With only about 20% of the $10.6 billion in open interest sitting in-the-money (ITM) and the remaining 80% out-of-the-money (OTM), the market has a strong imbalance that could fuel sharp price swings as participants scramble to adjust their positions.

The story doesn’t end there.

Max pain and put-call ratio

Another factor pointing to potential volatility is the max pain price for the June 26 expiry, which currently sits at $74,000, about 14% above bitcoin’s current spot price near $65,000.

Max pain is the price level at which the largest number of options contracts would expire completely worthless. The theory suggests that as expiry approaches, the underlying asset (in this case bitcoin) tends to gravitate toward that max pain level, as market makers and traders adjust their positions.

While this “max pain” effect is widely watched in traditional markets, its reliability in crypto is often debated. Still, if the theory holds, bitcoin could see a strong bounce toward $74,000 in the coming days.

Meanwhile, the put-to-call ratio stands at 0.87, reflecting 87,156 call contracts versus 76,241 put contracts across more than $10.6 billion in notional open interest. Although call options still slightly outnumber puts, the relatively balanced positioning highlights growing uncertainty among traders.

Open interest is heavily concentrated around two key strikes. The $60,000 put holds roughly $450 million in exposure, making it an important support level, which bitcoin tested at the start of June. Meanwhile, the $80,000 call, with about $406 million in open interest, remains a significant upside hurdle.

The day’s main event is Fed Chair Kevin Warsh’s first interest-rate decision. No change in rates is expected, which means markets will be scanning the policy statement, economic projections and the post-meeting press conference for cues.

Here is what could elicit a risk-on, positive reaction from bitcoin BTC$64,644.26

The dot plot: This is a graphical representation of where individual Fed members see interest rates heading. Fed funds futures currently price in an 80% chance of a 25 basis-point increase by December. That’s the reference point for reading the plot: If it shows fewer than 80% of members projecting a hike by December, the BTC price could react positively.

Warsh’s take on rates and inflation: Will the Trump nominee break from market expectations and strike a dovish tone, citing recent oil prices and AI-driven disinflation to lay the groundwork for the rate cuts the administration wants? Or will he fall in line with current market pricing? In the former case, BTC could once again react positively.

Key Takeaways

• Australia’s High Court delivers unanimous verdict requiring licence for Block Earner’s product

• ASIC secures significant victory in cryptocurrency product regulation battle

• Full Federal Court to reconsider penalty determinations following High Court ruling

• Judges confirm crypto yield offering satisfied financial product criteria

• Company pivots business model to Bitcoin-collateralized mortgage products

In a landmark decision, Australia’s highest judicial authority has sided with the financial regulator in a critical cryptocurrency licensing battle against Block Earner. The court determined that the company’s discontinued fixed-yield digital currency product required proper financial services authorization. The matter of penalties will now be reconsidered by the Full Federal Court.

Supreme judicial body reverses lower court decision

The seven justices delivered a unanimous verdict that overturned a previous Full Federal Court judgment favorable to Block Earner. The company, managed by Web3 Ventures Pty Ltd, previously provided the Earner yield service. ASIC maintained that the offering was subject to established financial product regulations.

The highest court determined that Earner functioned as an investment facility under Australian law. Additionally, judges concluded the product qualified as a derivative instrument. The judgment noted that yields fluctuated based on digital currency valuations and foreign exchange variations.

This determination bolstered ASIC’s argument that Block Earner required proper Australian financial services authorization. The watchdog emphasized that operating without appropriate licensing deprived customers of essential safeguards under financial services legislation. The penalty phase now proceeds to the Full Federal Court for fresh consideration.

Legal proceedings clarify Australian cryptocurrency framework

ASIC initiated civil penalty action against Block Earner during November 2022. The enforcement targeted the Earner service due to the company marketing it without necessary authorization. Block Earner discontinued the offering that same month.

The Federal Court determined in February 2024 that Block Earner operated an unlicensed managed investment structure. Nevertheless, the court subsequently granted the firm relief from monetary sanctions in June 2024. ASIC contested that relief decision, while Block Earner submitted its counter-appeal during July 2024.

The Full Federal Court granted Block Earner’s counter-appeal in April 2025. It simultaneously rejected ASIC’s penalty appeal at that juncture. The High Court has now overturned those findings and reinstated the regulator’s pursuit of penalties.

Company transitions to cryptocurrency-collateralized financing

Block Earner has subsequently pivoted away from fixed-return cryptocurrency offerings. The firm obtained an Australian Credit Licence during May 2026. It subsequently unveiled intentions to launch cryptocurrency-backed mortgage solutions.

The planned service would enable borrowers to pledge Bitcoin as security for residential financing. This structure would permit customers to obtain credit while maintaining their Bitcoin positions. The licensing approval represented a significant milestone for digital asset lending services in Australia.

