🚀 Are You Chasing New Coins? Catch the newest crypto opportunities. Be the first to buy, be the first to win! Click here to discover new altcoins! The SEC is
BitcoinWorld Bitcoin ETF Options: SEC’s Monumental Approval Unlocks New Market Potential The world of cryptocurrency is constantly evolving, and recent developments signal a growing maturity and acceptance within traditional finance. A monumental shift has just occurred, poised to reshape how institutional investors interact with digital assets. The U.S. Securities and Exchange Commission (SEC) has officially approved a substantial increase in the options position limit for BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT. This move, which raises the limit from 25,000 to an astounding 250,000 contracts, is not just a procedural change; it’s a game-changer for the entire crypto ecosystem, particularly for the burgeoning market of Bitcoin ETF options . Understanding the Significance of the SEC’s Approval for Bitcoin ETF Options This recent approval, first highlighted by Bloomberg ETF analyst Eric Balchunas via X, is more than just a number adjustment. It signifies a deeper integration of digital assets into established financial frameworks. To truly grasp its impact, let’s break down what this means: What is IBIT? BlackRock’s IBIT is one of the pioneering spot Bitcoin ETFs in the U.S. It allows investors to gain exposure to Bitcoin’s price movements without directly holding the cryptocurrency, offering a regulated and accessible investment vehicle. What are Options? Options contracts give traders the right, but not the obligation, to buy (call option) or sell (put option) an underlying asset at a specified price (strike price) on or before a certain date. They are powerful tools for hedging, speculation, and income generation. The Position Limit Explained: A position limit restricts the maximum number of options contracts an individual or entity can hold on a specific underlying asset. Historically, such limits are set to prevent excessive concentration of market power and to maintain orderly markets. The previous limit of 25,000 contracts for IBIT options was relatively conservative, reflecting the nascent stage of crypto derivatives in a regulated environment. The New Limit: The tenfold increase to 250,000 contracts dramatically expands the capacity for large-scale participation. This signals the SEC’s growing comfort with the maturity and liquidity of the underlying Bitcoin market and the IBIT ETF itself. Why This Matters: Unlocking New Market Potential for Bitcoin ETF Options The implications of this increased limit are far-reaching, particularly for institutional players who operate with significant capital. This move is expected to: 1. Boost Liquidity and Market Depth With a higher position limit, more large investors can enter the Bitcoin ETF options market. This increased participation naturally leads to: Tighter Spreads: The difference between bid and ask prices will likely narrow, making trading more efficient and less costly. Greater Trading Volume: More participants mean more transactions, enhancing the overall vibrancy and depth of the market. Reduced Price Impact: Large orders will have less impact on the market price, allowing for smoother execution. For a market like IBIT, which has already seen significant inflows, this additional liquidity is crucial for its continued growth and stability. 2. Empower Institutional Investors with Enhanced Hedging Strategies Institutions, such as hedge funds, asset managers, and even corporations with Bitcoin exposure, rely heavily on derivatives for risk management. The expanded Bitcoin ETF options limit provides them with a more robust toolkit: Scalable Hedging: Large institutions can now hedge much larger spot Bitcoin or IBIT positions, protecting against potential downturns without needing to sell their underlying assets. Sophisticated Strategies: The increased capacity allows for the deployment of more complex options strategies, such as covered calls to generate income or protective puts to limit downside risk on a grander scale. Arbitrage Opportunities: As the options market matures, opportunities for arbitrage between the spot Bitcoin market, IBIT, and its options will become more attractive, further improving price discovery. 3. Validate Bitcoin as a Mature Asset Class The SEC’s decision sends a strong signal to the broader financial world: Bitcoin is not just a speculative asset but one that is increasingly being treated with the same regulatory seriousness as traditional commodities and equities. This incremental acceptance builds trust and confidence, potentially attracting even more conservative investors who have been hesitant to enter the crypto space due to perceived risks or regulatory uncertainties. 