Crypto World
$40,000 BTC Put Stands Out In $2.5 Billion Options Expiry
Nearly $2.5 billion in Bitcoin and Ethereum options expire today, setting up a potentially volatile end to the month as traders juggle upside bets with deep downside insurance.
On the surface, positioning appears constructive. But beneath the call-heavy skew lies a striking anomaly: one of the largest open interest clusters in Bitcoin sits far below spot — at the $40,000 strike.
Calls Dominate, But Max Pain Sits Higher
Bitcoin is currently trading around $67,271, with max pain positioned at $70,000. Open interest shows 19,412 call contracts and 11,044 put contracts. This gives a put-to-call ratio of 0.57 and reflects an overall upside bias. The total notional volume tied to the expiry is roughly $2.05 billion.
Ethereum mirrors that constructive tilt, though in a more balanced fashion. ETH trades near $1,948, with max pain at $2,025.
Calls (124,109 contracts) outnumber puts (90,017), resulting in a put-to-call ratio of 0.73 and a notional value of approximately $417 million.
“…positioning skews call heavy across both assets, with BTC showing the stronger upside skew. Max pain levels sit below dominant call open interest in BTC, while ETH positioning is more balanced but still constructive,” analysts at Deribit noted.
Max pain refers to the price at which the greatest number of options expire worthless, minimizing payouts to buyers.
With both BTC and ETH trading below their respective max pain levels, price gravitation toward those strikes into expiry could reduce losses for option sellers.
The $40,000 Put: A Tail-Risk Signal
Despite the headline bullish skew, a massive concentration of puts at the $40,000 strike has caught market attention.
The $40,000 Bitcoin put is now the second-largest strike by open interest, representing roughly $490 million in notional value. This comes after Bitcoin’s sharp retracement from prior highs, which reshaped hedging demand across the board.
“While aggregate positioning into expiry skews call heavy, one strike stands out: The $40K BTC put remains among the largest open interest strikes ahead of February expiry. Deep OTM downside protection demand remains visible on the board, even as headline put/call ratios lean constructive,” Deribit analysts indicated, highlighting the unusual size of the position.
In short, traders may be positioned for upside, but they are unwilling to rule out another volatility shock.
Hedging, Premium, and Structural Implications
The dynamic suggests a broader change in Bitcoin’s derivatives market. Options are increasingly used for directional bets, yield strategies, and volatility management.
Analyst Jeff Liang argued that extracting premium from the options market could reduce structural selling pressure.
“If we can stably extract the premium from the options market and empower Bitcoin HODLers, it means: HODLers no longer need to sell their Bitcoin to improve their lives… Selling pressure on Bitcoin will reduce… This will further drive Bitcoin’s price upward,” he stated.
The analyst described options premium as a “localized pump” driven by fear and greed, one that redistributes value to long-term holders without contradicting Bitcoin’s fixed supply cap.
Overall, calls outweigh puts across both BTC and ETH, signaling that traders retain exposure to a rebound. Yet the sheer scale of deep out-of-the-money hedges reveals a market that remains cautious.
With billions in notional value set to expire, the key question is whether prices drift toward max pain—or whether hidden crash-protection demand proves prescient, reigniting volatility just as traders expect calm.
Bitcoin infrastructure company Voltage has announced the launch of Voltage Credit, a programmatic revolving line of credit designed to let businesses send payments with Lightning-style instant finality while still repaying the credit line in US dollars from a standard bank account or in Bitcoin.
In a Thursday release shared with Cointelegraph, the company, which provides enterprise-grade solutions for regulated businesses, said it was targeting chief financial officers and treasurers who wanted “send now, pay later” flexibility on the fastest payment rails available, without having to hold crypto on their balance sheet.
Rather than positioning it as just another Lightning-backed loan, Voltage pitched the product as an embedded piece of the payment flow, and the “first revolving line of credit that delivers instant payment finality and the capability to settle entirely in USD.”
CEO Graham Krizek told Cointelegraph that while players like Stripe and Block blended faster payments with working capital, they didn’t embed a revolving credit facility directly into Lightning payments in the way Voltage does, adding that Stripe did not support Lightning at all.
