Crypto Daily | Massive Bitcoin Call Spreads Target $72,000 by Month End; Michael Saylor Says New Plan to Clean up the Blockchain Is 'a Bad Idea'

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Tokenization has become a strategic priority for 84% of financial firms

Tokenization has become a strategic priority for much of Wall Street, with 84% of financial institutions saying the technology is important to their business, according to a new survey from financial technology provider Broadridge.

The survey of 200 North American financial services executives suggested the financial industry is moving beyond experimenting with blockchain technology and beginning to prepare for a future in which tokenized assets become part of everyday market infrastructure.

Massive bitcoin call spreads target $72,000 by month end, right when the Fed meets

Bitcoin traders are betting billions that the cryptocurrency's spot price will climb to $72,000 by the month’s end, a timeline that lines up with the July Federal Reserve meeting.

They have done so this week with the help of Deribit-listed bitcoin call options, or derivative contracts that pay off when BTC's spot price surges beyond specific price levels by a certain date.

Bitcoin's biggest advocate, Michael Saylor, says new plan to clean up the blockchain is 'a bad idea'

ichael Saylor, executive chairman and co-founder of Strategy, has come out swinging against a new proposal to clean up Bitcoin’s ‘spam,’ arguing that it could fundamentally alter how the world’s largest blockchain operates.

The Bitcoin Improvement Proposal (BIP) 110, aimed at temporarily restricting arbitrary data to focus on the core monetary functions, is a threat to the main principles of the network, Saylor explained in a comprehensive critique published on X, titled “110 reasons BIP-110 is a bad idea.”

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Monday was $132.30 million. The total net asset value of Bitcoin spot ETFs is $77.74 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.04%.

The Bitcoin spot ETF with the highest net inflow on July 17 was iShares Bitcoin Trust, with a net inflow of $136.48 million, according to SoSoValue.

Source: SoSoValue