Chris Campbell, Chief Strategist at Duff & Phelps Institute, joins Yahoo Finance's Julie Hyman, Adam Shapiro, Dan Roberts and Lending Tree's chief economist, Tendayi Kapfidze to discuss the Hong Kong crisis and what it means for investors.
Chris Campbell, Chief Strategist at Duff & Phelps Institute, joins Yahoo Finance's Julie Hyman, Adam Shapiro, Dan Roberts and Lending Tree's chief economist, Tendayi Kapfidze to discuss the Hong Kong crisis and what it means for investors.
Gold slid more than 1.5% to hover near a nine-month low on Wednesday as elevated U.S. Treasury yields and a stronger dollar hammered the non-yielding metal's appeal. Spot gold was down 1.6% at $1,710.71 per ounce by 10:04 a.m. ET (1504 GMT), having dropped to its lowest since June 15 at $1,706.70 on Tuesday. Benchmark U.S. 10-year Treasury yields crept back towards a one-year peak reached last week, while the dollar rose 0.3%.
(Bloomberg) -- To the outside world, Wall Street banks looked like great places to be last year, as they printed profits during the pandemic slump. To those inside, they now look like great places to leave, too.Technology upstarts and investment firms are offering some unusually attractive opportunities to seasoned Wall Street professionals, including shots at multiplying their paychecks -- an allure all the greater after banks showed restraint in doling out rewards for 2020. Exits are now proliferating as bonus season wraps up.A pair of Goldman Sachs Group Inc. partners, including an architect of its consumer business, became the latest examples over the weekend by giving up their coveted spots for an unconventional alternative: Walmart Inc.’s nascent financial-technology venture. A day later, news broke that another top Goldman executive left to join Tiger Global Management.While Walmart certainly isn’t Wall Street, recruiters and industry veterans say the allure of such an opportunity is obvious: A shot at building something from scratch with enough resources to challenge incumbent players. That’s not to mention the potential riches if the new business succeeds.“These people are very motivated, they’re super smart and they set goals for themselves,” said Noor Menai, chief executive officer of CTBC Bank USA. They’re saying, “‘I built this, now I need to build something else.’”Fintech is a hot space right now. Venture capital firms are pumping money into young companies. Businesses focused on cryptocurrencies, payments, financial advice and no-fee trading are taking off.Companies embarking into financial services need experienced people -- not so much generic investment bankers or management consultants, but those who understand the intricate, unsexy details of consumer banking, like consumer protection and lending risk, said Menai.A division chief making $10 million to $15 million at a top bank can make two to three times that taking the helm of a company, with more upside over time, one senior executive estimated.The Goldman consumer bankers -- Omer Ismail and his deputy David Stark -- had scored promotions in recent months to carry out the 152-year-old firm’s biggest strategy refresh in decades. So it wasn’t that Ismail was looking to leave Goldman but that an opportunity arose to make a big impact.Walmart announced plans in January to build a fintech business with Ribbit Capital, a venture capital firm. Though they’ve disclosed few details on their aspirations beyond saying it will serve Walmart shoppers and associates, the companies’ resources and credibility are enough to get Wall Street buzzing. JPMorgan Chase & Co. CEO Jamie Dimon pointed to Walmart during a Bloomberg Television interview Monday when asked about the competitive environment.Jumps to investment firms are an older phenomenon, but they could pick up this year as senior money managers look to pass the torch or reinvest their profits from the bull market.On Monday it emerged that Eric Lane, who became Goldman’s co-head of asset management less than six months ago, would join Chase Coleman’s Tiger Global as president and operating chief. The move evoked memories of investment-bank boss Gregg Lemkau’s recent exit for billionaire Michael Dell’s investment firm.Despite their windfall last year, Wall Street banks are under pressure to improve shareholder returns by holding down costs -- especially as some firms set aside cash to cover potential losses on loans. Keeping a tight hand on compensation helped big banks post results that sent some of their stock prices to record heights in recent weeks.Initial recruiting packages may offer an immediate boost and have the potential to get dwarfed by greater payouts down the line if the venture proves successful. Closely held companies with external investors, like Walmart’s tie-up with Ribbit, can offer profit-sharing plans or equity awards separate from the parent company’s publicly traded stock.