Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding on to the $70 million in short liquidations on Monday.
Bitcoin’s ever-growing prices are leaving at least one group startled by the rapid bumps: Those placing highly leveraged short futures bets aimed at profiting from potential price reversal.
Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding to the $70 million in short liquidations on Monday, according to data source CoinGlass. These may have contributed to the asset’s strength since the start of this week – a move that has seen it jump to $44,000 from $39,000.
Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly.
Most of these liquidations have occurred on crypto exchanges Binance, OKX and Huobi, data from CoinGlass shows. Trading volumes have surged 25% in the past week, and open interest has grown to $20.2 billion from $17.2 billion at the start of December.
Several factors look to be aiding bitcoin growth. There’s optimism around a possible spot exchange-traded fund (ETF) approval in the U.S., traders pricing in expected rate cuts in the U.S. – which buoys risky bets such as technology stocks and bitcoin – and possible sovereign adoption as bitcoin-friendly leaders take the helm in major economies.
At least one group of traders placed a $200 million BTC futures position over the weekend, as reported, indicative of the high demand for bitcoin exposure. Such moves come alongside continual spot ETF application updates and changes.
Some observers expect bitcoin prices to cross the $48,000 level in the coming weeks.
“The staging for this rally already started in the week beginning 10/23 when BTC managed to overcome the iron-beam resistance in the $30k area,” shared Julius de Kempenaer, senior technical analyst at StockCharts.com, in a note to CoinDesk. “On the weekly chart, the next expected level of resistance is around $48k, the peak set at the end of March 2022.”
“All in all, the trend for BTC is clearly up, with a first target around $48,000 and support near $38,000,” he added.
The Hanoi Department of Tourism has recently launched 15 exciting night tourism products for tourists. One of the most popular experiences is the Thang Long – Hanoi Night bicycle tour, which has been attracting a lot of participants.
The tour starts at the National History Museum, where visitors can learn about Hanoi’s rich history through the ancient Thang Long relics. The Thang Long – Hanoi Night Bike Tour is perfect for those who love exercise and want to explore the city uniquely.
The tour ends at Ngu Xa Food Street, where visitors can indulge in delicious local dishes and enjoy the cold weather. It’s a perfect way to end a meaningful journey of exploring the Capital at night.
Everyone has their way of enjoying Hanoi, and some prefer to ride bicycles and admire the sparkling city at night. It’s a great opportunity to appreciate the beauty of Hanoi, a city with a history of over a thousand years.
On December 5, the global animal welfare organization Four Paws and Hoi An City People’s Committee closed one of the city’s last dog and cat meat restaurants. This is considered an effort by the Four Paws organization to save hundreds of animals from being trafficked and consumed at this facility each year.
The dog meat shop closed on December 5, is located in Cam Pho Ward, Hoi An City, and regularly provides raw and processed dog meat to local diners. Mr. Pham Van Quyet – owner of the store said that each year, the store consumed more than 350 dogs, and had been operating for nearly 15 years.
Four Paws has paid attention to this dog meat store since the first time they came to Hoi An, before signing a memorandum of understanding not to wholesale dog and cat meat with Hoi An City People’s Committee in 2021.
Mr. Quyet voluntarily agreed to follow the Hoi An government’s policy to close his business because he no longer wanted to participate in the dog and cat meat trade. As the longest-running store among the three remaining stores in Hoi An, he hopes other dog and cat meat traders will soon act like him.
Vice Chairman of Hoi An City People’s Committee awarded the decision to support livelihood transformation to shop owners.
Ms. Karen O’Malley, Director of Four Paws’ Program to End the Dog and Cat Meat Trade, said: “The closure of this restaurant is a positive step by the Hoi An government in gradually eliminating the dog and cat meat trade.”
Mr. Nguyen The Hung, Vice Chairman of Hoi An City People’s Committee, said: “In the past two years, we have successfully implemented several activities in Hoi An City to limit the dog and cat meat trade. Although we know there is still much work to be done, closing this restaurant marks another step forward in phasing out the dog and cat meat trade from the city of Hoi An, and we encourage other cities across Vietnam to do the same.”
According to Four Paws, every year, an estimated 10 million dogs and cats are captured, transported, and slaughtered for meat in Cambodia, Vietnam, and Indonesia. Most of these animals are pets or animals stolen from the community, and stray animals are taken from the streets to supply the trade. The dog and cat trade, in addition to having serious health impacts, also creates favorable conditions for the production of diseases.