Related: Stripe-owned Bridge gets OCC conditional approval for national bank charter
In the Block model, he said, Lightning and credit remain separate workflows, whereas Voltage lets businesses originate credit and immediately use it to send or receive Lightning and stablecoin payments in real time, without pre-funding or manual treasury movements.
Underwriting against payment flows, not static BTC collateral
Voltage said it departs from traditional crypto lending by underwriting against payment flows rather than static Bitcoin (BTC) collateral.
Because Voltage already powers the underlying Bitcoin and Lightning infrastructure, it can size and adjust credit limits based on the volume a business processes through its platform.
“Voltage Credit is the lender of record in our platform,” Krizek said, noting that the company originated all loans itself and was not relying on a bank, card network or third-party fintech to fund the lines.
Krizek said the platform carries a 12% annual percentage yield (APY) that accrues daily on outstanding balances, with a flat platform fee design intended to avoid transaction-based pricing that gets more expensive as volumes scale.
Related: Inside the Swiss city where you can pay for almost everything in Bitcoin
He said that revolving lines of credit themselves are not new, but what is new is bringing that “familiar financial construct” into an environment where Bitcoin and Lightning move money instantly and globally.
“We are effectively modernizing the revolving credit model so it operates at internet speed, rather than at the pace of legacy banking and card networks,” he said.
From $1 million pilot to institutional Lightning rails
The launch builds on Voltage’s recent role supporting a $1 million Lightning Network payment between Secure Digital Markets and Kraken on Feb. 5, a pilot that was framed as the biggest publicly reported transaction on the network.
Krizek said that episode was meant to test Lightning’s suitability for institutional-sized flows and that the network “is capable of handling massive payment volumes and is ready for institutional-scale use.”
Voltage Credit is initially available to qualified US‑headquartered businesses, Krizek said, saying the company can currently serve all US states except California, Nevada, North Dakota, Vermont and Washington, D.C., as a registered commercial lender.
Early traction, he added, has come from exchanges, Bitcoin miners, gaming platforms and payment processors looking to reduce idle working capital, avoid forced BTC liquidations and bridge Bitcoin‑denominated revenue with US dollar‑denominated expenses without relying on unpredictable off‑ramps.
The Lightning Network reached an all-time capacity high in December 2025 of 5,606 BTC amid increased adoption from major crypto exchanges and functionality improvements. Demand has stalled somewhat since then, falling to 5,121 BTC as of Monday.
Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder
Metaplanet CEO Simon Gerovich fired back at critics, accusing the Japanese Bitcoin-holding firm of misusing shareholder funds and hiding key disclosures.
Why it matters:
- Metaplanet holds over $1.2 billion in unrealized Bitcoin losses, making transparency around fund use a direct concern for shareholders.
- Allegations of undisclosed borrowing against BTC holdings raise governance red flags for public-company crypto investors.
The details:
- Critics alleged Metaplanet bought BTC at a market top, stayed silent during the drawdown, and borrowed against those holdings without disclosing interest rates or counterparties.
- Gerovich confirmed Bitcoin wallet addresses are publicly listed, with a live shareholder dashboard tracking holdings in real time.
- Gerovich called September’s purchase price a “local top” but defended a long-term, non-market-timed strategy.
- The company reported 6.2 billion yen in operating profit — up 1,694% year-over-year.
- Gerovich attributed reported accounting losses solely to unrealized mark-to-market BTC fluctuations on unsold holdings.
- Meanwhile, CoinGecko currently tracks Metaplanet’s unrealized BTC losses at over $1.2 billion.
The big picture:
- Metaplanet follows the MicroStrategy playbook — using equity and debt to accumulate Bitcoin as a primary treasury asset.
- Corporate BTC holders now face growing pressure to meet traditional disclosure standards as unrealized losses mount across the sector.
- The allegations expose a structural tension: Bitcoin’s on-chain transparency does not automatically satisfy securities law disclosure requirements.
