Today's News Highlights:

1. The Chicago Board Options Exchange will launch its first cash-settled options product related to spot Bitcoin on December 2.

2. Trump nominates hedge fund manager Scott Bessent as Secretary of the Treasury.

3. Jaime Lizárrag, one of the three Democratic commissioners of the U.S. SEC, plans to resign early next year.

4. The Bitcoin public blockchain Side Protocol will open airdrop registration on November 26.

5. The TGE of Magic Eden (ME token) will take place on December 10, with an airdrop scale expected to exceed $500 million.

6. CZ unfollows Musk on the X platform.

7. Coinbase signs a sponsorship agreement with the NBA's Los Angeles Clippers.

8. ZKasino misappropriates funds intended for user refunds to leverage long positions on ETH.

Regulatory News

The Chicago Board Options Exchange will launch its first cash-settled options product related to spot Bitcoin on December 2.

According to Walter Bloomberg, the Chicago Board Options Exchange (CBOE) announced today that it plans to launch its first cash-settled index options related to the spot price of Bitcoin starting December 2 (Monday). These options will be exclusively listed and traded on the CBOE and will be regulated by the U.S. Securities and Exchange Commission, based on the new CBOE Bitcoin U.S. Exchange-Traded Fund (ETF) index. Rob Hocking, CBOE's Global Head of Product Innovation, stated, "This new series of options based on the CBOE Bitcoin U.S. ETF index provides a timely and attractive solution for traders to efficiently engage with spot Bitcoin. We expect the unique advantages of cash settlement, along with the introduction of various index scale options and flexible options, will provide customers with more flexibility in trading strategies. Our index options offer a unique value proposition, and we believe this will appeal to both institutional participants and retail traders looking to profit from or hedge against Bitcoin price fluctuations without directly holding the asset."

Robinhood's Chief Legal Officer Dan Gallagher will not serve as SEC Chair.

According to @tier10k citing CNBC, Robinhood's Chief Legal Officer Dan Gallagher will not serve as the Chair of the U.S. Securities and Exchange Commission (SEC).

Jaime Lizárrag, one of the three Democratic commissioners of the U.S. SEC, plans to resign early next year.

Jaime Lizárrag, one of the three Democratic commissioners of the U.S. SEC, plans to resign early next year. He has informed President Joe Biden of his plan to leave at the end of January. Lizárrag stated that he is resigning to spend more time with his family. Just a day before Lizárrag announced his resignation, SEC Chair Gary Gensler indicated plans to resign in January. This means that Commissioner Caroline Crenshaw will become the only Democrat leading the SEC. Gensler noted that he and Lizárrag not only worked together at the SEC but also at the U.S. Treasury after the 2008 financial crisis.

Trump nominates hedge fund manager Scott Bessent as Secretary of the Treasury.

According to Bloomberg, Trump has nominated Scott Bessent, who runs the macro hedge fund Key Square Group, as the next U.S. Secretary of the Treasury and has hired a key advisor to manage his comprehensive economic agenda promised for a second term.

If approved by the U.S. Senate, Scott Bessent would become the first openly gay Secretary of the Treasury and one of the wealthiest in modern history. Bessent has stated that he has always wanted to serve the country, but in the 1980s, his sexual orientation prevented him from entering the U.S. Naval Academy, and after graduating from Yale, he was also unable to join the State Department. As the highest-level economic policymaker in the U.S., Bessent will have to navigate political disputes in Washington, lead international economic diplomacy, and apply his Wall Street experience to crisis management. He will also be closely watched by investors and financial institutions, who are looking for predictability and stability in the economy.

Scott Bessent previously managed funds for billionaire George Soros. During Bessent's tenure as investment chief, Soros's family office made approximately $10 billion in profits, with an annualized return of about 13%. He later started Key Square, which was initially funded with $2 billion from Soros, and he returned that money as other investors joined.

The U.S. CFTC has approved the use of blockchain technology to manage collateral for derivatives market transactions.

According to a report released by the U.S. Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee on November 21, the CFTC has approved the use of blockchain technology to manage collateral for transactions in the U.S. derivatives market. The report states that blockchain technology (including distributed ledgers and tokenization) can address long-standing challenges faced by traditional derivatives exchanges and expand the types of assets available for collateralized trading.

Project Updates

The board of Anixa Biosciences, a U.S. public company, approves the purchase of Bitcoin as a reserve asset.

According to a press release, Anixa Biosciences, Inc. (NASDAQ: ANIX) announced that its board of directors has approved the purchase of Bitcoin as a treasury reserve asset, aiming to diversify the company's assets while allowing Anixa to benefit from the potential long-term value of digital assets.

Anixa is a clinical-stage biotechnology company focused on cancer treatment and prevention.

Sui establishes a strategic partnership with Franklin Templeton Digital Assets.

According to the official blog, Sui has established a strategic partnership with Franklin Templeton Digital Assets, focusing on supporting builders in the Sui ecosystem and deploying new technologies using the Sui blockchain protocol.

Coinbase signs a sponsorship agreement with the NBA's Los Angeles Clippers.

According to Decrypt, Coinbase has signed a sponsorship agreement with the NBA's Los Angeles Clippers, becoming the official partner of the Clippers. This partnership marks a multi-year collaboration that will provide fans with exclusive experiences, limited-edition merchandise, and unique digital and physical collectibles. Financial details of the partnership have not been disclosed. Coinbase will offer new and existing users $5 worth of Bitcoin, along with seasonal benefits for creating a Coinbase account. The Coinbase brand will be prominently displayed on signage within the Intuit Dome, the Clippers' new home venue this year.