Altcoins futures took a hit Monday as sudden volatility liquidated both longs and shorts, causing unusually high liquidations on some lesser-known tokens.
Unusually high liquidations on some altcoin futures led by Big Time’s BIGTIME and Ordi Protocol’s ORDI tokens created over $250 million in total altcoin liquidations in the past 24 hours, showcasing the inherent and sudden volatility of the sector.
Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
These figures were without the liquidations of futures trading bitcoin (BTC) and ether (ETH), which topped the charts at a cumulative $85 million in evaporated bets.
Some $15 million in ORDI bets were liquidated, followed by $12 million on BIGTIME. These consisted of both longs, or bets on higher prices, and shorts, or bets against. Prices of both these tokens whipsawed in the past 24 hours, impacting traders on either side.
Demand for Bitcoin-linked tokens has created hype for ORDI, which is tied to Bitcoin’s ecosystem – with the tokens gaining 580% in the past month. Meanwhile, an ongoing narrative for crypto gaming platforms has benefited BIGTIME holders, who have gained nearly 400% since the start of November.
Traders of Celestia’s TIA and Memeland’s MEME – both tokens were issued last month – lost some $10 million.
Elsewhere, bets on tokens tied to Terra’s once-titan ecosystem soured, with traders of LUNC, USTC and LUNA losing some $11 million. Prices of these tokens surged up to 70% on Monday on various catalysts, as CoinDesk reported.
Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly.
Shares in the cryptocurrency exchange have rallied nearly 300% this year, and the latest chart pattern suggests further gains could still be in the offing.
Shares in Nasdaq-listed cryptocurrency exchange Coinbase (COIN) have surged nearly 300% this year, outperforming leading cryptocurrency bitcoin (BTC) by a significant margin. Per Fairlead Strategies, further gains could be in the offing, as COIN is on track to confirm a long-term base pattern breakout.
Basing involves an asset consolidating in a price range for a prolonged time following a significant sell-off. The energy built up during the consolidation is unleashed in the direction in which the base is breached, that is, to the higher side, in case of a bullish breakout.
“COIN is likely to confirm a long-term base breakout this Friday above near $116 resistance. The breakout is a positive long-term development, suggesting the primary trend has shifted higher,” Fairlead’s analysts team, led by founder and managing partner Katie Stockton, said in a note to clients Monday.
According to analysts, the base breakout has opened doors for a rally toward resistance at $160 and potentially $200.
The chart shows COIN crashed in the first half of 2022, subsequently entering a 15-month-long base formation between $30 and $116.
Last week, prices moved past $116, the upper end of the base pattern, signaling a breakout. The bullish development will be confirmed, assuming prices hold above the said level this Friday. Traders often look for consecutive weekly or daily closes above resistance to confirm breakouts.
The Ministry of Transport has just issued Circular 34/2023 amending and supplementing some provisions of Circular 17/2019 on the pricing framework for passenger transport services on domestic flights.
Accordingly, the ceiling price for domestic flight tickets will be adjusted upwards from April 1, 2024. For flights with a distance of less than 500 km, the ceiling price is set at 1.6 million VND per ticket per leg for socio-economic development flight routes and 1.7 million VND per ticket per leg for other routes. The remaining groups of routes will experience price increases ranging from 50,000 to 250,000 VND per ticket per leg compared to the previous regulations, depending on the length of each route.
Specifically, for flights from 500 km to less than 850 km, the ceiling price is 2.25 million VND per ticket per leg; flights with a distance from 850 km to less than 1,000 km have a maximum price of 2.89 million VND per ticket per leg; flights from 1,000 km to less than 1,280 km have a ceiling price of 3.4 million VND per ticket per leg, and flights with a distance of 1,280 km or more are set at 4 million VND per ticket per leg.
The maximum price includes all passenger fees for an airline ticket, excluding value-added tax and revenues for airport authorities (including passenger service fees, passenger security fees, baggage fees; additional service fees for specific categories).
The members of the Vietnam Golf Coast Association (VGC) are currently experiencing a significant influx of tourists from East Asian countries, particularly South Korea, due to favorable winter weather conditions for golf.
Thanks to the mild year-round climate, golf courses in Central Vietnam have become an ideal destination for golfers from countries with harsh winter climates.