The post Metaplanet CEO Fires Back at Critics as $1.2 Billion Bitcoin Paper Losses Mount appeared first on BeInCrypto.
Bitcoin (CRYPTO: BTC) and broader on-chain activity are entering a period of recalibration as Parsec, a five-year-old analytics firm focused on DeFi and NFTs, announces its winding down. Launched in January 2021, Parsec grew alongside a nascent wave of on-chain research and funding from notable industry players, only to find the current market environment diverging from the original playbook. In its X post, Parsec framed the closure as a strategic retreat from a market that “zigged while we zagged a few too many times,” underscoring a misalignment between its niche focus and where the ecosystem has since progressed. The company’s exit comes amid a pronounced shift in on-chain dynamics, with NFT volumes and DeFi activity not repeating the patterns seen during the prior cycle.
Key takeaways
- Parsec—the five-year analytics firm backed by Uniswap, Polychain Capital, and Galaxy Digital—will shut down as it pivots away from DeFi and NFT-centric tracking.
- NFT market data shows a 2025 decline to about $5.63 billion in sales, down 37% from 2024’s $8.9 billion, while average sale prices slid from $124 to $96 per unit (CryptoSlam data).
- The wider crypto sector is watching consolidation unfold, with Entropy also closing and returning capital to investors, signaling a shift in how startups scale in a crowded landscape.
- Bitcoin’s price action remains critical context, having fallen roughly 46% from its October peak to around $67,246, amid evolving risk sentiment and macro headwinds.
- Industry voices, including Nansen’s Alex Svanevik, reflect on a period of transformation as the market recalibrates, with a focus on sustainability and product-market fit rather than rapid expansion.
Tickers mentioned: $BTC
Sentiment: Neutral
Price impact: Negative. BTC’s extended drawdown in 2025 reflects broader risk-off dynamics that accompany sector consolidation and shifting on-chain activity.
Market context: The downturn in specialized on-chain analytics and the push toward consolidation align with a broader transition in crypto markets, where venture-backed experimentation is giving way to more measured, winner-take-more dynamics amid tightening liquidity and cautious investor sentiment.
Why it matters
Parsec’s closure marks a notable inflection for a segment of the crypto ecosystem that has long relied on on-chain signals to interpret market health, DeFi leverage trends, and NFT activity. The firm’s exit signals more than just a single business story; it points to a shift in how participants measure value in a landscape that has undergone seismic changes since 2022. Parsec’s avatar—once backed by industry heavyweights such as Uniswap, Polychain Capital, and Galaxy Digital—illustrates how capital and talent have redistributed as the market evolves. The decision to close underscores the reality that post-FTX market dynamics altered leverage structures in DeFi, making it harder for a highly specialized analytics company to sustain a product-market fit built around a subset of the ecosystem.
From a broader market perspective, NFT volumes and average selling prices have cooled. CryptoSlam’s data for 2025 show sales of approximately $5.63 billion, a notable drop from 2024’s $8.9 billion, while average prices slipped from about $124 to $96. This shift compounds the pressure on firms whose value proposition rested on analyzing a thriving NFT market and high-velocity NFT trades. The collision of shrinking volumes with a more selective investor appetite for specialized analytics platforms helps explain why Parsec chose to exit now rather than pursue a protracted pivot.
Industry observers view Parsec’s shutdown through a consolidation lens. A related thread in the sector notes Entropy’s closure and the return of funds to investors, a move often framed as a pragmatic recentering rather than a collapse. The narrative of consolidation gained further traction when a prominent crypto executive predicted that the space would see more M&A activity, with larger players acquiring smaller projects in the months ahead. This theme—fewer, larger, better-capitalized entities—stands in contrast to the earlier cycle’s fragmentation and rapid experimentation. It’s a shift that could influence who becomes a dominant source of on-chain insights and market data in the next phase of the market cycle.
