Reimbursement scheme 3AC, BTC futures premium reach 18 months record and ProShares ETF increases popularity
Founders of insolvent 3AC lure investors with reimbursement scheme
Several months after their failed hedge firm 3AC went bankrupt, its founders launched two new businesses: a cryptocurrency exchange platform called OPNX and a new hedge fund named 3AC Ventures.
So far, the 3AC ventures website consists just of a generic message requesting potential investors to send them an email. OPNX, on the other hand, seems to have convinced investors to put their money and hope that this time nothing goes wrong.
The average daily trading volume on OPNX is already $34 million. And the company’s founders supposedly have ambitious expectations for their share of the profits. The two “serial entrepreneurs” have brought this new reimbursement scheme while they avoid bankruptcy and liquidation processes.
Source: TheNewsCrypto
Rapid increase in money flow to ProShares’ Bitcoin Strategy ETF
The cryptocurrency market rally, which started with BlackRock’s surprise spot Bitcoin exchange-traded fund (ETF) application, brought in tens of millions of dollars in new inflows to a futures-based fund managed by ProShares.
According to the data, ProShares’ BITO fund saw an additional $14.9 million inflow on June 29 and an additional $11.9 million inflow on July 3, bringing its total assets under management to $1.04 billion. By comparison, the fund’s assets were at $822 million on June 15 (the day BlackRock’s ETF application was filed).
Source: Coinotag
Bitcoin futures premium reaches 18-month high
Bitcoin quarterly futures are popular among whales and arbitrage desks. However, these fixed-month contracts typically trade at a slight premium to spot markets, indicating that sellers are asking for more money to delay settlement.
As a result, BTC futures contracts in healthy markets should trade at a 5 to 10% annualized premium — a situation known as contango, which is not unique to crypto markets.
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