Do Kwon is blamed?

The market trembled on March 21 when some experts attributed a $125 million Tether (USDT) transaction to Kwon.

Do Kwon is the co-founder of Terra's blockchain technology who revealed his plans to back TerraUSD using Bitcoin in a recent Tweet.

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Bullish margin traders Margin trading allows investors to borrow cryptocurrency to increase their trading gains. For example, one may borrow Tether to buy cryptocurrency and diversify their assets.

However, Bitcoin debtors can only hope for a price drop. Unlike futures contracts, margin longs and shorts are not necessarily equal.

The ratio has dropped from 15 on March 20 to 7.5 now, indicating that traders have boosted their BTC borrowing recently. Despite the indicator's preference for stablecoin borrowing, the data has plummeted to its lowest point since March 9. A margin lending ratio of less than three is regarded as unfavorable by crypto traders. So the current level of confidence is still positive, but less so than two days ago.

Currently, predicting the market's direction is challenging. This means that arbitrage desks and market makers are overcharging for upside or downside protection. The 25% delta skew is used to compare call (buy) and put (sell). When fear is high, the premium on protective put options is higher than the premium on similar risk call options.

Foreboding a Bitcoin price decline causes the skew indicator to climb. Broad excitement, on the other hand, is -8 percent.

As seen above, we left the 8% "fear" condition on March 9 and are now in neutral. Nonetheless, Tuesday's 5% rise was not enough to shift the options skew from neutral to bullish.

However, if the price exceeds $45,000 and breaks the present trend, these arbitrage desks and market makers will have to reverse bearish bets.

Based on derivatives data, the OKX margin lending rate revealed that professional traders were reducing their bullish wagers following a 13 percent BTC price rise in 10 days. As a consequence, expecting a pump beyond $43,000 is premature.

Grayscale’s smart contract platform fund

This fund is managed by Grayscale, a well-known bitcoin asset manager. The fund invests in a variety of cryptocurrencies that support major smart contract networks.

Grayscale announced the fund Tuesday as its 18th investment product and third diversified fund. It keeps track of the market capitalization-weighted Smart Contract Platform Select Ex ETH Index from CoinDesk.

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AVAX, DOT, 9.65 percent MATIC, 4.27 percent ALGO and 4.06 percent XLM were all held by the fund as of March 16th. Except for BNB and LUNA, the performance of each cryptocurrency at the time determined this.

Users may create open-source self-executing code on blockchains, allowing for more innovative, trustless transactions. Decentralized banking is one of the most popular subsets of decentralized applications (DApps) on crypto networks (DeFi).

Smart contracts, on the other hand, may expose users to hacker assaults and occupy more blockchain space. Bitcoin and Dogecoin are challenging to construct smart contracts for.

According to Grayscale CEO Michael Sonnenshein, more investors are seeking diversified exposure to bitcoin.

In his words, "it's too early to tell which platform will win in the digital economy." "The fund's attractiveness is that investors may participate in the expansion of the smart contract platform ecosystem via a single investment vehicle."

Diversification is important in crypto, according to TV personality and entrepreneur Kevin O'Leary. His money is spread over 32 assets, including Ethereum, Solana, and Avalanche.

Notably, the values of cryptocurrencies are still heavily correlated, limiting the benefits of diversification. For example, CoinMetrics finds a 0.89 correlation between BTC and ETH.

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Grayscale also has the world's largest Bitcoin fund, the Bitcoin Trust. The Securities and Exchange Commission has not approved the fund's conversion into a US-based spot ETF.