Price dynamics provide a practical backdrop to these structural shifts. Bitcoin’s drawdown—from an October all-time high near $126,100 to roughly $67,246—frames the risk-off mood permeating markets. Such price action often correlates with reduced appetite for experimental or niche analytics services, especially those tied to discretionary sectors like DeFi lending or NFT markets. In parallel, search interest around Bitcoin’s prospects—“Bitcoin going to zero”—has surged to levels not seen since the post-FTX panic in late 2022, underscoring the fragility of investor confidence when prices retreat and headlines crowd the narrative. These macro and on-chain signals together illuminate why Parsec’s departure feels consequential beyond a single corporate exit.
As the industry recalibrates, voices from within the space emphasize a pragmatic pivot toward sustainability and broader product-market fit. Alex Svanevik, the CEO of on-chain analytics platform Nansen, described Parsec as having “a great run,” signaling respect for the team’s contributions even as the market moves in a different direction. The liquidity and talent reallocation that typically accompany consolidation can seed new, more resilient offerings in the analytics arena, but the transition is unlikely to be seamless or immediate for any single player. In the near term, investors and builders will watch for how competing firms adapt—whether through product diversification, partnerships, or strategic acquisitions that promise more scalable data insights than what was historically possible in a market with highly idiosyncratic cycles.
What to watch next
- Follow any formal wind-down announcements or final reports from Parsec to understand remaining liabilities, data access terms, and customer transitions.
- Monitor announcements of consolidation among on-chain analytics and data firms, including potential acquisitions or fundraisings by rivals seeking scale.
- Track NFT market metrics and DeFi activity in early 2026 to gauge the pace of recovery or further slowdown in the segments Parsec focused on.
- Observe Bitcoin price action and macro risk sentiment for signals about market-wide demand for research and data services.
- Stay attentive to ETF inflows/outflows and regulatory developments that could influence institutional demand for crypto data and analytics tools.
Sources & verification
- Parsec X post announcing the shutdown and its remark about market dynamics.
- CryptoSlam NFT market data showing 2025 sales and average sale prices.
- Entropy shutdown announcement and refund details.
- CNBC interview with a crypto industry executive discussing consolidation and M&A expectations.
- Bitcoin price data from CoinMarketCap for context on the 2025 price trajectory.
Market reaction and implications for on-chain analytics
Bitcoin (CRYPTO: BTC) has traded amid a broader re-pricing of risk as analysts weigh the implications of Parsec’s exit and the shifting demand for specialized on-chain insights. The closure of a five-year analytics firm highlights a market recalibration where niche services tied closely to NFT and DeFi activity face a tougher environment than during the early expansion phase. Parsec’s investors—Uniswap, Polychain Capital, and Galaxy Digital—were early testaments to the crypto market’s willingness to fund data-centric ventures that promised deeper market clarity. Their involvement underscored a belief that on-chain metrics could shape investment and risk decisions in a highly volatile domain, but the current cycle’s transformation has altered the economics of those bets.
The NFT space, once a robust growth engine for on-chain signals, has cooled considerably. CryptoSlam’s figures for 2025 illustrate a market maturing past its frenetic growth phase, with sales down and average prices eroding. That reality, in turn, compresses the value proposition of analytics platforms whose strengths rested on measuring and interpreting rapid shifts in NFT demand and liquidity. Parsec’s exit reflects the market’s demand for flexibility and resilience—an emphasis on broader data products and sustainable business models rather than a singular focus on a high-volatility segment.
At the same time, the crypto industry’s consolidation thesis is gaining more empirical ballast. The Entropy shutdown and similar moves paint a portrait of a sector moving away from the diffuse, experimental setup of the last cycle toward a more concentrated ecosystem dominated by fewer, larger participants. This trend does not guarantee immediate profitability for survivors, but it does shape the kind of partnerships and products that can scale in a market characterized by tighter liquidity and more selective investor scrutiny. The market context, including price trajectory and investor sentiment, will continue to influence which firms succeed in delivering credible, actionable on-chain intelligence in a rapidly evolving landscape.
Ultimately, Parsec’s departure underscores a broader truth about crypto analytics: success increasingly hinges on being able to deliver durable, product-market fit across multiple market regimes. The coming months will reveal whether the remaining players can fill the void left by Parsec by expanding their data pipelines, strengthening distribution channels, and coordinating more closely with institutional stakeholders seeking clear signals in a market defined by swift regime shifts.