Previously reported, Coinbase has partnered with the NBA's Golden State Warriors, with its brand appearing prominently at the Chase Center and on the team's limited-edition merchandise.

The TGE of Magic Eden (ME token) will take place on December 10, with an airdrop scale expected to exceed $500 million.

The ME Foundation will launch the Solana-based ecosystem token ME on December 10, with the airdrop's value expected to exceed $500 million based on pre-trading prices. The token will only be claimable through the Magic Eden wallet application.

Previously reported, Magic Eden announced the economic model for the ME token: a total supply of 1 billion tokens, with over half allocated to the community.

ZKasino misappropriates funds intended for user refunds to leverage long positions on ETH.

According to on-chain analyst Yu Jin, ZKasino's address began misappropriating funds intended for user refunds to leverage long positions on ETH seven hours ago. They deposited 5,270 ETH into Aave as collateral and borrowed 11.589 million DAI, subsequently purchasing 3,500 ETH.

Yu Jin noted that on April 21, the ZKasino project team forcibly converted 10,515 ETH ($35.17M) deposited by users for mining into subscriptions for their platform token by modifying the official website's description. On May 28, the ZKasino project team announced that users could apply for refunds, but none have been issued to date.

CZ unfollows Musk on the X platform.

According to the X platform, Binance co-founder CZ unfollowed Musk about six hours ago.

Kraken plans to add support for 19 new tokens including BNB, DYDX, AR, COW, DOGS, etc.

The cryptocurrency exchange Kraken's listing roadmap shows plans to add 19 emerging popular tokens, including BNB, DYDX, AR, COW, DOGS, FWOG, GOAT, PNUT, NOT, Neiro, and others. Currently, Kraken has listed over 300 tokens.

The Bitcoin public blockchain Side Protocol will open airdrop registration on November 26.

The Bitcoin public blockchain Side Protocol is launching an airdrop, with registration opening on November 26 at 18:00 (UTC+8), distributing a total of 100 million SIDE tokens. This airdrop covers multiple categories, including users who spend more than 0.005 BTC on the Bitcoin network between January 1, 2023, and November 1, 2024; NFT communities including Pudgy Penguins, Milady, Mad Lads, Bitcoin Puppets, NodeMonkes, Ordinal Maxi Biz, Bitcoin Frogs, Pizza Ninja, Quantum Cats, Runestone, Bad Kids, and Celestine Sloth; ATOM stakers and public goods donors; and testnet point users. The airdrop tokens will be gradually released after the mainnet launch.

Previously reported, the Bitcoin public blockchain Side Protocol announced the $SIDE token economic model. The total supply of the $SIDE token is 1 billion, with functions including protocol revenue value accumulation, payment of transaction fees, network security staking, and on-chain decentralized governance. Token distribution includes: ecological reserve 20%, team 18%, community treasury 17%, public offering 15%, private offering 13%, liquidity 7%, and 10% airdropped to eligible active Bitcoin users, NFT communities, Cosmos communities, and testnet participants. The $SIDE token will initially be issued under the SPL standard on Solana, with the mainnet expected to launch in January 2025, at which point it can be converted to mainnet tokens and participate in staking and governance.

Important Data

Ethereum spot ETF saw a net inflow of $91.2093 million yesterday, marking the first net inflow after six days of outflows.

Bitcoin spot ETF saw a net inflow of $490 million yesterday, continuing five days of net inflows.

CryptoQuant: Ethereum futures open interest hits a historical high of over $20 billion.

According to The Block, the Ethereum derivatives market may be signaling bullish trends, as futures open interest surged over 12% on Friday, reaching a record $20.8 billion. A report from CryptoQuant indicated that the Ethereum OI-weighted futures funding rate spiked multiple times over the past week, setting new historical highs, suggesting that bullish traders are in control. "The CryptoQuant report added that, according to Coinglass data, the current funding rate is 0.0374%, indicating that market sentiment is optimistic about price increases in the short term."

Additionally, Ethereum's estimated leverage ratio (open interest divided by exchange reserves) has climbed to a new record high of 0.40. This indicates that traders are increasing their risk exposure as they use higher leverage to amplify potential returns. However, the CryptoQuant report warned that the increase in leverage and the dominance of long positions could heighten the risk of a long squeeze; sudden price fluctuations could trigger liquidations, leading to market corrections.

Tether Treasury minted 1 billion USDT on the Ethereum network early this morning.

Whale Alert monitoring shows that Tether Treasury minted 1 billion USDT on the Ethereum network early this morning. Tether CEO Paolo Ardoino stated that this is an authorized but unissued transaction, meaning it will be used as inventory for the next issuance request and on-chain exchanges.

A smart money sold ETH at a high and exchanged it for WBTC, then exchanged back to ETH after BTC hit a new high, netting 1,533 ETH in eight months.

According to @ai_9684xtpa monitoring, a smart money sold ETH at a high and exchanged it for WBTC, then exchanged back to ETH after BTC hit a new high, netting 1,533 ETH in eight months.

On March 19, when ETH was at $3,518, this smart money exchanged 2,942 ETH for 150 WBTC, costing $62,724; additionally, they bought 116 WBTC.

10 hours ago, when BTC was at $98,828, they exchanged 90.8 WBTC back for 2,709 ETH, costing $3,312.

Moreover, the separately established WBTC position has also gained $4.156 million in profit.

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