According to data from the Vietnam National Tourism Administration, South Korea has become a top market for Vietnam, with over 2.3 million visitors recorded in the first 8 months of 2023. This figure marks a 16-fold increase compared to the same period in 2022.
This trend is evident at premier golf clubs such as Ba Na Hills Golf Club and Laguna Golf Lang Co during the winter months, where tourists from East Asian countries seek to escape the cold weather at home and enjoy ideal golfing conditions.
Ba Na Hills Club golf course
Gary Dixon, the General Manager of Ba Na Hills Golf Club, stated, “Central Vietnam offers diverse experiences, from cuisine to entertainment and cultural values. Direct flights from major cities in East Asian countries to Da Nang have made it more convenient for tourists to come to Vietnam.”
Stephen Banks, the Golf Director at Laguna Golf Lang Co, added, “Tourists from East Asian countries truly appreciate Central Vietnam for its numerous golf options. Not only do they find high-quality golf courses, but Central Vietnam also provides ideal conditions for year-round golf. That’s why many golfers choose this destination to play golf during the winter months.”
VGC golf courses are also making efforts to attract a large number of visitors from East Asian countries. Laguna Lang Co, a complex with award-winning resorts such as Banyan Tree Lang Co, Angsana Lang Co, and Laguna Parkside Residences Lang Co, has even recruited talented Korean chefs to help East Asian visitors feel at home.
The expansion of international flight routes has further facilitated travel between Central Vietnam and South Korea. With a flight time of around 5 hours, there are now many airlines operating up to 20 direct flights per day, connecting major Korean cities such as Seoul and Busan to Da Nang.
Traveling to Central Vietnam has become easier and more convenient for tourists from other East Asian countries as well. In late March, the national airline, Vietnam Airlines, resumed its flight between Da Nang and Tokyo, Japan. Newly inaugurated flights in 2023 include Da Nang – Taipei (Taiwan) and Da Nang – Macau. Additionally, there are service flights between Da Nang and major cities in China such as Shanghai, Guangzhou, and Chengdu.
Vietnam has been honored in the category of Top Heritage Destination in the World 2023 at the World Travel Awards ceremony in Dubai (UAE).
According to the World Travel Awards on December 2, Vietnam surpassed other contenders, including Armenia, Brazil, Egypt, Greece, Japan, and Saudi Arabia, to claim this prestigious award. This marks the fourth time Vietnam has been recognized in the “Top Heritage Destination in the World” category, following acknowledgments in 2019, 2020, and 2022.
Notably, specific destinations in Vietnam, including Hanoi, Moc Chau (Son La), Tam Dao (Vinh Phuc), Ha Nam, and Phu Quoc (Kien Giang), also received awards in various significant categories.
The capital Hanoi won the “World’s Leading Short-Term Vacation Destination” award for the third consecutive time. Photo: Travel Associates.
In particular, the capital city Hanoi won the “Top Short Break Destination in the World” for the third consecutive time, surpassing heavyweight competitors such as Athens, Dubai, Hong Kong, Las Vegas, New York, Singapore, Sydney, and Tokyo.
Tam Dao (Vinh Phuc) received the award for the “Top World Tourist Town” for the second time, while Moc Chau (Son La) was honored as the “Top Local Natural Destination in the World.” Ha Nam province received its first award as the “Top Local Cultural Destination,” and Phu Quoc (Kien Giang) was recognized as the “Top World Natural Island.”
Diving to see coral is an experience loved by many tourists in Phu Quoc. Photo: OnBird Phu Quoc/Unsplash.
Several tourism businesses in Vietnam were also honored at the World Travel Awards 2023. Notably, Vietravel received the award for the “Top World Tour Operator” for the seventh consecutive time, and The Empyrean Cam Ranh Beach Resort in Khanh Hoa received the “Top World Entertainment Resort” award. The Sun World Fansipan Legend in Lao Cai received two awards for “Cultural Tourism Area” and “Top World Natural Landscape Tourism Area.”
The most prestigious award of the overall ceremony this year, “Top World Destination,” was presented to the Maldives, marking the fourth consecutive time this island nation has been recognized in this category.
The World Travel Awards (WTA) is considered the top global award in the travel industry, often referred to as the Oscars of tourism. Established in 1993, this annual event aims to honor, reward, and recognize outstanding organizations, businesses, and destinations in the field of travel.