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Sharplink, a leading advocate for Ethereum-focused digital asset treasuries, announced a series of major milestones on Thursday that signify its rapid ascent in the institutional finance space.
Summary
- Sharplink now holds 867,798 ETH (valued at $1.72B), making it one of the largest corporate Ethereum holders in the world.
- The company stakes nearly 100% of its holdings, having already generated 13,615 ETH in rewards that accrue directly to stockholder value.
- The appointment of Steven Ehrlich (formerly of Forbes) is designed to amplify Sharplink’s mission as the primary “productive treasury” vehicle for Ethereum exposure.
The company revealed that institutional ownership has surged to 46%, a record level that CEO Joseph Chalom attributes to the firm’s disciplined, “productivity-first” approach to Ethereum.
As of February 15, 2026, Sharplink’s treasury holds 867,798 ETH, valued at approximately $1.72 billion. Unlike many digital asset holders that keep assets in “cold storage,” Sharplink has distinguished itself by staking nearly 100% of its holdings.
This strategy has generated over 13,000 ETH in staking rewards since June 2025 alone. “Institutions know they can trust us to keep generating long-term value,” Chalom stated, emphasizing that the firm continues to grow its ETH concentration per share regardless of market volatility.
“Ethereum with an edge”: Sharplink rebrands
To match its growing institutional profile, the company launched a comprehensive brand refresh under the tagline “Ethereum with an Edge.”
The rebrand includes a redesigned investor platform and a dedicated Ethereum treasury dashboard, aiming to provide total transparency for stockholders tracking yield and network growth.
Parallel to the visual update, Sharplink is bolstering its intellectual capital with the appointment of Steven Ehrlich as Head of Research and Communications. Ehrlich, a heavyweight in crypto journalism with a pedigree at Forbes and Unchained, will be tasked with clarifying the “Ethereum opportunity” for a broader audience.
By combining massive ETH accumulation with institutional-grade risk management and high-level communications, Sharplink is positioning itself as the primary vehicle for public market investors seeking productive exposure to the decentralized finance (DeFi) backbone.
As the Ethereum ecosystem continues to host the majority of tokenized real-world assets, Sharplink’s “staked treasury” model may become the new blueprint for digital asset corporations.
PUNCH, a Solana-based meme coin, has surged more than 80,000% since its launch earlier this month, capturing traders’ attention across the ecosystem.
As its market cap expands and accumulation intensifies, concerns are also mounting. Amid the token’s explosive rally, analysts are highlighting red flags surrounding this new market entrant.
What Is PUNCH Token?
PUNCH is a token inspired by the story of a baby Japanese macaque named Punch and his inseparable plush companion. The token positions itself as a community-driven cryptocurrency built around emotion, comfort, and companionship.
According to details provided on the website, the token has a fixed total supply of 1 billion. The project states that its liquidity has been locked and burned.
It also claims that ownership has been renounced. In addition, the token operates with a 0% tax.
“PUNCH is gearing up to be the MOODENG of 2026,” an analyst wrote.
Solana Meme Coin PUNCH Skyrockets to $30 Million Market Cap
Data from GeckoTerminal showed that the token began trading earlier this month. Momentum accelerated as the story of the baby macaque gained traction across media outlets and social platforms. Over the past week alone, the meme coin has surged 22,290.8%.
During early Asian trading hours today, PUNCH hit an all-time high, with its market cap climbing above $30 million. On CoinGecko, the token emerged as the top daily gainer, posting a 260% increase. It also ranks third among the platform’s top trending cryptocurrencies.
The rally has attracted substantial investor interest. Blockchain tracker Stalkchain highlighted one wallet that accumulated approximately $226,000 worth of PUNCH.
Data from Nansen also revealed that over the past seven days, public figure holdings in PUNCH surged 89.69%. However, smart money and whale holdings have declined.
