ChainCatcher news, BitMEX Research posted on social media that currently, MicroStrategy (MSTR) stock price has a huge premium compared to the value of its held Bitcoin, approximately 256% when fully diluted. Part of the reason may be that some financial regulators prohibit people from purchasing Bitcoin ETFs. However, investors are very eager for Bitcoin exposure, so they buy MSTR despite the premium.In addition, MSTR has a "yield strategy." Since MSTR is trading at a premium, the company can issue new shares and buy more Bitcoin. This would then increase the Bitcoin holdings behind each share. If the premium continues to exist, the company can keep issuing new shares.MSTR's current premium rate is 256%. Based on this premium, when each share of MSTR actually represents a Bitcoin holding valued at $474, MicroStrategy would need to issue 157 million shares (currently 102 million shares) to raise $157 billion, with the stock price rising to $1,685 per share, resulting in a market capitalization of $674 billion and holding 1.9 million Bitcoins.BitMEX Research believes that such price performance and rising model is a "Ponzi scheme" and is unreasonable.

ChainCatcher news, according to CoinDesk, Dogecoin (DOGE) has been trading at a premium on South Korea's major cryptocurrency exchanges Upbit and Bithumb.Data shows that the DOGE/KRW trading pairs on these two exchanges are 1.5% higher than Binance's DOGE/USDT, marking the largest premium in three months. Since Trump won the U.S. presidential election, the price of Dogecoin has increased by 78%.

ChainCatcher news, according to The Block, CryptoQuant's research director Julio Moreno stated: "Trump's victory has rekindled American investors' demand for Bitcoin, and the Coinbase premium has turned positive for the first time since October 18." Coinbase is a favored platform among American investors, and its premium indicates increased buying interest, especially from institutional investors making large trades using Coinbase.As a signal of increasing demand from institutional investors, the daily trading volume of Bitcoin futures on the Chicago Mercantile Exchange (CME) reached a historic high of $13.15 billion yesterday. According to K33 research director Vetle Lunde, the average daily trading volume for CME Bitcoin futures in 2024 is currently $4.56 billion—higher even than the surge in trading volume during the FTX collapse in early November 2022. This milestone indicates a shift in Bitcoin trading activity, with an increasingly significant role played by institutional investors.Additionally, data shows that in just one week of November, the average monthly open interest for CME Bitcoin futures has already reached a historic high of $11.73 billion.

ChainCatcher news, or due to the Republican candidate Trump, who supports cryptocurrency, temporarily leading in the U.S. election, the key indicator measuring U.S. demand for Bitcoin, the "Coinbase Premium," has once again turned positive. According to data tracked by the analytics firm CryptoQuant, this indicator turned positive during the early Asian session on Wednesday, rising to 0.06, the highest level since September 14.Analysis points out that when cryptocurrencies trade at a premium on Coinbase, the price increase is more sustainable, reflecting stronger buying pressure from mature traders and U.S. institutions.

ChainCatcher news, Steno Research stated in a report on Friday that MicroStrategy (MSTR) is unlikely to maintain its premium relative to Bitcoin (BTC).Analyst Mads Eberhardt wrote, "The effect of MicroStrategy's recent stock split is gradually diminishing, which further reinforces this belief. The introduction of spot Bitcoin exchange-traded fund (ETF) options in the U.S. will also reduce investors' motivation to hold stocks instead of ETFs."Steno pointed out that the company's premium relative to its Bitcoin reserves recently soared to nearly 300%. This indicates that the company's valuation "is significantly disconnected from a direct calculation of its assets and business fundamentals." Steno noted that as regulators become more favorable towards Bitcoin and cryptocurrencies, investors may opt to hold Bitcoin directly rather than MicroStrategy stock. If Donald Trump is re-elected, this regulatory trend is expected to continue.The report stated that Bitcoin is expected to perform strongly this quarter and in 2025, which means "higher buying demand is needed to sustain MicroStrategy's current premium." The existing premium of MicroStrategy is unsustainable, especially considering that during the cryptocurrency bull market in 2021, its premium was below 200% for most of the time.

ChainCatcher news, Wintermute's OTC trader Jake Ostrovskis wrote in a report on Monday that, at a higher level, options traders drove almost all of the premium for call options on contracts with expirations longer than one day, with Bitcoin call options trading at a relatively higher premium compared to put options.FalconX research director David Lawant stated, "This indicates that investors are more using the options market as a tool to capture potential upside rather than as a hedge against downside risk. For other non-Bitcoin crypto assets, I believe opinions are more divided. There is less consensus in the market on how these alternative cryptocurrencies might perform under different election scenarios." (Bloomberg)

ChainCatcher news, Meme coin KOL Murad posted on the X platform stating that Meme coins are a sign of maturity in the crypto industry. Over the past decade, altcoins have basically been speculative tools (or gambling chips), and Meme coins will absorb most of the speculative premium from altcoins.