The American travel magazine Travel + Leisure has provided suggestions for international travelers on 14 destinations to visit in Asia in 2024, including Hue in Vietnam.
Tourists check-in at the famous incense village of Hue. Photo: Dien Quang.
Experts from Travel + Leisure consider Hue as an “ideal destination for relaxation” when visiting Vietnam, with the best time to visit being from January to April.
The American travel magazine recommends travelers to explore the imperial city of Hue, discover the tombs of the Nguyen dynasty kings, and visit sacred pagodas such as Thien Mu Pagoda, Tu Dam Pagoda, and Huyen Khong Son Thuong Pagoda. Taking a boat trip on the Perfume River, listening to traditional Hue music, and admiring the picturesque natural scenery along both riverbanks are also fascinating experiences when in Hue.
Additionally, tourists can visit a brewery, go camping, trekking, and enjoy waterfall baths at Voi Stream. The Hoi Quyen Arena, a unique historical site where battles between elephants and tigers took place under the Nguyen dynasty, is another must-visit location in the area.
From Hue, travelers can easily visit Da Nang, a famous tourist city. If you plan to visit the ancient capital in June, you can combine it with enjoying impressive performances at the Da Nang International Fireworks Festival.
According to Travel + Leisure magazine, the destinations in Asia offer a combination of attractive elements for a trip, such as tropical rainforests, towering mountain peaks, sacred ancient temples, bustling cities, pristine beaches, and colorful festivals.
In addition, the magazine suggests other destinations on the list, including Palawan (Philippines), Takayama (Japan), the Red Sea (Saudi Arabia), Incheon (South Korea), Pak Chong (Thailand), Zhangjiajie (China), Saint John Island (Singapore), Kratie (Cambodia), Cameron Highlands (Malaysia), Mirissa (Sri Lanka), Meghalaya (India), Ras Al Khaimah (UAE), and Taipei (Taiwan).
Travel + Leisure, renowned for its World’s Best Awards, annually ranks airports, cities, hotels, cruise ships, and islands based on reader surveys.
Phu Quoc Island has been honored for the second time as the “World’s Leading Island Destination for Natural Beauty” at the 2023 World Travel Awards held in the United Arab Emirates.
Phu Quoc surpassed renowned island destinations such as Antigua and Barbuda, the Dominican Republic, the Isle of Skye (Scotland), the Lofoten Islands (Norway), Reunion Island, and Zanzibar (Tanzania) to clinch this year’s award.
Hoang Hoan town on Phu Quoc island
The waters around Phu Quoc comprise 22 large and small islands, covering a total area of 573 km2, making it the largest island in Vietnam. In 2021, Phu Quoc became Vietnam’s first island city. The island boasts a mild climate, warm sunshine throughout the year, picturesque hills, lush virgin forests, diverse beaches with fine white sand, crystal-clear waters, and pristine beauty. Notably, the Phu Quoc National Park and the Phu Quoc Marine Protected Area constitute over two-thirds of the natural area and are the core of the Kien Giang Biosphere Reserve.
The World Travel Awards 2023 also recognized Vietnam as the “World’s Leading Heritage Destination for 2023.” This marks Vietnam’s fourth time receiving this prestigious award, having previously won in 2019, 2020, and 2022. Hanoi was honored as the “World’s Leading City Destination for 2023,” Moc Chau was acknowledged as the “World’s Leading Local Nature Destination,” Ha Nam received the award for the “World’s Leading Local Cultural Destination,” and Tam Dao was named the “World’s Leading Town Destination.”
Furthermore, various Vietnamese travel agencies and companies received awards, with Vietravel securing the title of “World’s Leading Tour Operator” for the seventh consecutive year since 2017. Sun World Fansipan Legend in Lao Cai received a double accolade for the “World’s Leading Cultural Destination” and “World’s Leading Natural Landscape Destination for 2023.”
Information from the Ho Chi Minh City Tourism Department reveals that the list of “Ho Chi Minh City – 100 interesting things” was announced on the evening of December 3.