“If Newco is being set up with an equity plan there could be substantial wealth creation realized while building something new,” said Charley Polachi, who runs executive search firm Polachi.Money, however, isn’t the primary driver for many making the shift from finance to fintech, said Jon Pomeranz, a partner at executive search firm True Search in charge of those two areas.“It’s the build,” he said. “The opportunity to be linked up with a brand that’s known by billions of consumers around the world -- and the opportunity to get into an organization where you can build a differentiated financial-services company.”(Updates with recruiter quote in 15th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Dublin is the favorite destination for finance firms moving jobs into the European Union after Brexit, according to a study by consultancy EY.Three dozen financial services firms are considering moving some U.K. operations to the Irish capital, or have already done so, the review found. Luxembourg is second, attracting 29 companies in total, followed by Frankfurt, which has drawn 23. Twenty businesses are moving business to Paris, according to EY’s survey of public statements by 222 firms through February.Finance firms have announced that about 7,600 jobs will move from the U.K. to the bloc -- an increase of about 100 since EY’s last tracker, published in October. Almost 1.3 trillion pounds ($1.8 trillion) of assets have also moved, up about 100 billion pounds.Some companies have pulled back from the U.K. as policy makers try to establish how much access to the EU’s markets London will have. Think-tank Bruegel said in 2018 that the City could ultimately lose 10,000 banking jobs and 20,000 roles in the financial services industry.There are other signs that some aspects of London’s decades-long dominance of European finance is eroding. This year, the capital lost its crown to Amsterdam as Europe’s top place to buy and sell stock while traders have shifted some interest-rate swaps out of the U.K.“The push and pull of markets across Europe for business historically led from the U.K. continues,” EY partner Omar Ali said. “Such ongoing uncertainty poses the risk of fragmented markets, which is inefficient and costly for all financial services users and potentially damaging to the global competitiveness of both the UK and EU.”(Updates with comment in final paragraph. An earlier version of the story corrected million to billion in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Stocks climbed as confidence returned to markets, with investors shaking off concern about the impacts of higher Treasury yields.In a broad-based rally, the S&P 500 notched its biggest advance in almost nine months, the Nasdaq Composite jumped 3% while the Russell 2000 of small caps outperformed. GameStop Corp. added to last week’s surge of over 150%, with retail investors promoting the stock on social-media platforms such as Reddit and StockTwits. After the close of regular trading, Zoom Video Communications Inc. soared as its revenue forecast topped Wall Street’s estimates.Read: Stock Bulls Have Stopped Pretending to Care About Balance SheetsLonger-dated Treasuries resumed their selloff even as intermediate maturities found support, with traders priming themselves for how Federal Reserve officials slated to speak this week might respond to the recent tumult. Investors piled back into risk assets as stocks rebounded following a rout that was triggered by concern that massive stimulus as well as progress in battling the coronavirus have left some areas of the economy at risk of possibly overheating. The S&P 500 extended a rally from its March 2020 lows to about 75%.