Binance Chief Settles with US for $4.3B, Traders Bullish on Bitcoin Despite Stepping Down
• Binance chief CZ stepped down and pleaded guilty to violating US anti-money laundering laws as part of a $4.3B settlement with regulators
• According to Paradigm, options traders loaded up on topside Bitcoin call options after the Binance news, signaling bullish sentiment
• Traders bought 550 contracts of the Bitcoin $45K strike call expiring March 2024 on Deribit, paying $1.5M in premiums
• Call options continue trading at a premium relative to puts across maturities, indicating the market doesn't expect major fallout
• The sentiment is US regulators have cleaned up the industry, paving the way for approval of the first US spot Bitcoin ETF