4. Pave the Way for Further Innovation and Product Development As the market for Bitcoin ETF options grows and demonstrates its robustness, it could encourage the development of new and more diverse crypto-related financial products. This might include: More Complex Derivatives: Futures on options, or structured products built around Bitcoin ETFs. Increased Competition: Other ETF providers might seek similar position limit increases or launch their own options products, leading to a more competitive and innovative landscape. Challenges and Considerations in the Evolving Landscape of Bitcoin ETF Options While the approval is overwhelmingly positive, it’s important to acknowledge potential challenges and considerations: Increased Volatility Risk: While options can hedge, they can also amplify gains and losses. More aggressive options trading could, in theory, contribute to increased volatility in IBIT, especially during periods of market stress. Regulatory Scrutiny: As the market grows, so too will regulatory oversight. The SEC and other bodies will likely continue to monitor trading activity closely to ensure market integrity and protect investors. Education and Understanding: Options trading is complex. As more participants enter the market, there’s a greater need for robust investor education to ensure participants fully understand the risks involved. Broader Market Impact: What’s Next for Crypto? This development is a strong indicator of a trend towards greater institutional adoption of cryptocurrencies. It suggests that regulators are becoming more comfortable with the underlying technology and market infrastructure. We could see similar expansions for other spot Bitcoin ETFs, and potentially even for ETFs tracking other major cryptocurrencies like Ethereum, once their own spot ETFs are approved. The ability to use derivatives like Bitcoin ETF options is a crucial step in bridging the gap between traditional finance and the digital asset economy. Actionable Insights for Investors For individual investors, this news reinforces the long-term trend of institutional interest in Bitcoin. While direct options trading on IBIT might be for more sophisticated traders, understanding this development is key: Stay Informed: Keep abreast of regulatory changes and market developments in the crypto ETF space. Consider Long-Term Trends: Increased institutional access and liquidity generally bode well for the long-term stability and growth of an asset class. Risk Management: If you do consider trading options, ensure you have a thorough understanding of the strategies and associated risks. Start small and seek professional advice if needed. The Road Ahead: A Maturing Market The approval of a significantly higher options position limit for IBIT is a testament to the maturing landscape of Bitcoin as an asset class. It demonstrates a growing regulatory confidence and opens doors for sophisticated financial strategies that were previously unavailable at scale. This move will undoubtedly enhance the efficiency and appeal of the Bitcoin ETF options market, further cementing digital assets within the global financial system. In conclusion, the SEC’s decision to raise the IBIT options position limit is a landmark event. It’s a clear signal that Bitcoin, through its ETF vehicles, is evolving into a more accessible and sophisticated asset for institutional investors. This move promises enhanced liquidity, more robust hedging capabilities, and further validates Bitcoin’s place in the broader financial world, paving the way for a more integrated and dynamic future for digital assets. Frequently Asked Questions (FAQs) 1. What does the increased options position limit mean for BlackRock’s IBIT? The increase from 25,000 to 250,000 contracts means that individual or institutional investors can now hold ten times more options contracts on BlackRock’s IBIT Bitcoin ETF. This significantly expands the capacity for large-scale trading, hedging, and investment strategies within the Bitcoin ETF options market. 2. How does this approval impact institutional investors specifically? For institutional investors, this approval is crucial. It allows them to implement more scalable and sophisticated hedging strategies for their substantial Bitcoin or IBIT holdings. They can now manage risk more effectively, execute larger trades without significant market impact, and participate more deeply in the options market, bringing greater liquidity and depth. 3. Will this increase IBIT’s liquidity and trading volume? Yes, it is highly anticipated that this approval will significantly boost IBIT’s liquidity and trading volume. With a higher position limit, more large institutional players are likely to enter the Bitcoin ETF options market, leading to tighter bid-ask spreads and increased trading activity, making the market more efficient. 4. What are the potential risks associated with increased Bitcoin ETF options trading? While beneficial, increased options trading also carries risks. Options are leveraged instruments, meaning they can amplify both gains and losses. Higher trading volumes and larger positions could potentially contribute to increased volatility in the underlying IBIT ETF, especially during rapid market movements. It’s crucial for participants to understand these inherent risks. 5. How does this development compare to options trading in traditional financial markets? This development brings Bitcoin ETF options closer to the maturity and functionality seen in options markets for traditional assets like stocks or commodities. The increased limit signifies a regulatory comfort level that aligns more with established financial instruments, allowing for similar levels of institutional participation and complex strategy deployment. 