“Equity investors are still looking at the rise in rates mostly as ‘a good thing’ and not yet as a threat, notwithstanding some shaking of the tree in high multiple stocks and other parts of the market last week,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group. “The benefits of the vaccines versus the challenge of higher rates will be the theme this year.”Read: Investors Poured Record $86 Billion Into Equity ETFs in FebruaryBitcoin rallied after a volatile weekend session, riding a broad resurgence in risk assets and a bullish report from Citigroup Inc. The bank’s strategists laid out a case for the digital asset to play a bigger role in the global financial system, saying the cryptocurrency could become “the currency of choice for international trade” in the years ahead.There are some key events to watch this week:U.S. Federal Reserve Beige Book is due Wednesday.OPEC+ meeting on output Thursday.U.S. factory orders, initial jobless claims and durable goods orders are due Thursday.The February U.S. employment report on Friday will provide an update on the speed and direction of the nation’s labor market recovery.These are some of the main moves in markets:StocksThe S&P 500 Index surged 2.4% as of 4 p.m. New York time.The Stoxx Europe 600 Index climbed 1.8%.The MSCI Asia Pacific Index advanced 1.8%.The MSCI Emerging Market Index rose 1.7%.CurrenciesThe Bloomberg Dollar Spot Index dipped 0.1%.The euro declined 0.2% to $1.2046.The Japanese yen depreciated 0.2% to 106.78 per dollar.BondsThe yield on 10-year Treasuries rose two basis points to 1.43%.Germany’s 10-year yield sank seven basis points to -0.33%.Britain’s 10-year yield declined six basis points to 0.759%.CommoditiesWest Texas Intermediate crude declined 1.8% to $60.40 a barrel.Gold fell 0.6% to $1,723.42 an ounce.Silver dropped 0.6% to $26.51 per ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Rocket Companies Inc (NYSE: RKT) founder Dan Gilbert’s wealth got a $25 billion booster on Tuesday as the holding company gets the attention of retail investors on Reddit’s r/WallStreetBets, according to Bloomberg Billionaire’s Index. What Happened: Gilbert, Age 59, has moved up 19 spots to No. 16 on the index that tracks 500 of the world’s richest. A large chunk of Gilbert’s fortune, 93% to be precise, is comprised of his stake in Rocket, reported Bloomberg. See also: How to Buy Rocket Companies (RKT) Stock Why It Matters: The one-day jump in Gilbert’s wealth is the largest so far in the year, noted Bloomberg. As of press time, Detroit-based Rocket Companies with subsidiaries such as Rocket Mortgage and Quicken Loans was the most discussed company on WallStreetBets, according to SwaggyStocks data. WallStreetBets investors previously carried out short squeezes in the stocks of GameStop Corp (NYSE: GME), AMC Entertainment Holdings Inc (NYSE: AMC), Nokia Oyj (NYSE: NOK), BlackBerry Ltd (NYSE: BB), and others. Rocket reported 162% revenue growth and 350% growth in net income for the fourth quarter, which beat analyst estimates. The company’s shares have shot up since last Friday. S3 Partners data indicates the Rocket has currently $1.2 billion in short interest — making it one of the most shorted stocks in the market. Price Action: Rocket shares traded nearly 8.2% lower at $38.20 in after-hours trading on Tuesday after shooting up almost 71.2% in the regular session. Photo by Steve Jennings on Wikimedia See more from BenzingaClick here for options trades from BenzingaRocket Companies Overtakes GameStop, Palantir As WallStreetBets' Top Interest© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Bond traders have been saying for years that liquidity is there in the world’s biggest bond market, except when you really need it.Last week’s startling gyrations in U.S. Treasury yields may offer fresh backing for that mantra, and prompt another bout of soul-searching in a $21 trillion market that forms the bedrock of global finance. While stocks are prone to sudden swings, such episodes are supposed to be few and far between in a government-debt market that sets the benchmark risk-free rate for much of the world.Yet jarring moves occur periodically in Treasuries, forming a bit of a mystery as no two events have been the same. Some point to heightened bank regulations in the wake of the 2008 financial crisis. Scrutiny over liquidity shortfalls intensified in October 2014 when a 12-minute crash and rebound in yields happened with no apparent trigger. Panic selling during the pandemic-fueled chaos a year ago, exacerbated when hedge funds’ leveraged wagers blew up, brought the issue to the fore again.And then came last week, when the gap between bid and offer prices for 30-year bonds hit the widest since the panic of March 2020.The latest events “are a stark reminder what happens when liquidity suddenly vanishes in the deepest, largest bond market,” said Ben Emons, managing director of global macro strategy at Medley Global Advisors.At issue is whether this vast market is more vulnerable to sudden bouts of turbulence thanks to measures that have made it more difficult for banks to hold Treasuries. Some analysts say the tumult last week was magnified by questions over whether the Federal Reserve will extend an easing of bank capital requirements, which is set to end March 31. Put in place early on in the pandemic, the measure is seen as making it easier for banks to add Treasuries to their balance sheets.The 2014 episode triggered a deep dive into the market structure, and regulators have pushed through some changes -- such as increased transparency -- and speculation has grown that more steps to bolster the market’s structure may be ahead.