Nevertheless, the High Court verdict strengthens ASIC’s regulatory authority over cryptocurrency products. The ruling establishes that existing legislation applies to digital asset offerings when they satisfy financial product criteria. Consequently, cryptocurrency businesses confront increased licensing obligations under Australia’s current regulatory structure.

BitGo is expanding its custody and compliance infrastructure into Europe with a new “crypto-as-a-service” offering designed to align with the European Union’s Markets in Crypto-Assets Regulation (MiCA). The move arrives as exchanges and other regulated crypto firms prepare for a key transition point: the EU-wide requirement for authorization to continue serving customers across member states.

BitGo Europe launched the platform with the explicit aim of supporting MiCA readiness for partners that need to meet regulatory obligations for custody, trading connectivity, onboarding and wallet-related functions. According to Cointelegraph, the company is positioning its regulated setup as a way for service providers to reduce the time required to operationalize compliance measures during the licensing transition.

Key takeaways

• BitGo Europe has launched a MiCA-oriented crypto-as-a-service platform aimed at exchanges and fintech firms.
• The platform is designed to connect partners to regulated custody, trading, onboarding and wallet systems via APIs, while keeping customer-facing control with the partner.
• Compliance tooling referenced by BitGo includes programmatic KYC checks, transaction controls and settlement of supported digital assets.
• BitGo’s expansion builds on prior regulatory authorization: BaFin granted BitGo a MiCA-related license in May 2025.
• Regulatory uncertainty remains across the EU as firms seek MiCA authorizations ahead of the July 1 deadline.

BitGo Europe launches MiCA-focused crypto-as-a-service

BitGo Europe’s new platform is intended to help other crypto businesses meet MiCA requirements through a modular integration model. In its announcement shared with Cointelegraph, the company said partners can use BitGo’s infrastructure for core regulated functions instead of building all compliance and custody capabilities internally.

From an operational standpoint, the approach matters because MiCA compliance is not limited to one-off licensing paperwork. It requires firms to have ongoing systems in place that can support customer onboarding, risk controls, and transaction processing consistent with the regulation’s standards. BitGo’s service model—using application programming interfaces (APIs) to connect services—targets the practical challenge of standing up compliant workflows quickly across multiple EU jurisdictions.

BitGo stated that the service is especially relevant for companies seeking to maintain service continuity while regulatory decisions and authorization timelines evolve. In comments shared publicly by CEO Mike Belshe, he argued that regulated infrastructure can help firms keep operations moving safely and compliantly during licensing delays.

What the platform covers: custody, onboarding, controls and SEPA payments

BitGo’s MiCA-focused offering is built around connectivity to regulated custody and related functions. The company said exchanges and fintech platforms can integrate with BitGo systems for custody, trading integration, onboarding processes and wallet operations.

The service includes features intended to support compliance and operational risk management, such as programmatic KYC checks, transaction controls and settlement of supported digital assets. These capabilities are central to meeting MiCA’s expectations for regulated crypto-asset activity, where firms must demonstrate they can manage customer onboarding and transaction handling in a controlled and auditable manner.

BitGo also referenced support for euro payments through SEPA rails in eligible regions. For institutions and payment operators, the inclusion of fiat connectivity can be a significant part of operational compliance: regulated on- and off-ramp design typically intersects with AML/KYC procedures, transaction monitoring and other controls expected by regulators.

Regulatory pressure ahead of the July 1 MiCA deadline

The launch comes as EU crypto regulation transitions from fragmented national approaches toward a unified framework under MiCA. Under MiCA’s timetable, July 1 is a critical date for authorization requirements governing entities that continue offering crypto-asset services in the EU.

Recent reporting highlighted the possibility that some major exchanges may face difficulties securing authorizations in time. While BitGo did not provide details on whether its infrastructure would allow specific platforms to continue serving EU users if an authorization application is rejected, the broader compliance timing risk is evident: market participants need clarity on regulatory status, and delays can create operational and legal exposure.

Cointelegraph reported that Greek regulators may reject Binance’s MiCA license application, underscoring uncertainty surrounding the licensing pipeline for large venues. For institutions monitoring market structure, these outcomes are material not just from a business perspective, but because they affect where and how regulated service providers can legally operate across borders.

Beyond authorization decisions, MiCA-related implementation also interacts with national transition rules. BitGo pointed to markets where legacy registration regimes are being phased out as the EU-wide framework takes effect. In Lithuania, the transition period for legacy virtual asset service providers ended on Dec. 31, 2025. In Poland, implementation remains unsettled, leaving some companies navigating unclear timelines for how national approvals will map into the new EU system.