Accordingly, 10 fascinating Ho Chi Minh City tours include: Saigon Special Forces Base; Double-decker bus tour of Ho Chi Minh City; Sunset cruise on the Saigon River; Cycling – A peaceful day on the land of steel; Saigon street wandering on Saturday evenings…
The list of 10 interesting attractions includes: Ao Dai Museum; War Remnants Museum; Ho Chi Minh City Fine Arts Museum; Special National Historical Relic Independence Palace; Saigon Special Forces Base System; Notre-Dame Cathedral Basilica of Saigon – Ho Chi Minh City Post Office…
International tourists in Ho Chi Minh City (Photo: Chi Hung)
The list also features 10 interesting check-in points; 10 entertainment venues, interesting entertainment programs; 10 interesting travel accommodation facilities; 10 interesting restaurants and eateries; 10 interesting cafes; 10 interesting shopping spots; 10 interesting tourism, cultural, sports events; and 10 interesting and delicious dishes.
The dishes in Ho Chi Minh City voted as interesting include: banh mi, mixed rice paper salad, banh xeo, broken rice, and hu tieu… These are familiar dishes to tourists when visiting the region.
Earlier, since December 2022, the program “Ho Chi Minh City – 100 interesting things” has been launched. Until now, the program has received more than 104,000 votes for 10 criteria. Through synthesis, evaluation, and selection, the Selection Council has compiled the list of 100 interesting things in the city for 2023.
Sharing at the announcement event, Vice Chairman of the Ho Chi Minh City People’s Committee, Mr. Nguyen Van Dung, stated that the city is a land of openness, generosity, always ready to embrace and reconcile all differences to create its own unique identity. The vibrant experiences in the locality are created thanks to diversity in culture, cuisine, art, tourist attractions, and many other interesting aspects.
The city’s leadership hopes that the recognized units in the list will continue to receive the support of the people and tourists in the coming time. Along with that, these units need to maintain and improve service quality, contributing to enhancing the brand and competitiveness of tourism in Ho Chi Minh City.
Information from the Ho Chi Minh City Statistics Office reveals that in the accumulated 11 months of 2023, the revenue from accommodation and dining in the area reached over VND 99.3 trillion, an increase of 30.2% compared to the same period; tourism revenue is estimated at VND 10,075.7 billion, a significant increase of 70.2% compared to the same period.
Embark on a captivating odyssey through Vietnam, a nation that unfolds a rich tapestry of history, culture, and natural wonders. From the vibrant urban centers to the tranquil landscapes, Vietnam beckons travelers with experiences that linger in memory. The bustling cities, steeped in tradition and modernity, invite exploration, while serene landscapes like Ha Long Bay and Sapa offer breathtaking escapes.
This virtual journey through Vietnam unveils must-do activities that define its unique charm, creating an indelible mark on the soul. For an immersive exploration, consider Vietnam vacation packages that weave together the diverse offerings of this Southeast Asian gem, ensuring a seamless and enriching experience for those seeking the extraordinary in their travels.
Hanoi: The Cultural Heartbeat
The odyssey commences in Hanoi, Vietnam’s cultural and political nucleus, setting the stage for enchanting experiences. Hanoi seamlessly intertwines ancient traditions with modern life, offering a treasure trove of cultural immersion. Begin your journey in the Old Quarter, a historic district where every street narrates a unique tale. Navigate through narrow lanes adorned with centuries-old architecture, vibrant markets, and the tantalizing aroma of Vietnamese cuisine. For couples seeking a romantic touch to their exploration, consider Vietnam packages for couples that enhance the allure of Hanoi.
Ha Long Bay: A Surreal Seascape
No Vietnam odyssey is complete without a visit to Ha Long Bay, a UNESCO World Heritage Site renowned for its breathtaking beauty. Cruise through emerald waters surrounded by thousands of limestone karsts and islets that create a surreal seascape. Explore hidden caves, kayak through limestone formations, and witness the enchanting bay transform with the colors of sunrise or sunset. Spending a night on a traditional junk boat beneath the starlit sky adds a touch of magic to this ethereal experience.
Hoi An: Lantern-Lit Tranquility
Continuing the odyssey, Hoi An beckons with its lantern-lit streets and ancient charm. A UNESCO-listed town, Hoi An’s Old Town is adorned with traditional wooden houses, ancient temples, and vibrant markets. For an authentic experience, delve into the town’s tailor shops, renowned for crafting custom-made clothing. The monthly Full Moon Lantern Festival bathes Hoi An in a mesmerizing glow, creating an ambiance of tranquility and cultural richness.