“While the scale and speed of flows associated with the COVID shock are likely pretty far out in the tail of the probability distribution, the crisis highlighted vulnerabilities in the critically important Treasury market that warrant careful analysis,” Fed Governor Lael Brainard said Monday in prepared remarks to the Institute of International Bankers.There are plenty of potential culprits in last week’s bond-market tumble -- which has since mostly reversed -- from improving economic readings to more technical drivers. Ultra-loose Fed policy and the prospect of fresh U.S. fiscal stimulus have investors betting on quicker growth and inflation. Add to that a wave of convexity hedgers, and unwinding by big trend-following investors -- such as commodity trading advisers.Based on Bloomberg’s U.S. Government Securities Liquidity Index, a gauge of how far yields are deviating from a fair-value model, liquidity conditions worsened recently, though it was nothing like what was seen in March.For Zoltan Pozsar, a strategist at Credit Suisse, the action began in Asia with bond investors reacting to perceived hawkish signs from the central banks of Australia and New Zealand. That sentiment then carried over into the U.S. as carry trades and other levered positions in the bond market were wiped out. A disastrous auction of seven-year notes on Thursday added fuel to the unraveling.Last week’s drama “brings to mind other notable episodes in recent years in which a deterioration in the Treasury market microstructure was primarily to blame,” JPMorgan & Chase Co. strategist Henry St John wrote in a note with colleagues.One key gauge of Treasury liquidity -- market depth, or the ability to trade without substantially moving prices -- plunged in March 2020 to levels not seen since the 2008 crisis, according to data compiled by JPMorgan. That severe degree of liquidity shortfall didn’t resurface last week.The bond-market rout only briefly took a toll on share prices last week, with equities surging to start this week, following a sharp retreat in Treasury yields amid month-end buying.The Fed cut rates to nearly zero in March 2020, launched a raft of emergency lending facilities and ramped up bond buying to ensure low borrowing costs and smooth market functioning. That breakdown in functioning has sparked calls for change from regulators and market participants alike.GLOBAL INSIGHT: Recovery? Yes. Tantrum? No. Yield Driver ModelFor now, Treasuries have settled down. Pozsar notes that the jump in yields has provided an opportunity for some value investors to swoop in and pick up extra yield, effectively helping offset the impact of the leveraged investors who scrambled for the exits last week.“Some levered players were shaken out of their positions,” Pozsar said in a forthcoming episode of Bloomberg’s Odd Lots podcast. “It’s not comfortable -- especially if you’re on the wrong side of the trade -- but I don’t think that we should be going down a path where we should redesign the Treasury market.”Why Liquidity Is a Simple Idea But Hard to Nail Down: QuickTake(Updates with details on Bloomberg’s liquidity index in 10th paragraph, and a chart)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A $232 million investment has ballooned into a $5.9 billion stake.
A bill in Congress would give families up to $300 a month per child starting this summer.
ASML Holding NV has extended a deal to sell chip manufacturing equipment to Semiconductor Manufacturing International Corp, China's largest chipmaker, until the end of this year, the Dutch company said in a statement on Wednesday. ASML made the statement after SMIC on Wednesday disclosed a volume purchase agreement under which it has already spent $1.2 billion with the toolmaker. In a clarifying statement issued several hours later, ASML said the agreement began in 2018 and was slated to expire at the end of 2020, but the two companies agreed in February to extend the deal to the end of this year.
