for a non-bureaucrat who supports cryptocurrency to overhaul the U.S. Securities and Exchange Commission (SEC). Washington insiders said that unlike Trump's first administration, the election process for the second term was quick and orderly, and the SEC chairman is expected to be selected before Thanksgiving.

The world of crypto drainers — malicious operations that siphon funds from unsuspecting wallet users — is facing a reckoning as law enforcement and security experts zero in on these activities. Major players like Inferno Drainer and Pink Drainer have announced their retirements this year, but questions remain about their future intentions and the safety of the broader crypto ecosystem.Drainers Under PressureCrypto drainers operate by tricking users into connecting their wallets and approving transactions that result in complete fund loss. Despite retirements, losses remain staggering, with over $20 million stolen through phishing schemes in October 2024, according to Scam Sniffer. While monthly drain volumes dropped, the number of victims jumped 20% compared to September.Investigators and cybersecurity firms are advancing their tools and methods to identify and trace drainer activities. For instance, stablecoin giant Tether recently froze three wallets linked to drainer operations, acting on law enforcement requests. These wallets have connections to a mysterious entity known as Konpyl, which has been implicated in several high-profile scams, including a fake Rabby wallet attack that stole $1.6 million, according to Cointelegraph.Shut Downs or Strategic Retreats?Inferno Drainer, Pink Drainer, and Monkey Drainer are among the most notorious names in the "scam-as-a-service" model, where drainers are sold to bad actors for fees. All three have announced shutdowns, with Inferno Drainer's latest closure following Tether’s wallet freezes and investigative reports linking it to major scams.However, experts caution against taking these shutdowns at face value. "They may rebrand or resurface under new names," said Alex Katz, CEO of browser security plugin Kerberrus. Katz emphasized that drainers are ultimately businesses, profiting from fees paid by the scammers who use their services.Onchain Evidence Highlights ConnectionsInvestigations reveal links between Inferno Drainer and entities like Konpyl. For instance, a March 2024 draining attack saw $4.39 million stolen, with funds moving through wallets connected to Inferno before appearing in accounts tied to Konpyl.Yet, there is debate among experts about the exact nature of these connections. Some suggest Konpyl could be a customer or OTC trader laundering funds for drainer users, rather than a direct participant in draining operations.Closing the Gap on Crypto CrimesCollaborative efforts between firms like MistTrack, Scam Sniffer, and SEAL 911 are leading to blacklisted illicit addresses and frozen funds. Wallet services are also increasingly integrating security tools to protect users."Shutting down was inevitable for their safety," said Fun, founder of Scam Sniffer. "The real perpetrators are often hidden behind these drainer names."However, security experts like Katz warn that the battle is far from over. "Drainers may retreat temporarily, but as long as the crypto ecosystem remains lucrative for criminals, they’ll find ways to adapt and return," he said.The Path ForwardThe rise and fall of crypto drainers underscores the importance of vigilance in the digital asset space. As the industry matures and law enforcement steps up its game, the hope is that these malicious actors will face growing obstacles in carrying out their schemes. Still, experts urge users to remain cautious and adopt robust security practices to safeguard their assets.

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