Sapa: Trekking Amidst Terraced Fields
For those seeking adventure amidst natural beauty, Sapa in northern Vietnam offers a trekking paradise. The region is famed for its terraced rice fields, creating a stunning mosaic on the mountainside. Join a guided trek to explore ethnic minority villages, interact with locals, and witness the unique customs of these communities. Sapa’s landscapes, with their terraced fields and mountainous vistas, provide a serene escape into the heart of Vietnam.
Ho Chi Minh City: The Vibrant Metropolis
Formerly known as Saigon, Ho Chi Minh City pulsates with vibrant energy. Skyscrapers stand side by side with French colonial-era buildings, reflecting the city’s complex history. Dive into the lively atmosphere of the Ben Thanh Market, where the street food scene offers a tantalizing array of flavors. Explore the poignant history of the Vietnam War at the War Remnants Museum, and take a leisurely stroll along Dong Khoi Street to experience the city’s modernity and nightlife.
Mekong Delta: Navigating Waterways
The odyssey ventures into the Mekong Delta, often referred to as the “Rice Bowl” of Vietnam. Join a boat tour to navigate the intricate waterways and witness the unique floating markets. Experience the daily life of the locals, where houses, markets, and even schools seem to defy gravity by floating on the water. The Mekong Delta offers a tranquil escape, allowing for a deeper connection with the riverine culture of Vietnam.
Vietnam’s Pristine Beaches: Coastal Retreats
Vietnam’s extensive coastline is adorned with pristine beaches that beckon travelers seeking relaxation. From the golden sands of Phu Quoc Island to the vibrant coastal town of Nha Trang, Vietnam’s beaches offer a perfect balance to the cultural and historical experiences found in its cities and towns. Engage in water activities, unwind under the sun, or simply savor the coastal beauty that defines these idyllic retreats.
Culinary Delights: A Gastronomic Odyssey
No Vietnam odyssey is complete without indulging in its rich and diverse cuisine. Dive into a bowl of pho, the iconic Vietnamese noodle soup, and savor the fresh and flavorful spring rolls. Explore the vibrant street food scenes in Hanoi and Ho Chi Minh City, and consider joining a cooking class to learn the art of crafting traditional Vietnamese dishes. The culinary odyssey in Vietnam is a journey of taste that reflects the country’s cultural diversity.
Water Puppetry: A Unique Cultural Performance
Immerse yourself in Vietnam’s traditional water puppetry, an art form dating back to the 11th century. Witness skilled puppeteers control intricately crafted puppets on a stage submerged in water, bringing to life traditional folk tales and stories. Attend a water puppet show in Hanoi or Ho Chi Minh City for a captivating cultural experience that adds a unique layer to your Vietnam odyssey.
Homestays: Cultural Connections
To truly connect with the local way of life, consider staying in homestays. Many rural areas in Vietnam offer this authentic experience, allowing you to live with local families, participate in daily activities, and gain a deeper understanding of Vietnamese life. Homestays provide a genuine connection with the community, fostering cultural exchange and leaving you with lasting memories of your Vietnam odyssey.
In conclusion, Vietnam unfolds as a tapestry of experiences, each thread weaving together history, culture, nature, and hospitality. From the vibrant streets of Hanoi to the tranquil beauty of Ha Long Bay, the lantern-lit charm of Hoi An to the bustling energy of Ho Chi Minh City, Vietnam offers a journey that transcends borders and leaves an indelible mark on the traveler’s soul. The odyssey through Vietnam is an exploration of diversity, a celebration of tradition, and an immersion into the timeless allure of this Southeast Asian gem.
The “basis trade,” a standout in the 2020/2021 bull market, is hinting at a resurgence, one observer said, referring to the rising futures premium.
The market-neutral bitcoin “basis” trade offers an annualized double-digit return as futures premium rise above 10%.
The strategy could become more attractive with the launch of spot ETFs next year, one analyst said.
Bitcoin (BTC), the leading cryptocurrency by market value, has surged past $41,000 for the first time since April 2022.
While the rally is undoubtedly good news for directional traders, market-neutral traders who intend to make steady returns irrespective of price trends need not feel left behind, as return on such strategies is steadily climbing.
The bitcoin cash and carry arbitrage or the so-called basis trade, a market-neutral strategy seeking to profit from mispricings in the spot and futures market, now offers at least 10% annualized return, data from crypto derivatives exchange Deribit show. The basis is the difference between prices for futures and the spot price of the underlying asset.