A former board member of Tesla Inc (NASDAQ: TSLA) said Tuesday that the company is unlikely to remain the “king of the hill” in electric vehicles forever, CNBC reported. What Happened: Steve Westly said on CNBC’s “Power Lunch” that he had been bullish on the Elon Musk-led automaker for the last 10 years and it’s “hard to imagine an auto company executing better than Tesla has.” Westly pointed to the company’s latest earnings release in January where it said it had a “multi-year horizon” and expected to achieve 50% average annual growth in vehicle deliveries. See also: How to Invest in Tesla Stock “No one else in the auto world is doing that. Having said that, Tesla is not going to be king of the hill in electric forever,” said Westly. Why It Matters: The venture capitalist noted that there have been large-scale commitments on EVs from legacy automakers such as General Motors Company (NYSE: GM) and Volkswagen AG (OTC: VWAGY). “Tesla is not just getting hit from the high end,” said Westly on the availability of EVs from Volkswagen marques such as Audi and Porsche. Tesla also faces increased competition from Chinese EV rivals, which have more affordable offerings. The analyst noted increased competition in Europe where according to him the company was “No. 1, they’re now No. 4.” See Also: Tesla's Share Of European EV Market Reduced To 3.5% “They’re getting competition from all sectors. They’re going to have to double down to compete.” Tesla’s plans to make a more affordable $25,000 vehicle have left Chinese rivals such as Xpeng Inc (NYSE: XPEV), Nio Inc (NYSE: NIO), and others unfazed. In January, a two-door $4,500 EV made by Wuling — a joint venture of GM and state-owned SAIC Motor — outsold Tesla’s Model 3 in China by nearly two-to-one. Price Action: Tesla shares closed 4.45% lower at $686.44 on Tuesday and gained 0.34% in the after-hours session. Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. See more from BenzingaClick here for options trades from BenzingaNio Says Chip Shortage Will Hit EV Production In Q2Such Popularity, Much Wow! Dogecoin Now Available At 1,800 ATMs Across US© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Japanese carmaker Toyota, which has its U.S. headquarters and a factory in Texas, said it was looking into the move by Governor Greg Abbott to roll back the mask mandate, and it doesn't contemplate any immediate changes. "The early read is – no change for us," Toyota spokesman Scott Vazin said.
Bitcoin passed its tenth anniversary of the release of its whitepaper, first introducing it to the world, in 2018. But assessments of the cryptocurrency's impact in the last decade or so have mostly been negative. Is bitcoin useless?
Heavily shorted mortgage provider Rocket Companies saw its stock surge on Tuesday, in an eye-popping move reminiscent of the rallies that powered GameStop and other so-called meme stocks earlier in the year. Shares of Rocket, the parent company of Quicken Loans, closed up 71.2% at $41.60 after being halted several times for volatility. The outsized move puts Rocket among the stocks that have experienced wild gyrations after becoming a focus of investors on sites such as Reddit’s WallStreetBets, where mentions of the company have multiplied in recent days.
(Bloomberg) -- Intel Corp. was told to pay VLSI Technology LLC $2.18 billion by a federal jury in Texas after losing a patent-infringement trial over technology related to chip-making, one of the largest patent-damages award in U.S. history. Intel pledged to appeal.Intel infringed two patents owned by closely held VLSI, the jury in Waco, Texas, said Tuesday. The jury found $1.5 billion for infringement of one patent and $675 million for infringement of the second. The jury rejected Intel’s denial of infringing either of the patents and its argument that one patent was invalid because it claimed to cover work done by Intel engineers.The patents had been owned by Dutch chipmaker NXP Semiconductors Inc., which would get a cut of any damage award, Intel lawyer William Lee of WilmerHale told jurors in closing arguments Monday. VLSI, founded four years ago, has no products and its only potential revenue is this lawsuit, he said.VLSI “took two patents off the shelf that hadn’t been used for 10 years and said, ‘We’d like $2 billion,”’ Lee told the jury. The “outrageous” demand by VLSI “would tax the true innovators.”He had argued that VLSI was entitled to no more than $2.2 million.“Intel strongly disagrees with today’s jury verdict,” the company said in a statement. “We intend to appeal and are confident that we will prevail.”Intel fell 2.6% to $61.24 in New York trading. The stock is up 23% since the beginning of the year.One of the patents was originally issued in 2012 to Freescale Semiconductor Inc. and the other in 2010 to SigmaTel Inc. Freescale bought SigmaTel and was in turn bought by NXP in 2015. The two patents in this case were transferred to VLSI in 2019, according to data compiled by Bloomberg Law.VLSI lawyer Morgan Chu of Irell & Manella said the patents cover inventions that increase the power and speed of processors, a key issue for competition.