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Bitcoin hits fresh record high after Nasdaq lists options on BlackRock's spot bitcoin ETF

For years, bitcoin won by being boring.

Investors weren’t able to do all that much with it besides buy and hold it. But that was precisely why the world’s largest cryptocurrency was valuable.

It was a commodity, like gold — or corn. It didn’t get too fancy on its offerings. In fact, bitcoin’s core team of developers has intentionally moved as slowly as possible on everything that touches the base blockchain specifically to avoid breaking things. That’s why many of crypto’s more cavalier coders headed to other blockchains to tinker and do things like build decentralized applications.

The approach worked. Traders poured their money into bitcoin not just because it was the OG coin but also because the network was robust and reliable, and they knew what they were getting. As solana reported hack after hack, bitcoin didn’t really change. The asset was volatile, but aside from a major system upgrade that took four years to design and green-light, bitcoin kept its status as the world’s biggest cryptocurrency by market cap by sticking to the status quo.

But times are changing for the original coin.

Developers are increasingly building on bitcoin’s base blockchain in unexpected ways. Wall Street is also decking the coin out with all its familiar trappings such as exchange-traded fund wrappers and allowing traders to hedge positions and make leveraged bets.

In January, spot bitcoin ETFs began trading, which opened the door to more mainstream investors. Last week, options on those spot crypto products finally started to go live on the Nasdaq and New York Stock Exchange. CBOE Global Markets is also set to list its first cash-settled bitcoin ETF options Dec. 2.

Creating this new margin framework around bitcoin means that both retail traders and institutions alike will be able to get more exposure to the asset class relative to how much cash they’re investing.

How Wall Street is capitalizing on crypto resurgence as market cap hits record $3.2 trillion

New ways to bet on bitcoin

Collectively, the U.S.-issued spot bitcoin funds hold north of $100 billion in assets under management. Last week, they notched their largest weekly inflows on record, totaling more than $3.1 billion. And according to CoinShares, year-to-date net flows are up to $37 billion versus U.S. Gold ETFs, which drew around $309 million in their first year.

Nearly half of those flows into the spot bitcoin products took place after U.S. interest rates were cut for the first time in four years in September.

Vetle Lunde, head of research at K33 Research, told CNBC there has been record high open interest for futures on the CME derivatives exchange, the way most U.S. institutions currently buy bitcoin futures contracts. But a lot of traders have been waiting for options on spot bitcoin ETFs on major exchanges such as the NYSE and Nasdaq, since it enhances liquidity and offers hedging tools.

Lunde says that demand for leveraged long exposure to bitcoin and ether is climbing, with VolatilityShares’ BTC exposure hitting new all-time highs.

Galaxy Digital’s trading team told CNBC the firm has observed significant volume in BlackRock’s IBIT ETF options, the first to launch on the Nasdaq last week. BlackRock is the largest digital asset manager in the world after it eclipsed Grayscale in August. BlackRock’s bitcoin trust IBIT holds $48.4 billion in bitcoin compared with the $34 billion in its gold trust.

Options on IBIT had a blockbuster debut, with 353,716 contracts traded on its first day, according to Galaxy Digital. The firm noted that the previous most active debut of options trading was when Facebook options went live in 2012 and 360,000 contracts changed hands.

Galaxy sees notable trading activity extending out to January 2027, roughly halfway into Donald Trump’s administration. On the campaign trail, the president-elect had an about-face on bitcoin and went from criticizing digital assets to making big promises to the crypto industry. Bitcoin is up roughly 40% since Election Day, Nov. 5.

“This level of concentrated, long-dated activity reflects investor confidence in the ETF’s long-term growth potential, signaling bullish sentiment for the years ahead,” Galaxy’s trading team told CNBC.

Until now, offshore crypto native platforms such as Binance and Deribit have been the main marketplace for bitcoin derivatives trading. Galaxy told CNBC there is a noticeable volatility premium between Deribit, CME and IBIT, which could present arbitrage opportunities among the varying platforms offering derivatives trading.