Institutional and compliance implications for crypto firms

BitGo’s move reflects a broader trend in European crypto markets: regulated infrastructure providers are increasingly central to how exchanges and fintechs build compliance capabilities. For compliance teams, outsourcing or integrating certain regulated functions can affect the internal control framework, including who is responsible for customer due diligence workflows, how transaction monitoring is performed, what audit trails exist, and how regulatory obligations are allocated across the service chain.

MiCA also creates supervisory expectations around governance, operational resilience and risk controls. While BitGo’s model is designed to enable partners to meet the MiCA standard, regulated counterparties will still need to perform their own due diligence on vendor controls and ensure that contractual and operational arrangements support ongoing compliance. This includes verifying how KYC checks are executed, how transaction controls are enforced, and how fiat-related processes interface with AML/KYC requirements.

From a historical and regulatory context, BitGo’s European expansion is not starting from zero. The company previously obtained authorization under the MiCA framework, with BaFin issuing a license in May 2025. That detail is important for institutional readers because it indicates the company is operating under an EU supervisory authorization rather than operating purely as an offshore service. In turn, this can reduce—but not eliminate—regulatory uncertainty for partners seeking integrations that align with EU oversight.

However, unresolved questions remain across the sector. Licensing decisions for major firms can change quickly, and the legal landscape will continue to evolve through regulator guidance, enforcement actions and court-related developments where applicable. Partners evaluating integrations will need to track not only the vendor’s authorization status but also the regulatory expectations for their own licensed activities.

What to watch next

BitGo Europe’s launch will likely be tested by how exchanges and fintech providers operationalize MiCA compliance under real-world timelines and regulatory outcomes across member states. Market participants and compliance teams should monitor MiCA authorization decisions, evolving national implementation details, and how regulators interpret responsibility for customer onboarding and transaction controls within multi-party infrastructure models.

BitGo says it has launched “crypto-as-a-service” in Europe, positioning the firm’s regulated custody and compliance infrastructure as a practical bridge for exchanges and fintech companies rushing to meet the EU’s Markets in Crypto-Assets Regulation (MiCA). The move comes as the July 1 MiCA authorization deadline approaches and uncertainty grows around how certain large platforms will handle licensing in individual member states.

According to a statement shared with Cointelegraph, BitGo Europe’s platform is designed to help service providers connect core functions—custody, trading support, onboarding and wallet capabilities—through APIs, rather than building an entire compliance stack from scratch. The company framed the launch as a way to keep businesses operating “safely and compliantly” during regulatory transitions, with BitGo CEO Mike Belshe arguing that regulated infrastructure can reduce downtime when licenses are delayed.

Key takeaways

• BitGo Europe launched a MiCA-oriented crypto-as-a-service platform aimed at exchanges and fintech firms that need regulated infrastructure.
• The service is presented as an API-based way to integrate regulated custody, programmatic KYC checks, transaction controls, and settlement.
• BitGo’s EU approach is tied to MiCA readiness ahead of the EU-wide July 1 authorization deadline.
• The firm says the need is acute in markets such as Poland and Lithuania, where legacy registration pathways are being phased out.
• BitGo did not clarify whether its infrastructure would allow specific exchanges to continue operating in the EU if a license application is rejected.

MiCA deadline pressure reshapes the EU custody race

MiCA sets a common authorization standard across the European Union for crypto-asset firms that wish to continue serving customers. The July 1 deadline is particularly significant for platforms that have not yet secured the required authorization to operate under the new regime.

Recent reporting highlighted the potential for uneven outcomes as regulators decide on major firms’ applications. Earlier coverage from Cointelegraph noted that Greek regulators may reject Binance’s MiCA license application, raising questions about how the largest exchange by trading volume might adjust its EU footprint if authorization does not go through.

In that environment, BitGo’s pitch is aimed at reducing friction for businesses that must comply with MiCA while continuing to offer products during the transition. While BitGo did not explicitly state how its platform would work in the event of a rejected license for a specific exchange, the emphasis on “keeping you moving” suggests an intent to support continuity where regulatory readiness is still in progress.

What BitGo Europe’s “crypto-as-a-service” includes

BitGo Europe said the product is built for integration-heavy use cases. Rather than asking partners to replace their customer-facing systems, the platform is designed to let exchanges and fintech companies plug into BitGo’s services via APIs.

BitGo’s Europe push reportedly builds on earlier groundwork: the firm obtained authorization under the relevant framework more than a year ago, and Germany’s Federal Financial Supervisory Authority (BaFin) issued the license in May 2025. With that license as a foundation, BitGo is now marketing an operational suite intended to reduce the time and cost involved in reaching MiCA-aligned operations.

Among the components BitGo describes are:

• Programmatic KYC checks that can be executed through the platform.
• Transaction controls intended to enforce rules around activity.
• Settlement support for supported digital assets.
• Euro payments via SEPA rails in eligible regions, aimed at connecting fiat on- and off-ramps to a regulated operating setup.