Crypto Watchers Raise Red Flags Over PUNCH
Several market watchers have raised concerns about the token. Crypto analyst StarPlatinum has alleged that the token shows “multiple signs of coordinated insider control.”
In a post on X, the analyst claimed that the creator wallet, identified as A8Z1ejQGk45EJibBPJviWnM3UvwKSuYun53nSCkWKM52, distributed approximately 100 billion PUNCH tokens, equivalent to 10% of the total supply, soon after the token went live.
According to the analysis, the wallet (A8Z1e) sent 48.2 billion tokens directly to another wallet, CgR8tggfcM8Re5agDY5fsT4pKmqQTzF8vQ7jQknM6iBj. This entity allegedly acted as an intermediary between the creator and several large holders.
Blockchain traces shared in the thread suggest a flow pattern from the creator wallet to the intermediary address, then to large wallets. Among the top linked holders identified:
- Wallet Hbx5PturLVp9F7YYG18jZZSWFTNp9TTSXEJepq6pvSi3 reportedly holds 35 billion PUNCH, or 3.5% of the total supply, and was funded from the intermediary wallet.
- Wallet H8GLvJ89DwoeBTY3YhepLTf3VmKR44qVnskNdEZHQVDPK holds 25.1 billion tokens, representing 2.5% of supply, and was allegedly funded by the largest holder.
- Wallet DXU65912VjiPUhKR37TLiHCrbp4uNHVNNZiBdLv1uAx1 controls 17.5 billion tokens, or 1.75% of supply, and is said to be connected within the same funding cluster.
Combined, these three wallets account for approximately 7.75% of the total supply, with all allocations allegedly traceable back to the initial creator distribution, according to the claims.
“This is how controlled memecoins are structured. Stay careful,” StarPlatinum wrote.
Here, it’s worth noting that the website specifies that PUNCH’s total supply stands at 1 billion. Meanwhile, the White Whale also identified two “red flags” related to the PUNCH token.
“1. Bubble maps is too perfect. Too clean. Real life is messy. 2. Liquidity does NOT look like this. In fact it simply cannot look like this due to how distribution takes place on the idiotic constant product pools,” he noted. “Almost 6x “support” in equal distance below than resistance above? It’s fake, guys. No coin gets that much support organically with liquidity just sitting around on the books in case of a dip. It’s all done through Meteora.”
However, the White Whale clarified that he is not directly accusing the project team or developers of orchestrating the activity. He stated that the project itself “may or may not be good.”
“I didn’t warn people when I saw the warning signs on Penguin because I didn’t want to be accused of having a conflict of interest. Those same warning signs are now presenting themselves on Punch. Trade carefully. We never know when the cabal is going to pull the rug,” he wrote in another post.
Thus, while PUNCH’s rally has attracted significant interest, analysts’ concerns raise questions about the sustainability of its momentum. As with many sharply appreciating meme coins, heightened volatility and structural risks remain key factors for traders to monitor.
Bitcoin fed into “extreme bearish sentiment” as a tight BTC price range fueled daily crypto liquidations of over $200 million.
Bitcoin (BTC) faced fresh downside predictions on Thursday as BTC price action kept long liquidations high.
Key points:
-
Bitcoin price analysis sees lower levels coming amid a lack of a “strong bounce.”
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High liquidations contrast with the tightly rangebound BTC price behavior.
-
Crypto funds seal a fourth week of net outflows amid “extreme” bearish sentiment.
Analyst expects Bitcoin to “test lower”
Data from TradingView showed BTC/USD acting within an increasingly narrow range, with the day’s lows at $65,620.
A modest improvement in US jobless claims prior to the Wall Street open had little impact on the mood, and market participants expected lower levels to come into focus next.
“This looks to me as if we’re going to test lower on the markets to see whether there’s some support on Bitcoin,” crypto trader, analyst and entrepreneur Michaël van de Poppe said about the four-hour chart in a post on X.
“Not a strong bounce, and constant lower highs.”
CryptoReviewing, the pseudonymous cofounder of trading community Wealth Capital, drew attention to ongoing large liquidation numbers despite the relative lack of BTC price volatility.
