Bitcoin options traders remain heavily positioned for downside protection, with both crypto-native and exchange-traded fund investors showing elevated demand for downside hedges, according to new research by Anchorage Digital’s head of research, David Lawant.The report analyzed options activity across Deribit, BlackRock’s iShares Bitcoin Trust (IBIT) and Strategy (MSTR), saying the three markets together provide a broader view of crypto-native, institutional and retail investor sentiment than any single options market alone. Both Deribit and IBIT options markets showed elevated put skew, indicating traders are paying a premium for downside protection rather than positioning for further gains. The report found defensive positioning…

On June 18, the Supreme Court decided United States v. Hemani. The case was 9-0, though was fragmented. Justice Thomas concurred, finding that possession statute exceeded Congress’s powers under the Commerce Clause. Justices Jackson and Sotomayor repeated their view that Bruen was wrongly decided. And Justices Alito and Kagan concurred in judgment, though I still am not entirely sure what they disagreed with the majority about. Today, the Supreme Court decided Wolford v. Lopez. There was a time when we had to wait more than a decade for the Supreme Court to decide a Second Amendment case. This year, we get two victories…

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