6. What’s next for Bitcoin ETFs and other cryptocurrency derivatives? This approval sets a precedent and could pave the way for similar increases in options limits for other spot Bitcoin ETFs. It also signals a broader trend towards the mainstream acceptance and integration of cryptocurrency derivatives into traditional finance, potentially leading to more diverse crypto-related financial products and increased regulatory clarity for the entire sector. Did you find this article insightful? Share it with your network on social media to spread awareness about this pivotal development in the world of Bitcoin ETF options and institutional crypto adoption! To learn more about the latest Bitcoin ETF options trends, explore our article on key developments shaping Bitcoin institutional adoption . This post Bitcoin ETF Options: SEC’s Monumental Approval Unlocks New Market Potential first appeared on BitcoinWorld and is written by Editorial Team
Cryptocurrency analyst Axel Adler has shared a striking analysis of Bitcoin's long-term investor behavior. According to Adler, a significant decline in long-term investor (LTH) supply began when the Bitcoin price reached $118,000. The analyst noted that a decrease of approximately 52,000 BTC has been seen so far, and interpreted this as a shift by long-term investors toward distribution rather than accumulation. Adler argues that this shift in balance replicates the long-term investor pattern seen when Bitcoin rose from $65,000 to $100,000 in the fall of 2024. According to the analyst, this distribution process will accelerate as the price rises, as it has in previous macro cycles. Related News: Warning on This Altcoin: Founder of Another Altcoin Says They Want to Take Over 51% of the Network Another notable element in Adler's assessment was volatility. Bitcoin's quarterly volatility has fallen to 70%. This rate is very close to the local low of 62% seen at $26,000 in September 2023. Adler stated that this low volatility is an indicator of large capital entering the market, making Bitcoin a “slower” asset. The highest volatility seen this cycle was 143%, while in previous cycles, this rate had reached as high as 236%. *This is not investment advice. Continue Reading: Analyst Reveals Unusual Data on Bitcoin: “The Last Time This Happened Was When the Price of BTC Rose from $65,000 to $100,000”
Many cryptocurrencies have shown signs of strength over the past few weeks, but Litecoin has been relatively quiet. After climbing above $125 in mid-July, Litecoin began to fade, gradually declining to around $110. This price pullback, though not particularly dramatic, extended Litecoin’s months-long pattern of tight consolidation and hesitant movement. However, the recent reappearance of a new technical signal on the monthly chart could suggest that this quiet phase is the calm before a storm for Litecoin’s price action. Tony “The Bull” Points To Familiar 2017 Trend According to crypto analyst Tony “The Bull” Severino, Litecoin’s Average Directional Index (ADX) on the monthly candlestick timeframe has bounced on the 20 level once again. The reaction to this seemingly average threshold is important because more often than not, it has signaled the start of a powerful trend for Litecoin. Specifically, Severino pointed to similarities with the ADX signal that preceded Litecoin’s explosive rally from the $3.5 price level in 2017. As it stands, the Directional Indicator +DI (green line in the chart below) is beginning to lift off from its recent low and is showing signs of strength by bouncing off the ADX (purple line in the chart below), a behavior that mimics the early stages of the previous similar breakout. He notes that in contrast, when the ADX hovered below 20 for most of the 2020 cycle, Litecoin only managed a shallow and short-lived rally. The current re-emergence of trend strength, with the ADX and +DI both gaining ground, suggests something structurally different is forming now, and it could mirror the bullish setup from nearly eight years ago. Chart Pattern Shows Multi-Year Price Squeeze The Litecoin monthly candlestick chart adds another layer to the technical picture. As shown in the chart above, the price of Litecoin has been forming a long-term symmetrical triangle pattern, compressing between descending resistance and rising support since its all-time high in 2021. This wedge has tightened very quickly in recent months, and the price is now pressing near the upper trendline. When these chart patterns resolve after years of spiraling, they often lead to decisive moves. And when such price compression aligns with rising trend strength in the ADX indicator, as it now does, it becomes even more convincing. As such, this convergence of the technical signal alongside the chart pattern sets the stage for a possible repeat of the 2017 breakout conditions. If that historical comparison holds, Litecoin could be on the brink of a substantial upward move. Right now, the most important price level to break above is $130, as this would mean that Litecoin is finally breaking above the upper trendline of this symmetrical triangle pattern. At the time of writing, Litecoin is trading at $110 , down by 3.7% in the past 24 hours.