“Now, below us at $64,000 – $66,000 we still have a sizable amount of liquidity,” he told X followers alongside data from CoinGlass.
“However, $68,000 – $71,000 has around 3x more liquidations built up ready to be taken, making this a higher probability zone to visit in the next days. Bulls really need to respond soon.”
CoinGlass put 24-hour cross-crypto liquidations at $210 million at the time of writing.
Trader Daan Crypto Trades nonetheless described nearby liquidity as “nothing major.”
“This current ~$66K area has held as support for the past 2 weeks with ~$71K capping price. Will see if we get a decisive break by the end of the week because as of now there’s not much action going on,” he wrote.
Institutions underscore ”extreme bearish levels”
Institutional investor flight from crypto instruments, meanwhile, caught the attention of mainstream commentator The Kobeissi Letter.
Related: Bitcoin 2024 buyers steady BTC price as trader sees $52K ‘next week or so’
In an X post on the day, Kobeissi flagged last week’s outflows of $173 million from crypto funds, their fourth consecutive negative weekly performance.
“This brings 4-week cumulative outflows to -$3.74 billion. Bitcoin led the selling with -$133 million in outflows last week, while Ethereum saw -$85 million. Crypto funds have now seen withdrawals in 11 out of the last 16 weeks,” it continued.
As Cointelegraph reported, the US spot Bitcoin exchange-traded funds (ETFs) form one part of the institutional sector experiencing long-term pressure under current conditions.
Kobeissi described sentiment as “reaching extreme bearish levels.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
CME Group, the world’s largest derivatives exchange, said on Thursday that crypto options and futures contracts will begin trading 24 hours a day, seven days a week on May 29, pending regulatory approval.
“CME Group Cryptocurrency futures and options will trade continuously on CME Globex with at least a two-hour weekly maintenance period over the weekend,” according to the parent of The Chicago Mercantile Exchange’s announcement.
All trading activity on market holidays and weekends will be cleared, settled and posted the following business day, with regulatory reporting also filed on the following day, CME Group said.
The exchange’s average daily volume for crypto futures and options in 2026 is up 46% year on year, according to CME.
The announcement follows a joint statement in September from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) concerning the potential shift to 24/7 capital markets in the United States.
Related: CME CEO Duffy says exchange is exploring issuing its own token
US regulators explore always-on markets, while exchanges expand hours
“Certain markets, including foreign exchange, gold, and crypto assets, already trade continuously. Further expanding trading hours could better align US markets with the evolving reality of a global, always-on economy,” the regulators’ statement said.
In March 2025, Nasdaq, a technology-focused stock exchange, announced it would expand its trading hours to offer 24-hour markets, five days a week.
The exchange expects to roll out the expanded trading hours in the second half of 2026, according to an announcement from Nasdaq president Tal Cohen.
The New York Stock Exchange (NYSE) said last month that it is developing a platform for trading tokenized stock and exchange-traded funds (ETFs).
NYSE’s upcoming platform will feature 24/7 trading hours and will be able to interface with blockchain-based systems, including support for multichain settlement and custody, according to NYSE’s announcement.
The launch of the platform is part of a broader digital strategy and will be a testing ground for potentially integrating tokenized collateral on the NYSE, according to the company.
Magazine: Will Robinhood’s tokenized stocks REALLY take over the world? Pros and cons
Fifty days into 2026, bitcoin is off to its worst start to a financial year on record, according to Checkonchain data. The asset is down 23% year to date, having fallen 10% in January and a further 15% in February.
Bitcoin has never previously recorded back-to-back declines in January and February, according to Coinglass data. While there have been double digit drops in January in years such as 2015, 2016 and 2018, each of those was followed by a positive February. If losses hold, bitcoin is also on track for its weakest consecutive monthly performance since 2022.
Checkonchain data shows that in a typical down year, the average index reading is 0.84, 50 days in, a benchmark that traders often use to gauge cyclical drawdowns. While bitcoin is currently at 0.77, underscoring the scale of the drawdown.