‘Willful Blindness’Federal law doesn’t require someone to know of a patent to be found to have infringed it, and Intel purposely didn’t look to see if it was using someone else’s inventions, he said. He accused the Santa Clara, California-based company of “willful blindness.”The jury said there was no willful infringement. A finding otherwise would have enabled District Court Judge Alan Albright to increase the award even further, to up to three times the amount set by the jury.“We are very pleased that the jury recognized the value of the innovations as reflected in the patents and are extremely happy with the jury verdict,” Michael Stolarski, chief executive of VLSI, said in an e-mailed statement.Officials with NXP couldn’t immediately be reached for comment.The damage request isn’t so high when the billions of chips sold by Intel are taken into account, Chu said. Intel paid MicroUnity Systems Engineering Corp. $300 million 2005 and in 2011 paid Nvidia Corp. $1.5 billion even though a settlement in that case involved a cross license of technology, he said.“Operating companies are going to be disturbed by not only the size of the award but also the damages theory,” said Michael Tomasulo, a Winston Strawn lawyer who attended the trial. “They more or less seemed to have bought the entire VLSI case.”The damage award is about half of Intel’s fourth-quarter profit. The company has dominated the $400 billion chip industry for most of the past 30 years, though it’s struggling to maintain that position.The verdict is smaller than the $2.5 billion verdict won by Merck & Co. over a hepatitis C treatment. It was later thrown out. Last year, Cisco Systems Inc. was told by a federal judge in Virginia to pay $1.9 billion to a small cybersecurity companies that accused it of copying a feature to steal away government contracts. Cisco has asked the judge for a new trial.The case is among the few in-person patent trials in recent months, with many courts pressing pause amid the coronavirus pandemic. It was delayed a week because of the winter storm that wreaked havoc across much of Texas.Intel had sought to postpone the case because of the pandemic, but was rejected by Albright, a former patent litigator and magistrate who was sworn in as a federal judge in 2018 and has quickly turned his courtroom into one of the most popular for patent owners to file suit.The case is VLSI Technology LLC v. Intel Corp., 21-57, U.S. District Court for the Western District of Texas (Waco).(Updates with VLSI comment in 12th paragraph. An earlier version corrected the spelling of law firm name in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The crypto custodian has had bitcoin on its own balance sheet since 2014, CEO Mike Belshe told CoinDesk.
Buffett has shared these bits of wisdom to protect your money from COVID.
Among investors, Buffett’s annual advice is eagerly awaited and closely followed.
The personal-finance superstar doesn’t want you running out of coin in your golden years.
One of the biggest names in the GameStop storyline of 2021 has lost his financial license. What Happened: Keith Gill is known by many names to investors and fans of GameStop Corp (NYSE: GME) stock. He is called Roaring Kitty and is also known as DeepF***ingvalue on Reddit. Gill found himself in the middle of the GameStop story after posting about large gains made from buying the stock prior to its 1,000% increase. It was later revealed that Gill was a registered financial broker. Gill no longer has his financial broker license, according to a Monday report from Reuters. Related Link: Wallstreetbets Trader Keith Gill Appears To Have Bought 50,000 More Shares Of GameStop Why It’s Important: Gill was registered as an agent with MML Investors Services LLC, a broker dealer arm for Mass Mutual. The company filed a termination request with FINRA to remove Gill’s broker license. The internal review cited “outside activities” as the reason for the filing. Gill’s last day of employment with MML Investors Services was Jan. 28. See also: How to Buy GameStop (GME) Stock Registrations are terminated when a person is no long longer employed at a registered firm, a FINRA spokeswoman told Reuters. Gill was sued last month, accused in a class action suit of violating security laws and causing “huge losses” for investors. Gill is expected to appear before Massachusetts regulators later this week, the Reuters report said. Shares of GameStop were trading 0.15% higher at $120.58 at last check Tuesday. Photo by Mike Mozart via Wikimedia. See more from BenzingaClick here for options trades from BenzingaWhat To Know About Dave Portnoy And The New BUZZ Social Media Sentiment ETFGreen Eggs & SPAC: What Could Tweet From Elon Musk Mean?© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Institutions are loading up on bull call spreads in anticipation of a continued bitcoin price rally.