The strategy involves taking a long position in the spot market and simultaneously selling futures when futures are trading at a premium to the spot price. Setting opposing positions helps traders collect a fixed return as the premium evaporates over time and converges with the spot price on the futures contract’s expiry date, irrespective of the spot market trend.
Front-month, three-month and longer-dated futures contracts listed on Deribit traded at an annualized premium of 8% to 12% at press time. In other words, a trader setting a cash and carry strategy today can expect an 8% to 12% return (excluding trading costs) from the mispricing in the two markets.
“The cash-carry basis trade, a standout in the 2020/2021 bull market, is hinting at a resurgence. Currently, the futures basis is hovering near YTD highs, around 10%,” crypto quant researcher Samneet Chepal told CoinDesk.
The basis trade now offers a notably higher return compared to the so-called risk-free rate of 4.2% offered by the U.S. 10-year Treasury note. That said, the spread between yields on the basis trade and the 10-year note is nowhere close to what we saw in early 2021 when three-month BTC futures traded at a premium of 40% and the 10-year note yielded around 1.5%. But things could improve, assuming BTC extends the recent bull run.
“This could be just the beginning. With ETF news expected in early Q1 next year, we might see these numbers climb even higher, potentially surpassing previous cycle highs,” Chepal added.
All else being equal, futures contracts typically trade at a premium to the spot price, and the premium widens during bull runs. Bitcoin has risen 54% since Oct. 1, for several reasons, including the expected launch of one or more spot-based exchange-traded funds in the U.S.
Deribit attributes this surge to a confluence of factors, including widespread optimism in anticipation of the pending ETF decision, easing concerns following the settlement of Binance’s legal matters, escalating geopolitical tensions, and the steady increase in institutional engagement, the exchange’s Chief Commercial Officer Luuk Strijers told CoinDesk.
“Another supporting sign is the futures basis rising beyond 10%, a strong indicator of current market sentiment,” Strijers said.
Overall market capitalization has risen 3% in the past 24 hours to reach a level previously seen in April 2022.
Bitcoin (BTC) and ether (ETH) added as much as 4% in the past 24 hours as optimism around a possible spot exchange-traded fund (ETF) approval in the U.S. continued to grow, and peak prices in gold added to tailwinds.
BTC crossed the $41,000 mark early Monday, extending year-to-date gains to over 152%.
Data from CoinGlass show, exchanges have liquidated crypto perpetual futures positions worth $220 million over the weekend. Bullish longs accounted for nearly 85% of the tally.
Over $120 million worth of bitcoin shorts, referring to bets against price rises, have been liquidated since Friday. Elsewhere, open interest grew 6% on Monday as traders increased leveraged positions to bet on further volatility.
Meanwhile, analysts at Coinanlyze told CoinDesk in an X message that open interest on the exchange BitMEX spiked 90% within hours to $420 million from over $200 million on Saturday – indicating a large player had opened massive bets on the platform.
Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly.
Around 1,700 individuals took part in a recent event, united in their message against all types of gender-based violence – whether physical, mental, sexual, or taking place online.
This marked the second occasion that the Center for Studies and Applied Sciences in Gender – Family – Women and Adolescents (CSAGA) and the United Nations Population Fund (UNFPA) in Vietnam co-organized the event. Compared to the previous year, the number of participants had increased by more than four times, with almost half of them being men.
Ms. Nguyen Van Anh – Director of CSAGA spoke at the opening ceremony
The running race was a response to Vietnam’s National Action Month on gender equality, preventing, and responding to gender-based violence, which ran from November 15 to December 15, 2023.
Mr. Matt Jackson, the UNFPA Chief Representative in Vietnam, emphasized the event’s significance, stating that it demonstrated a strong commitment to ending domestic and gender-based violence in both the physical and virtual world. He further highlighted the importance of everyone having the right to bodily autonomy and equal access to sexual and reproductive health. The event was an action towards achieving the common goal of ensuring all women, girls, and young people can live a life free of violence.
Athletes participate in running around Hoan Kiem Lake. Photo: TTXVNMany foreign athletes participate in the running race. Photo: TTXVN
Violence against women and girls can occur anywhere – in homes, schools, workplaces, parks, public transport, and online environments. Globally, in 2022, one in five women experienced physical or sexual violence.