On Friday, more than $9 billion in bitcoin options contracts expire on Deribit, which could lead to greater price volatility as the expiration date approaches.

“There’s a ton of leverage in the system right now,” Galaxy Digital CEO Mike Novogratz, a longtime crypto investor, told CNBC’s “Squawk Box” on Friday.

“You look at the funding rates to do crypto in our market, right? The perpetual market, as high as they’ve been, the basis is high,” Novogratz said. “The crypto community is levered to the gills, and so there will be a correction.”

Bitcoin was within striking distance of $100,000 on Friday but retrenched over the weekend. The cryptocurrency is currently trading at around $95,000.

Bitcoin tops $82,000 as crypto euphoria over Trump win shows no sign of waning

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Satellite images show activity at Iran’s Fordo nuclear facility before U.S. air strikes

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Satellite images show activity at Iran's Fordo nuclear facility before U.S. air strikes

Maxar Technologies, a U.S. defense contractor, released satellite imagery on Sunday showing activity at Iran’s Fordo nuclear facility prior to U.S. air strikes.

The images of the secretive plant, which were collected on Thursday and Friday, depict truck and vehicle activity near to the entrance of the underground military complex.

Located 300 feet under a mountain and reinforced by layers of concrete, Iran’s fortress-like Fordo facility is situated to the south of Iran’s capital of Tehran. It is the country’s most hardened and advanced nuclear site.

Alongside nuclear facilities at Natanz and Isfahan, Fordo was the target of U.S. air strikes on Saturday. Trump described the incursion as a “spectacular military success” that “completely obliterated” Iran’s key enrichment facilities.

The U.S. president’s claim about the result of the operation could not be independently confirmed. The International Atomic Energy Agency and Iran’s nuclear safety center had reported no radiation or contamination at the nuclear centers following the attacks, as of Sunday morning London time.

Maxar satellite imagery of Fordo fuel enrichment facility.

Satellite image ©2025 Maxar Technologies

Maxar satellite imagery of Fordo fuel enrichment facility.

Satellite image ©2025 Maxar Technologies

Maxar satellite imagery of Fordo fuel enrichment facility.

Satellite image ©2025 Maxar Technologies

Maxar satellite imagery of Fordo fuel enrichment facility.

Satellite image ©2025 Maxar Technologies

Maxar satellite imagery of Fordo fuel enrichment facility.

Satellite image ©2025 Maxar Technologies

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GM’s interesting electric motorcycle patent fuels two-wheeler speculation

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GM's interesting electric motorcycle patent fuels two-wheeler speculation

General Motors may be better known for its lineup of full-size trucks and SUVs, but a recently published patent shows the legacy automaker has at least considered something much smaller and nimbler: an electric motorcycle.

The patent, which surfaced earlier this year in a report by Visordown, outlines a lightweight, scrambler-style electric two-wheeler that has set off a fresh wave of speculation about GM’s potential interest in electric motorcycles or micromobility.

The design in the patent filing shows a slim electric motorcycle with a flat bench seat, upright handlebars, and dual-sport tires, suggesting a utility-forward ride meant for light off-road or potentially even mixed urban use (if it were homologated for street use).

The rear hub motor and what appears to be a central battery housing point to a simple, low-maintenance drivetrain, potentially aimed at the commuter or recreational rider market.

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The overall look is somewhere between a moped and a small electric dirt bike, reminiscent of models like the Sur Ron Light Bee or Talaria Sting, though slightly more street-looking with less of a focus on pure dirt.

While the patent doesn’t include performance specs or firm production plans, it’s the clearest signal yet that GM is at least experimenting with the idea of higher-powered two-wheeled EVs. And there is some precedent. GM previously dipped a toe into the micromobility waters with the Ariv electric bicycle project, and more recently partnered with Recon Power Bikes to release a Hummer-branded fat tire e-bike.

