| June 12, 2025 | | | |  | Jeff Bergstrom
Editor
John Lothian News | |
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| Lead Stories | | | Bitcoin Options Traders Expect Quiet-But On-Chain Data Suggests Chaos
Keshav Verma - NewsBTC
In its latest weekly report, the analytics firm Glassnode has talked about how the volatility risk associated with Bitcoin looks from the perspective of on-chain analysis.
The indicator shared by Glassnode is the Realized Supply Density, which tells us about how concentrated the cryptocurrency's supply is around the current spot price.
/jlne.ws/4kBmHYh
What is the deal with all these risk indicators?; Desperate times call for desperate measures
Daniel Davies - Financial Times
If you liked the financial conditions index and the trade policy uncertainty index, then you'll probably love the ECB's new risk appetite index. If you don't, then you might find yourself asking: What's the purpose of all these things? Why are central bank economists so keen on taking the complexity of the world and reducing it to a single number?
Because that's the basic project here. The new ECB index takes 10 daily financial markets series (equity prices, volatility futures, bond spreads and FX rates), then finds the first principal component (the combination of the series which explains the greatest proportion of their aggregate variance). The idea is that since all of the series are affected by the general "risk-on/risk-off" environment, but they otherwise have quite different macroeconomic drivers, the common component is likely to correspond to some measure of risk tolerance in the markets as a whole.
/jlne.ws/3FDoFIK
Bitcoin Price Falls. Why Crypto Volatility Is a Thing of the Past.
Elsa Ohlen and George Glover - Barron's
Bitcoin and other cryptocurrencies fell early Thursday, with the world's largest digital coin stopping short of another all-time high after edging closer to a record over the past few days.
Bitcoin traded at $107,736 Thursday morning, down 1.6% over the past 24 hours, according to CoinDesk data. It's down from an intraday high of $110,332 Wednesday, just about 1% from its record high of just below $112,000 in mid May.
/jlne.ws/4dVIhUU
India Central Bank Sends Conflicting Signs With Policy Moves
Anup Roy - Bloomberg
India's central bank under new Governor Sanjay Malhotra is giving market participants conflicting signals about monetary policy as it takes aggressive steps to spur economic growth and lending.
The Reserve Bank of India surprised analysts last week by cutting interest rates more than expected and announcing a cash boost for banks, citing the need to spur growth. Yet, at the same time, it changed the policy stance back to neutral after just one meeting, a relatively hawkish signal on future rate cuts. Malhotra - who has been in the role for six months now - said at the time there's "very limited space to support growth."
/jlne.ws/45mV5BA
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| Exchanges | | | Coinbase Aims to Win Crypto Derivatives Share from CME
Shanny Basar - MarketsMedia
Greg Tusar, head of institutional product at Coinbase, said derivatives are the biggest focus for the crypto financial services firm and it aims to win share from CME Group, which has listed crypto derivatives contracts. He took part in a fireside chat at the Morgan Stanley US Financials Conference in New York on 10 June 2025.
Tusar explained that there are two main parts of the institutional business - Markets and Coinbase Prime. In the U.S. retail users have access to futures trading via Coinbase Financial Markets and Coinbase Derivatives Exchange (CDE). Outside the U.S., the firm's International Exchange offers spot and perpetual futures. In addition, in May this year Coinbase agreed to acquire Dubai-based Deribit, the crypto options exchange, for approximately $2.9bn.
/jlne.ws/4mWqK30
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| Regulation & Enforcement | | | New Generation of Crypto ETFs Edge Closer to Reality After SEC Scrutiny
Isabelle Lee - Bloomberg
US regulators have asked Wall Street firms racing to launch Solana exchange-traded funds to revise their paperwork, a sign that the novel crypto investment products may be available to investors soon. At least three asset managers have been asked to amend their US Securities and Exchange Commission filings to address two key features of the funds that track the world's sixth-largest cryptocurrency. At issue are how funds will handle crypto redemptions and whether they plan to allow investors to earn rewards by pledging Solana tokens to help validate blockchain transactions, a process known as staking.
/jlne.ws/4jPT9Fg
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| Strategy | | | Bitcoin ETF Momentum Cools, But Derivatives Markets Remain Optimistic | ETF News
Abiodun Oladokun - Be(in)Crypto
Spot Bitcoin ETFs continued their streak of net inflows for the third consecutive day, bringing in over $160 million yesterday. While this marks a healthy continuation of investor interest, it represents a pullback from the $431 million recorded the previous day.
The slowdown comes as BTC tests resistance around the $110,000 mark, stalling upward momentum in the spot market.
On Wednesday, net inflows into US-listed spot BTC ETFs totaled $165 million. Although this figure marked continued investor interest in these investment funds, it represented a 61% decline from the $435 million posted on June 10.
/jlne.ws/4e0gy5J
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| | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| | | Jeff Bergstrom
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