News

After clearing the February and June lows, BTC has returned to a key turning point. BTC options data reveals market positioning, volatility, and sentiment.

BlockBeats News, June 26th, according to Hyperinsight monitoring, the whale Abraxas Capital, who has long been earning funding rate carry trade on the gold target through short positions, is currently shorting GOLD with 5x leverage, with a position size of approximately $3.51 million, having held the position for 144 days and maintaining this scale long-term. During this period, the funding rate settlement has accumulated to $359,000, equivalent to 10.2% of the principal; excluding specific minor adjustments, the annualized return rate is about 25.9%. Overall, the on-chain whales are leaning bearish (potentially due to arbitrage and hedging positions), with a total nominal size of short positions of around $39.3 million, which is 1.56 times the long positions ($25.2 million). However, when excluding data from large position holders, the funding rate has mostly been positive (indicating a market long bias), providing a stable source of fee income for short position hedging.

Foresight News reports that ENA treasury company StablecoinX, after completing a business merger with TLGY Acquisition Corp, disclosed that it holds approximately 3.029 billion ENA tokens. Calculated at the 30-day volume-weighted average price of $0.0909 for the two days prior to close, this equates to a value of about $275 million, representing around 20% of the total ENA supply. Based on fully diluted valuation, each share is valued at approximately $11.42, and there are currently about 24 million Class A common shares in circulation. StablecoinX has launched a decentralized validation node (DVN) serving as a cross-chain message verifier for the Ethena ecosystem and charges fees based on processing volume. The stablecoin middleware software “Stablecoin Harness” and the institutional stablecoin distribution service have not yet launched.