Market expert Mark Moss has drawn the crypto community’s attention to an indicator that has perfectly nailed Bitcoin cycle tops. Based on this indicator, the expert revealed that the cycle top is unlikely to happen this year, as other analysts may have predicted. Pi Cycle Top Indicator Reveals Next Bitcoin Cycle Top In an X post, Moss stated that the indicator is predicting a Bitcoin cycle top in the first quarter of 2027, not at the end of this year. He made this comment while describing the Pi Cycle Top indicator as the “Holy Grail” of Bitcoin indicators. The expert noted that the indicator nailed the Bitcoin cycle tops in 2013, 2017, and 2021. Related Reading: Analyst Sounds Alarm For 50% Crash If Bitcoin Doesn’t Make A New ATH Soon Moss admitted that this latest cycle top prediction is hard to believe, as everyone is expecting Bitcoin to peak in the fourth quarter of this year. However, the Pi Cycle Top indicator suggests that the Bitcoin cycle top will occur in Q1 2027 and that the BTC price could reach $395,000 by then. Crypto analyst Rekt Capital also recently alluded to the Pi Cycle Top indicator, noting how it was hinting at a possible cycle extension. He also confirmed that the indicator predicts a Bitcoin cycle top will occur in Q1 2027, with the flagship crypto possibly reaching $400,000. The analyst noted that, based on previous cycles, the Bitcoin cycle top is expected to happen in the fourth quarter of this year. However, the recent BTC rallies have caused the Moving Averages (MA) to shift to higher prices. With these MAs shifting with every Bitcoin rally, Rekt Capital stated that it could take at least until mid-early 2026 before a Pi Cycle Top crossover occurs. However, the analyst advised that it is still important to be cautious about Q4 of this year and possibly develop an exit strategy in case the Bitcoin cycle peaks then. The BTC 4-Year Cycle Is Over In a recent podcast, Bloomberg analyst James Seyffart and Bitwise Chief Investment Officer (CIO) Matt Hougan gave their opinions on whether the 4-year Bitcoin cycle is over. Seyffart stated that he expects the amplitude of these cycles to reduce as more institutional investors enter the BTC ecosystem. Related Reading: The Final Bitcoin Act: Here’s What To Expect As BTC Trends Sideways Based on his statement, a Bitcoin cycle top might not happen as many expect, as the analyst predicts there won’t be massive drawdowns again with the flagship crypto maturing. On the other hand, the Bitwise CIO opined that the 4-year cycle for BTC is over. He explained that the factors that drove this four-year cycle are now watered down. Meanwhile, there is a growing inflow into Bitcoin, which would continue to drive demand. In line with this, Hougan declared that 2026 will be an up year for Bitcoin. At the time of writing, the Bitcoin price is trading at around $119,000, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Pixabay, chart from Tradingview.com
The U.S. Securities and Exchange Commission (SEC) has approved the use of in-kind creation and redemption processes for all spot bitcoin (BTC) and ethereum (ETH) exchange-traded funds (ETFs), marking a significant shift in the regulator’s approach to digital assets under its new leadership. The decision allows authorized participants—large institutional investors who facilitate ETF liquidity—to create and redeem ETF shares directly in BTC or ETH, rather than having to use cash. The mechanism is widely seen as more efficient and secure as it lets authorized participants to closely track investor demand and adjust ETF share supply in real time, without the need to convert assets back and forth into fiat currency. This marks the SEC’s first major crypto-friendly policy move since Paul Atkins was named chair of the agency earlier this year. Atkins, a former SEC commissioner known for his market-friendly views, has long advocated for a more open regulatory approach toward digital assets. "“It’s a new day at the SEC," said Atkins in a press release. "A key priority of my chairmanship is developing a fit-for-purpose regulatory framework for crypto asset markets,” he continued. "I am pleased the Commission approved these orders permitting in-kind creations and redemptions for a host of crypto asset ETPs. Investors will benefit from these approvals, as they will make these products less costly and more efficient." The shift comes after BlackRock filed a request in January to allow in-kind transactions for its iShares Bitcoin Trust (IBIT), and other issuers, including Fidelity and Ark Invest, quickly followed. Until now, all approved spot bitcoin ETFs—first greenlit by the SEC in January 2024 —were only allowed to operate with cash creations and redemptions. That requirement added operational complexity and was widely viewed as a barrier to efficiency for institutional market makers. The SEC also approved an increase in position limits for options trading on IBIT, a move that will allow traders to hold larger options positions tied to the fund. Position limits are regulatory caps that restrict the number of options contracts a trader or institution can control in a single security to prevent market manipulation or excessive risk. By raising these limits, the SEC is signaling greater comfort with the liquidity and maturity of the Bitcoin ETF market, and giving institutional investors more flexibility to hedge or express views on the fund’s performance. The changes could significantly increase institutional participation in both ETF groups by reducing friction for arbitrage and hedging strategies. The SEC’s decision underscores a growing willingness under Atkins’ leadership to treat crypto assets within the same regulatory frameworks applied to traditional markets.
