Welcome to Morning Brief presented by Robin Hood, the home [music] to commission free trading. I'm Julie Hyman. Let's get to the three things you need to know today.First up, US stock futures edging higher to kick off the holiday shortened trading week. Investors still hoping for [music] a Santa Claus rally to close out the last five trading days of the year. Plus, gold and silver [music] are climbing to new highs.rate cut bets fueling the surge, capping off a banner year with gold and [music] silver on tra ...

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Market Overview - Bitcoin reached an eight-day high of $90,353 but has since pulled back to just under $90,000, reflecting a 2.2% increase on the day according to CoinGecko data [1] - The recent price movement is attributed to speculative futures trading rather than genuine investor demand [1] Futures Market Dynamics - Since December 18, open interest and cumulative volume delta (CVD) for perpetual futures have increased, while spot CVD has declined, indicating a derivatives-led price movement without corresponding spot market buying [2] - Aggregate open interest has been trending down since late November, with Bitcoin facing repeated rejections above the $90,000 level, highlighting ongoing selling pressure [4] Investor Sentiment - The "Coinbase premium," which measures the price difference for Bitcoin on Coinbase versus global averages, has turned negative, suggesting a lack of premium buying demand from U.S. investors [3] - U.S. spot Bitcoin exchange-traded funds (ETFs) have experienced net outflows recently, indicating a lack of sustained institutional inflows [3] Institutional Activity - Digital Asset Trusts (DATs) saw approximately $2.23 billion in net inflows for the week of December 15-21, marking a 72% increase from the previous total of $1.293 billion [5] - This surge in DAT accumulation was driven by significant corporate treasury purchases of Bitcoin, XRP, and Ethereum, influenced by the Federal Reserve's interest rate decision on December 10 [6] Market Vulnerability - Despite the notable institutional accumulation, the overall market strength remains weak, with year-end liquidity typically drying up, making the current rally vulnerable to headwinds that have previously hindered momentum above $90,000 [6]

Core Viewpoint - JPMorgan is exploring the possibility of offering crypto trading services to institutional clients as U.S. banks increasingly embrace cryptocurrencies and seek to provide exposure to their clients [1][2]. Group 1: Exploration of Crypto Trading - JPMorgan is in the early stages of assessing what crypto products and services its markets division could offer to expand its presence in the cryptocurrency space [2][3]. - The potential products include spot and derivatives trading, responding to rising client interest as the crypto industry gains regulatory clarity [3][4]. Group 2: Demand and Competition - Concrete plans for offering crypto trading will depend on sufficient demand for specific products, alongside an assessment of risks, opportunities, and regulatory feasibility [4]. - JPMorgan faces increased competition from other major U.S. banks, such as PNC Bank, which has partnered with Coinbase to offer Bitcoin trading to its clients [4]. Group 3: Ongoing Crypto Initiatives - Despite CEO Jamie Dimon's skepticism towards cryptocurrencies, JPMorgan has continued to engage with the crypto market, including tokenizing a money market fund on Ethereum [5][6]. - The bank has also assisted Galaxy Digital in tokenizing a short-term bond on the Solana network and filed for Bitcoin-backed structured notes that track BlackRock's BTC ETF performance [6].

Core Viewpoint - JPMorgan Chase is considering offering cryptocurrency trading services to institutional clients, potentially entering the crypto trading space for major clients [1][2]. Group 1: JPMorgan's Consideration - The largest U.S. bank by assets is assessing various products, including spot and derivatives trading, but has not committed to any specific service yet [2]. - The decision to enter the crypto market will depend on client demand, perceived risks, and long-term business opportunities in the sector [2]. Group 2: Institutional Demand for Crypto Trading - Large investors, such as hedge funds and pension managers, are seeking secure and regulated ways to trade digital assets, avoiding retail-focused platforms due to compliance and custody concerns [3]. - These institutional clients require dedicated infrastructure capable of handling large trades, offering deeper liquidity, and meeting compliance standards [3]. Group 3: Competitive Landscape - Coinbase Prime is a leading crypto trading platform for institutions, but competition is increasing with firms like Bullish, Kraken, Fidelity Digital Assets, and Galaxy Digital also active in the space [4]. - JPMorgan's potential entry could further intensify competition in the institutional crypto trading market [4]. Group 4: Regulatory Environment - The U.S. regulatory landscape for crypto is evolving, with an important crypto bill expected to be passed soon, which may boost institutional confidence in digital asset markets [5]. - The maturation of digital asset markets under clearer rules is seen as a positive development, despite ongoing price volatility [5].

BitMine Immersion Technologies (BMNR), the ether treasury firm helmed by Fundstrat's Thomas Lee, crossed the 4 million ether (ETH) milestone after acquiring 98,852 tokens last week, according to its Monday update. The purchase, valued at roughly $300 million at Monday prices, brings BitMine’s total ETH holdings to 4,066,062 tokens, or 3.37% of the current ETH supply. The firm also kept $1 billion in cash, unchanged over the week despite the purchases. Its ETH treasury alone is worth just over $12 billio ...

JPMorgan is exploring offering cryptocurrency trading services to its institutional clients. The Wall Street bank is evaluating what crypto products and services its markets division could provide, potentially including spot and derivatives trading for institutions. The plans are not yet public and remain under assessment. https://t.co/NjtPtm1JYJ ...

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RT Watcher.Guru (@WatcherGuru)JUST IN: $4 trillion JPMorgan is considering offering crypto trading for institutional clients. ...