1/ Midweek Crypto Derivatives Report
The vol curve came in this week and the front did the work. $BTC 30d ATM IV softened 3.9 vols to 33.9 (from ~37.8 last Wednesday); $ETH 30d slid ~50 to ~46. The shape stays in contango - so this is a parallel-down move, not a regime flip - but the front compressed roughly twice as fast as the back. Lay realised over today's IV and the surface stops looking rich at the front and starts looking distinctly cheap at the back.
(i) Key Themes
(ii) Positioning
(iii) Hyperliquid

Twitter

South Korea's crackdown on virtual asset crime has officially extended from centralized exchanges (CEXs) to decentralized exchanges (DEXs). For the first time, South Korean prosecutors have initiated investigations into decentralized exchanges under the Virtual Asset User Protection Act…
The article, titled "South Korea Makes First Arrest | _2024111120230_ | Rug Pull Mastermind! CATFI Soars a Thousandfold, 6,000 People BlockTempo and Go to Zero," was originally published on BlockTempo, the most influential blockchain ABMedia media.

South Korea makes its first arrest | _2024111120230_ | Rug Pull mastermind behind cryptocurrency issuance! CATFI surges a thousandfold, 6,000 people who bought in end up with nothing.

An unknown trader’s $1.3 billion sale of shares in BlackRock’s Bitcoin exchange-traded fund on Tuesday has coincided with a steep fall in the price of Bitcoin immediately after the sale, according to ...

Bitcoin’s recent drop coincides with $1.3B ‘dark pool’ ETF sale: Analyst

Micron Technology, a chip giant, has surpassed a total market capitalization of $1 trillion. It has weathered multiple rounds of industry reshuffling by controlling manufacturing costs. Currently, it faces a new round of cyclical competition in the high-end HBM track, the mid-to-low-end market, and the adjustment of its core market in China.

Samsung relies on technology cycles, SK Hynix relies on HBM, so how did Micron achieve a trillion-dollar market capitalization?

9/ Hyperliquid continued...
Hyperliquid's turnover (24h volume / OI) table shows where the velocity actually sits. $CL leads at 311% daily churn on a $170MM book; $MU 194%, $SILVER 173%... all @tradexyz HIP-3.
Native $BTC sits at 94% on $2.31B, $HYPE mid-pack at 71% on $1.30B. The fast money on HL seems to be in TradFi single-stocks and commodities, not the native crypto book.

10/10 Final Words
Three to carry forward: the back of the vol curve is cheap to what spot has delivered, dated $BTC basis sits below T-bills, and HIP-3 has turned Hyperliquid into a TradFi futures venue concentrated in a single issuer.