Both efforts showed that GM sees value in offering electric alternatives beyond the traditional four-wheel format, even if the Ariv program quietly ended after a short run.

gm ARĪV ebike
GM previously experimented with an in-house electric bicycle known as the ARĪV, though it was killed off soon after

Whether this patent leads to a full-fledged GM electric motorcycle remains to be seen. It’s entirely possible the design is a concept or technology demo with no intention of hitting the market. But there are other possibilities too. GM could develop a motorcycle under one of its existing sub-brands, create a new division specifically for electric powersports, or partner with an existing two-wheeler manufacturer to license or co-develop the platform.

The timing wouldn’t be far-fetched. Despite bumpy roads in the larger flagship electric motorcycle market, lightweight electric motorcycles are booming, with companies like Ryvid targeting urban riders looking for clean, compact alternatives to traditional gasoline-powered bikes.

At the same time, a growing number of younger consumers are bypassing car ownership entirely, instead looking toward e-bikes, scooters, and low-speed electric motorcycles for daily transport. A small, stylish, and affordable GM electric motorcycle could hit that sweet spot.

Of course, turning a patent drawing into a real-world vehicle is a big leap, and GM’s own e-bike history is a reminder that two-wheeled projects can be short-lived. Still, it’s hard to ignore the symbolism of this move: even one of America’s largest automakers is exploring what personal electric transportation looks like when you cut the vehicle in half. GM might not be ready to ditch its trucks, but it clearly hasn’t ruled out hopping on a bike.

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Current Classics: Rolls-Royce Phantom V gets even smoother and quieter

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Current Classics: Rolls-Royce Phantom V gets even smoother and quieter

The electric restomod experts at Lunaz have turned their talents towards the classic Rolls-Royce Phantom V limousine – and the result is exactly the kind of smooth, quiet, and luxurious ride RR’s founders would have built.

Rolls-Royce’ founders dedicated their engineering talents to developing cars that were smooth, quiet, and adequately powerful – and they spared no expense. The company Charles Rolls and Henry Royce founded would eventually go on to develop some of the most powerful and celebrated combustion engines of the twentieth century … but the car they wanted to build? It was electric.

“The electric car is perfectly noiseless and clean,” Charles Rolls told The Motor-Car Journal, all the way back in April of 1900. (!) “There is no smell or vibration, and they should become very useful when fixed charging stations can be arranged. But for now, I do not anticipate that they will be very serviceable – at least for many years to come.”

Well, 125 years seems like “many” to – and the talented craftspeople and engineers at Lunaz seem to agree. Meet the Lunaz Rolls-Royce Phantom V limousine.

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It’s glorious


Rolls-Royce Phantom V; via Lunaz.

Lunaz says it’s true to Rolls’ vision “down to the smallest, most indulgent detail.” To that end, the company re-trims the modern heated and ventilated seats in fine leathers, hand-cut and stitched to the buyers’ specifications. In the rear, the center console can be ordered with a built-in cigar humidor, a cocktail bar, or some other custom-spec, lockable storage lined in suede and polished walnut (translation: guns and drugs, probably).

When reimagining the Rolls-Royce Phantom V, (we) started by understanding the essence of its original design. Every component and dynamic was scrutinized to identify where thoughtful innovation could truly elevate the experience. The result is a harmonious blend of modern advancements and original mastery, unlocking new levels of performance, reliability and refinement while honoring Rolls-Royce’ classic soul.

LUNAZ

Like the classic Bentley S2 Continental the company revealed in 2023, the big electric Roller is equipped with an 80 kWh battery pack sending electrons to a proprietary Lunaz drivetrain featuring 400 hp worth of electric motors delivering a silky-smooth 530 lb-ft of torque, good for a 0-100 km/h (62 mph) swoosh in about seven seconds. Of course, why you’d ever ask your driver to perform such plebian stunts is simply beyond me.

The transformation and restoration took more than 5,500 man-hours to complete, and involve more than 11,000 new or reconditioned components at a cost of more than £1 million (about $1.35 million US). If you place your order today, you should get yours in 18-24 months.


SOURCE | IMAGES: Lunaz.


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