ChainCatcher news, according to The Block, Japanese listed company Metaplanet has transferred its Bitcoin put options disclosed on October 3, adjusting the strike price from $62,000 to $66,000, as the company remains optimistic about the outlook for the largest cryptocurrency. A roll of options is a strategy where investors close existing options positions while opening new positions in the same options at a higher strike price. Essentially, this is a way to increase the strike price of options positions.Metaplanet announced on Wednesday that the transaction aims to replace the existing Bitcoin put options with new options at the updated strike price, while maintaining December 27 as the expiration date. Metaplanet CEO Simon Gerovich wrote in an X post: "This increases the nominal yield of our options sales and generates an additional ¥57.9 million in premiums, bringing total premium income to ¥272.5 million, which will be included in this year's revenue." The company noted that the margin collateral remains unchanged at approximately $13.8 million, sourced from the proceeds of its stock options exercise.Specifically, the transaction executed by Metaplanet includes repurchasing 223 Bitcoin put options with a strike price of $62,000 while selling the same number of put options at the higher strike price of $66,000. The company stated: "This adjustment has increased the company's nominal yield by 2.65%, reaching 13.40%," and added that it received a total premium of 5.9 BTC.

ChainCatcher news, according to CoinDesk, MicroStrategy (MSTR) stock price continues to rise relative to Bitcoin price, with its holding value premium reaching the highest level in over three years. According to MSTR-tracker data, MicroStrategy's net asset value (NAV) premium rate (i.e., the company's market capitalization divided by its Bitcoin holding value) has climbed to about 2.5 times, setting a new high since February 2021.Currently, MicroStrategy's market capitalization is approximately $37.14 billion, while its holding of 252,220 Bitcoins is valued at about $15.1 billion. Since the launch of the spot Bitcoin ETF on January 11 of this year, MicroStrategy's stock price has increased by over 240%, reaching a new high on October 8.

ChainCatcher news, the Japanese listed company Metaplanet officially announced on social media that it has reached a Bitcoin options trading agreement with Singapore-based digital asset trading company QCP Capital, involving the sale of Bitcoin put options. In the transaction, Metaplanet sold 233 Bitcoin put options with a strike price of $62,000 expiring on December 27, earning a premium income of 23.97 BTC.Metaplanet stated that this strategy not only enhances the company's Bitcoin reserves but also strengthens the company's balance sheet, aligning with its ongoing financial strategy to increase long-term Bitcoin exposure, improve the company's financial condition, and support the company in achieving its profitability goals. The margin funds are planned to be used for purchasing Bitcoin. Selling put options, referred to as "targeted purchases," is another method to acquire Bitcoin. There are no changes to the planned use of funds.

ChainCatcher news, CryptoQuant research director Julio Moreno posted on social media that the increased demand in the U.S. market has driven Bitcoin up to $65,000 today, with the Bitcoin premium on the Coinbase platform reaching its highest level in two weeks.

ChainCatcher message, Deribit Asia Pacific Business Head Lin Chen posted on X that the current BTC implied volatility (IV) is 53.43, while the historical volatility is at 45.8. The volatility risk premium (implied volatility - historical volatility) is 7.95, returning to positive territory. Corresponding to major events such as interest rate cuts and the U.S. elections, BTC's IV is not high.

ChainCatcher message, Ethereum Foundation member Justin Drake answered the question "Does the EF think the continued appreciation of ETH assets is important?" during the AMA.Justin Drake stated: "My personal view is that the appreciation of ETH is crucial for the success of Ethereum. If ETH does not indeed become the programmable currency of the internet, Ethereum cannot become the settlement layer of the value internet. The currency premium will only increase with the scale of a particular asset (e.g., trillions of dollars). Such currency premium is needed to: underwrite trillions of dollars of decentralized stablecoins ('economic bandwidth'), provide indisputable security, even from nation-states ('economic security'), and attract the attention of all major economic participants ('economic significance')."Additionally, Justin Drake also mentioned: "The value appreciation of ETH boils down to traffic and currency premium. For traffic, the important metric is total fees, not the fee per transaction. The successful outcome for Ethereum will be 10 million transactions per second, which can provide billions of dollars in daily revenue even if the fee per transaction is below a cent. For example, $0.002/tx would provide about $2B/day in revenue. For currency premium, the important metric is the percentage of ETH used as collateral, such as underwriting DeFi."

ChainCatcher news, despite the recent turmoil in the cryptocurrency market, Bitcoin's price remains at a premium in South Korea. As of 4 PM Eastern Time, Bitcoin is trading at $59,002 per unit, but in South Korea, the exchange rate reaches $59,900, a premium of 1.52%.This phenomenon has persisted since October 30, 2023, only dropping to negative values on August 22, 2024. According to Cryptoquant, on that day, the price of BTC was around $60,500, and it climbed to $64,000 within the next two days. Although on August 22, the price in South Korea briefly fell 0.36% below the global average, the decline was short-lived.August has ended, and the trading premium for Bitcoin on the South Korean cryptocurrency exchange Upbit is 1.52%, with a price approximately $898 higher.

ChainCatcher message, CryptoQuant research director Julio Moreno stated on the X platform that due to the Federal Reserve hinting at the start of a rate-cutting cycle, Bitcoin demand in the U.S. surged significantly today. The price premium on Coinbase is at its highest level since July.

ChainCatcher message, VanEck research director Matthew Sigel posted on X that, according to an analysis conducted by the Center for Economic and Business Research from April to June this year, businesses and consumers in 17 emerging markets are willing to pay an average premium of 4.7% over the standard dollar price to obtain stablecoins. In countries like Argentina, this figure rises to 30%. By 2027, consumers in these countries will pay a premium of $25.4 billion to obtain stablecoins.