For exchanges and intermediaries, the practical value of this approach is that regulatory capabilities—particularly custody and compliance workflow—can be sourced from a licensed infrastructure provider. The model also potentially shifts the compliance burden away from each partner building bespoke controls, while still allowing the partner to keep direct ownership of its customer-facing products.

Regional transition gaps in Poland and Lithuania

BitGo’s statement also emphasized that MiCA transition pressures vary by country. The firm highlighted markets including Poland and Lithuania, where older national registration regimes are being phased out as the EU-wide system takes effect.

In Lithuania, BitGo points to the end of a transition period for legacy virtual asset service providers on Dec. 31, 2025. In Poland, it says implementation remains unresolved, leaving some firms in a state of uncertainty regarding which approvals they can rely on as the MiCA framework rolls forward.

This matters for operators because the compliance timeline is not uniform across jurisdictions. Even when MiCA is the overarching EU structure, companies often face a multi-layer regulatory reality—national requirements, transition rules, and regulator-by-regulator outcomes—that can affect product availability, onboarding, and the ability to process fiat rails.

BitGo CEO Mike Belshe argued that Europe is moving toward a more unified and durable regulatory framework for digital assets. In his view, MiCA readiness is not only about obtaining authorization but also about having systems that can continue functioning during licensing delays. He said the company was built for such moments and positioned BitGo Europe as a route for businesses to meet the MiCA standard while continuing to serve the market.

Open questions: continuity, licensing outcomes, and partner readiness

While BitGo’s launch is clearly aimed at helping partners operationalize MiCA compliance, important uncertainties remain. The company did not confirm whether its infrastructure would specifically allow an exchange to continue operating if a MiCA license application is ultimately rejected. Cointelegraph attempted to request clarification but did not receive a response by publication time.

For the market, the bigger takeaway is that regulated custody and compliance tooling are becoming a competitive differentiator as the EU transition tightens. Investors and industry participants will likely watch how quickly exchanges and fintech providers are able to integrate licensed infrastructure, and whether regulator decisions—such as those affecting major firms’ applications—drive further consolidation in compliance services.

With MiCA authorization decisions approaching, the next phase will hinge on how effectively exchanges and service providers can translate “license readiness” into real operational continuity—especially in countries where legacy pathways have already ended or remain unresolved.

Bitcoin (BTC) fell below $65,000 on Wednesday as traders predicted the impact of a key macro event.

Key points:

• Bitcoin approaches the next Fed interest-rate decision near important support.
• BTC price analysis warns that “bearish” moves typically accompany FOMC days.
• $55,000 remains on the table as a target next.

BTC price analysis: FOMC could “set the tone” for June

Data from TradingView showed intraday lows of $64,782 on Bitstamp.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The US Federal Reserve was due to decide on changes to interest rates at 2pm Eastern time — a move that formed the week’s main volatility catalyst.

The meeting of the Federal Open Market Committee (FOMC) would be the first under new Fed chair, Kevin Warsh, making his remarks at the subsequent press conference just as important as the overall outcome.

As Cointelegraph reported, Warsh had been under pressure to cut rates despite the inflationary impact of the US-Iran war.

“FOMC could set the tone for the rest of the month,” trader Killa wrote in an X post on the topic.

Killa noted that BTC price action tended to weaken around Fed decisions.

“Right now, BTC is forming a bullish narrative into the event, but as I always say, the outcome is usually priced in before the news is released,” they continued.

“If recent history is any indication, we have generated far more bearish reactions than bullish ones.”

BTC/USD chart with FOMC meetings marked. Source: Killa/X

On Tuesday, Bitcoin already experienced a loss of momentum, even as stocks headed higher on Iran relief. Analysis had already warned that price would likely stall above $67,000 as demand remained subdued.

“We need to maintain bullish market structure from here… (64K). If not, there’s a strong chance we revisit the $60K lows after this pivot,” Killa warned.

Bitcoin trader preserves $55,000 target

Other perspectives included a “short-term bounce” for Bitcoin before the resumption of the bear market.

Related: Bitcoin miner ‘capitulation’ comes as trader sees later 2026 bear-market bottom

“FOMC meeting is happening today, exactly when the US-Iran peace deal is very close,” Niels, cofounder of marketing agency STABL, told X followers. 

“IMO, Bitcoin could show some strength but eventually it’s going to $55,000.”

BTC/USDT one-day chart. Source: Niels/X

A more optimistic take came from analytics account Cryptic Trades, which saw the rebound continuing after the FOMC.

BTC/USD, it said, had rejected at two key moving averages that together form Bitcoin’s daily bull market support band.

BTC/USD one-day chart with bull market support band. Source: Cointelegraph/TradingView

“However, after this pullback, the next big leg up is coming,” Cryptic Trades predicted.

BTC/USD one-day chart. Source: Cryptic Trades/X