The U.S. CFTC has received a record $17.1 billion in fines and investor relief, largely due to the agency’s crackdown on FTX. Most of the fines and relief in fiscal 2024 were related to FTX and its sister hedge fund Alameda Research, which resulted in more than $8.7 billion in restitution and $4 billion in disgorgement, the largest in CFTC history. The regulator also ordered $2.85 billion in fines and relief against Binance and its founder CZ to resolve allegations that the company operated an illegal digital asset derivatives exchange. In October, the agency took its first action against the voluntary carbon credit market, accusing the former CEO of CQC Impact Investors of falsifying data to obtain carbon credits. “This year has seen large, complex cases and settlements both in our traditional markets and in increasingly important areas like voluntary carbon markets,” CFTC Enforcement Director Ian McGinley said in a statement. “We are committed to prioritizing strong, effective and targeted enforcement to deter future misconduct.” (Bloomberg)

OKX market shows that ETH briefly broke through 3800 USDT and then fell, now at 3799.62 USDT, with a 24-hour drop of 4.9%. (This newsletter is generated by AI)

According to Whale Alert monitoring, USDC Treasury issued an additional 50 million USDC on the Ethereum chain.

According to Odaily, Eli Pars, Co-Chief Investment Officer at Calamos Advisors LLC, is among the investors in MicroStrategy's over $6 billion convertible notes issued this year to expand its Bitcoin reserves. Pars, like many other managers, utilizes these notes for market-neutral arbitrage bets, capitalizing on the underlying asset's volatility. "Convertible bonds are a way for issuers to monetize stock volatility, and MicroStrategy is an extreme example," Pars stated. His firm holds over $130 million in MicroStrategy notes, employing both long and arbitrage strategies. Since October 31, MicroStrategy has acquired approximately $13.5 billion in Bitcoin and issued $3 billion in zero-interest convertible notes, marking the company's fifth bond issuance this year. These low-interest, long-term notes have an outstanding amount exceeding $7 billion and can be converted into stock if the share price surpasses a certain level. Hedge funds purchase these notes to deploy their own convertible arbitrage strategies, with firms like AQR Capital Management and Man Group already implementing such strategies elsewhere. This approach has become one of Wall Street's most popular strategies this year. Pars noted the appeal of this transaction, highlighting that the implied volatility of convertible bonds is significantly lower than actual volatility or options implied volatility. Even within the convertible bond sector, MicroStrategy presents a "very rare opportunity," especially considering the scale and number of issuances. MicroStrategy's founder, Michael Saylor, mentioned in an interview with CNBC, "Our job is to connect traditional capital markets, which need bonds, fixed income, stocks, or options, with the crypto economy, using Bitcoin to achieve this."

Eli Pars, co-chief investment officer at Calamos Advisors LLC, was one of the buyers of more than $6 billion in convertible notes MicroStrategy has sold this year to keep expanding its bitcoin reserves. Like many other managers, Pars uses the notes for market-neutral arbitrage bets, taking advantage of wild swings in the underlying asset. “Convertibles are a way for issuers to monetize equity volatility, and MicroStrategy is an extreme example,” said Pars, whose firm holds more than $130 million in MicroStrategy notes, both in long and carry strategies. Since Oct. 31 alone, MicroStrategy has bought about $13.5 billion in bitcoin and issued $3 billion in zero-interest convertible notes, its fifth bond offering this year. These low-interest, long-term notes, which can be exchanged for shares if the stock price rises above a certain level, now have more than $7 billion outstanding. Hedge funds bought the notes to deploy their own convertible arbitrage strategies, which firms such as AQR Capital Management and Man Group have implemented elsewhere. It is one of the hottest strategies on Wall Street this year. “The deal is attractive because the implied volatility of convertible bonds is much lower than realized volatility or option implied volatility,” Pars said, adding that even in the convertible bond space, MicroStrategy is a “very rare opportunity,” especially given the size and volume of the offering. “Our job is to connect traditional capital markets, which need bonds, fixed income, equities or options, and we combine those markets with the crypto economy and use Bitcoin to do that,” MicroStrategy founder Michael Saylor said in an interview with CNBC. (Bloomberg)

According to PANews, venture capitalist and a16z co-founder Marc Andreessen revealed on the Joe Rogan podcast that the US government had pressured banks to close accounts related to industries such as cryptocurrency. This issue was brought to light during a hearing by the House Financial Services Committee, where member French Hill expressed concern and pledged to continue examining the matter in the coming year. During the hearing, Denelle Dixon, CEO of the Stellar Development Foundation, and Nathan McCauley, CEO of Anchorage Digital, both confirmed experiencing direct service cut-offs from banks. Hill emphasized that in the United States, legitimate businesses should have the freedom to access banking services. Notably, newly elected President Trump has promised to end measures referred to in the industry as 'Operation Choke Point 2.0,' signaling a more favorable stance towards the cryptocurrency sector.

According to Odaily, a recent survey conducted by VanEck's Head of Digital Asset Research, Matthew Sigel, sheds light on the factors influencing potential investors' decisions to increase their Bitcoin holdings. The survey results, shared on the social media platform X, indicate that 49% of respondents are waiting for a price drop before investing in Bitcoin. Meanwhile, 46% are looking for new regulatory developments, and 24% are interested in the possibility of a U.S. strategic Bitcoin reserve. Notably, 9% of respondents cannot envision purchasing Bitcoin at all. Respondents were allowed to select multiple options, reflecting the diverse considerations impacting investment strategies. Bitwise Chief Investment Officer Matt Hougan responded to these findings, offering advice to those waiting for a price decline. He suggested that individuals should determine a specific price point at which they plan to buy Bitcoin and commit to that decision. Hougan noted that over the past six years, many investors have expressed intentions to purchase Bitcoin at a certain price level, only to withdraw when the price actually reaches that point. He emphasized that the best strategy might be to invest now, but if one is convinced that prices will fall, and they are fortunate enough to witness such a decline, they should not hesitate to follow through with their plan.

Matthew Sigel, head of digital asset research at VanEck, said in a post on X that when asked "what causes you to increase your Bitcoin allocation": 49% of respondents are waiting for prices to fall before buying at the bottom; 46% of respondents hope to see unknown "regulatory developments; 24% of respondents hope to see the United States strategic Bitcoin reserves; 9% of respondents cannot imagine buying. (Note: respondents can choose multiple options) Bitwise Chief Investment Officer Matt Hougan responded: "If you are 'waiting for a drop', write down the exact number of Bitcoins you will buy and stick to it. Over the past six years, I have seen many people say that they will buy when the price falls to a certain level, and then after the price falls, they will withdraw. Your best option is to buy now, but if you insist that the price is falling-and you are lucky enough to encounter a drop-please don't withdraw. "

The recent rally in older tokens better resembles the price action of meme coins, benefiting from a broader market breakout, Decrypt was told. source: https://decrypt.co/294936/binances-bnb-token-hits-all-time-high-as-bitcoin-and-ethereum-alts-swell