Greg Xethalis, Chief Legal Counsel at Multicoin Capital Management, highlighted the importance of the decision regarding the “in-kind creation and redemption” process for cryptocurrency spot ETFs, which the U.S. Securities and Exchange Commission (SEC) approved minutes ago. Xethalis stated that this decision by the SEC is a significant turning point for the crypto asset markets and explained four main benefits: Standard Compliance: Stating that the decision brings crypto asset ETFs in line with physical commodity ETFs such as gold, Xethalis stated that authorized participants (AP) will be able to deliver and purchase assets in kind through their subsidiaries. Increased Regulatory Oversight: Xethalis stated that in-kind transactions will be conducted on behalf of regulated brokerage firms rather than unregulated funds, and that this will provide greater regulatory oversight in crypto asset buying and selling processes. Tax and Market Efficiency: Xethalis stated that in-kind creation and redemption transactions create a more efficient market environment for fund shareholders, and that most ETFs with a Grantor Trust structure can operate in this way without creating a tax burden. Related News: BREAKING: Historic Moment - SEC Approves In-Kind Redemptions for Bitcoin and Ethereum Spot ETFs Reduced Manipulation Risk: Xethalis also stated that large-scale redemption and creation transactions will be conducted more transparently, not only for cash-based funds but also for in-kind funds. This, he stated, makes it more difficult for theoretical price manipulations to occur around the creation/redemption process of ETF shares. According to Xethalis, this move by the SEC is a significant gain not only in terms of market efficiency but also in terms of investor protection and structural integrity. *This is not investment advice. Continue Reading: Why Are In-Kind Redemptions Important in Bitcoin and Ethereum ETFs That Were Approved by the SEC Minutes Ago? Here’s How They Benefit the Industry
Visa, PayPal, and Marathon Digital each reported their Q2 earnings Tuesday, with all three companies beating analyst expectations on revenue and income. Spotify, however, missed both targets and issued weaker guidance, triggering a sharp drop in share price. Visa reported an adjusted net income of $5.8 billion, or $2.98 per share, for its fiscal third quarter ending June 30, beating the $2.85 average estimate from analysts surveyed by Bloomberg. Revenue rose 14% year-over-year to $10.2 billion, a new company record. The San Francisco-based payments giant also reported a 12% jump in cross-border volumes and a 10% rise in processed transactions. CEO Ryan McInerney said Tuesday, “Consumer spending remains resilient, with continued strength in discretionary and non-discretionary growth in the US.” McInerney also said Visa saw “healthy business driver trends” carry into the current quarter. Despite the strong numbers, Visa stock dipped 0.9% to $348 in after-hours trading. The stock had gained 11% year-to-date through Tuesday, ahead of the S&P 500 Financials Index, which rose 9.1% over the same stretch. The company left its earnings guidance unchanged for the full fiscal year, still expecting low double-digit revenue growth and earnings per share to rise in the low teens percentage range. PayPal revenue rises, but cash flow drops sharply PayPal posted Q2 adjusted earnings per share of $1.40, ahead of the $1.30 analysts had forecast, based on LSEG data. Revenue hit $8.29 billion, beating the $8.08 billion estimate. Sales were up 5% year-over-year from $7.89 billion. But the headline wasn’t enough to hold up the stock—shares dropped over 8% after the company flagged concerns in its profitability metrics. The company’s transaction margin dollars rose 7% to $3.84 billion, marking the sixth straight quarter of growth. But that growth had slowed from the previous quarter, where it was 8% excluding one-time boosts. Branded checkout volumes also decelerated to 5%, down from 6% in Q1 when adjusted for Leap Day. CEO Alex Chriss has been cutting out lower-margin revenue streams, but rising expenses and weaker cash flow have overshadowed topline gains. Operating expenses rose to $6.78 billion, up from $6.26 billion in Q1. Adjusted free cash flow crashed to $656 million, which was less than half the prior quarter’s $1.4 billion and roughly one-third of analyst expectations. Despite the slowdown, PayPal reported total payment volume of $443.6 billion, beating the $433.6 billion expected. Active accounts increased by 2% to 438 million, just above forecasts. The company’s shares are down 8.4% for the year as of Tuesday’s close, while the Nasdaq is up around 10% in 2025. Looking ahead, PayPal guided Q3 earnings to a range of $1.18 to $1.22 per share, with analysts expecting $1.20. Transaction margin dollars are expected to grow 4% to between $3.76 billion and $3.82 billion. Marathon smashes estimates with 505% net income growth Marathon Digital Holdings delivered one of the most aggressive Q2 earnings results this season. The crypto miner reported a 64% jump in revenue to $238 million and a massive 505% rise in net income to $808.2 million compared to the previous year. The company’s Bitcoin holdings rose by 170%, with 18,488 BTC on the books, up from 6,841 BTC a year earlier. That’s an increase of 49,951 BTC mined in a single quarter. The company attributed the spike to better mining efficiency and expanded infrastructure. Marathon said in a shareholder letter that it would hold a webcast at 5:00 p.m. ET to discuss the results. Before the announcement, options traders leaned bullish with five calls for every two puts, and implied volatility pointed to an expected move of about 6.8%, or $1.13 per share, a number consistent with MARA’s average 9.1% swing post-earnings over the past eight quarters. While analyst forecasts had pinned Marathon’s Q2 revenue at $137.6 million with $0.11 EPS, the company blew past both figures. Still, not everything was smooth under the hood. Marathon posted a 12-month revenue decline of 6.4%, and its operating margin sat at -79.37%, with net margin at -46.68%. There were also liquidity concerns. The company’s current ratio is 0.79, which means it may not have enough short-term assets to cover short-term liabilities. However, with a $5.86 billion market cap and investments in immersion cooling and custom firmware, Marathon has leaned heavily into tech upgrades to stay competitive. Shares of MARA were up 4.76% in after-hours, trading at $16.61 at last check. Spotify reports loss, stock sinks more than 11% Spotify posted one of its worst days in a year after the company missed Q2 expectations and issued weak guidance for Q3. Shares fell more than 11% on Tuesday, marking their sharpest single-day drop since July 2023. The streaming platform reported a net loss of 86 million euros, or 42 euro cents per share, versus 1.90 euros per share expected by analysts. Revenue came in at 4.19 billion euros, falling short of the 4.26 billion euro forecast. Still, revenue rose 10% year-over-year, up from 3.81 billion euros. Last year, the company had posted net income of 225 million euros, or 1.10 euros per share, showing a clear reversal. Spotify said the disappointing results were due to higher personnel, marketing, and professional services costs, along with 115 million euros in social charges. The Q3 forecast was also weak. Spotify expects revenue of 4.2 billion euros, missing the 4.47 billion euro estimate. The company blamed foreign exchange headwinds, estimating a 490-basis-point drag on guidance. KEY Difference Wire helps crypto brands break through and dominate headlines fast
Strategy (MSTR), the largest corporate owner of bitcoin (BTC), said on Tuesday it has acquired roughly $2.4 billion worth of BTC using the funds from its new preferred stock (STRC) issuance. The firm sold nearly $2.5 billion worth of STRC, also dubbed "stretch," to investors, significantly more than the originally planned $500 million. STRC, which aims to deliver a regular dividend to investors initially set at a 9% rate, will start trading on Wednesday on Nasdaq. With the proceeds, the company purchased 21,021 BTC at an average price of $117,256, according to a press release . That brings Strategy's bitcoin holdings to 628,791 BTC, worth nearly $74 billion at current prices. Read more: Michael Saylor Is Bringing Bitcoin-Backed Money-Market-Style Vehicle to Wall Street: NYDIG
Binance and other centralized exchanges saw increased bearish Bitcoin (BTC) activity in the past 48 hours as sentiment dropped.