The weakness follows a 17% decline in 2025, a post election year. Historically, post election years have tended to outperform election years and have outperformed up years on aggregate, making the recent underperformance stand out further.
Ripple CEO Brad Garlinghouse said he now sees a 90% chance that the long-debated Clarity Act will pass by the end of April, signaling growing confidence inside the crypto industry that U.S. lawmakers may finally deliver long-sought regulatory certainty.
Speaking on Fox Business, Garlinghouse said momentum has accelerated following renewed engagement from lawmakers and the White House. He described recent meetings in Washington that included leaders from both crypto and traditional banking, suggesting political appetite to move legislation forward has strengthened after months of delays.
The Clarity Act is designed to define which digital assets fall under securities laws and which would be overseen by the Commodity Futures Trading Commission. The bill has faced friction over stablecoin reward provisions and whether crypto platforms should be allowed to offer yield-like incentives to customers. The White House has reportedly set a March 1 target to push negotiations forward.
Garlinghouse framed the bill as imperfect but necessary. Ripple, he noted, secured a federal court ruling that XRP is not a security, giving the company clarity that much of the industry still lacks.
“The industry can’t live in limbo,” he said, arguing that regulatory uncertainty has weighed on innovation and market sentiment.
His comments come amid a broader crypto pullback and renewed volatility across digital assets. While bitcoin and other tokens have struggled in recent weeks, Garlinghouse said Ripple continues to see growing interest from corporate treasurers and financial institutions exploring stablecoins, liquidity management, and cross-border payments.
Ripple has spent nearly $3 billion on acquisitions since 2023, expanding into custody, prime brokerage, and treasury management. Garlinghouse said the company will pause on major deals in the near term to focus on integration.
Beyond crypto-native firms, he noted that traditional financial players increasingly want clearer rules to compete on equal footing. That shift, he suggested, reflects the dramatic change in attitudes toward digital assets over the past few years.
If the Clarity Act advances, it could mark one of the most significant legislative milestones for the U.S. crypto sector to date.
Polymarket bettors are giving the bill an 82% chance of passing by the end of the year.
TLDR:
- White House draft language shifted the stablecoin meeting from broad bans toward narrow rules on rewards.
- Banks now cite competition risks over deposit flight as their main concern in stablecoin policy talks.
- Regulators would gain authority to fine firms $500,000 daily for illegal yield on idle balances.
- Trade groups aim to reach compromise on stablecoin rewards before an end-of-month deadline.
Bitcoin and stablecoin policy talks in Washington entered a new phase as the White House assumed direct control of discussions. The latest stablecoin meeting brought together fewer participants but sharper policy direction.
Officials circulated draft language that reframed disputes over rewards and yield. The talks now center on narrow limits instead of broad industry bans.
Stablecoin meeting steered by White House draft language
The stablecoin meeting included representatives from Coinbase, Ripple, and Andreessen Horowitz. Trade groups such as Blockchain Association and Crypto Council for Innovation also attended.
No individual banks sent executives to the room. Instead, banking voices came through American Bankers Association, Bank Policy Institute, and Independent Community Bankers of America.
According to reporting by Eleanor Terrett, the White House set the agenda rather than letting industry groups lead. White House Crypto Council Executive Director Patrick J. Witt presented draft text that guided the entire discussion.
The language acknowledged bank objections raised in a prior document on yield and interest limits. It also clarified that any future restrictions on rewards would remain narrowly defined.
Stablecoin rewards debate narrows to specific activities
Participants said earning yield on idle stablecoin balances now appears excluded from negotiations. The remaining debate focuses on whether rewards tied to certain activities can continue.
A crypto-side attendee said banks now frame their concerns around competition rather than deposit flight. Earlier discussions had emphasized risks to bank deposits from payment stablecoins.
Bank representatives continue to push for a formal study on deposit outflows. The proposal would examine how stablecoin payment growth could affect traditional banking balances.
Draft language also introduced anti-evasion enforcement measures. These provisions would grant the Securities and Exchange Commission, the United States Department of the Treasury, and the Commodity Futures Trading Commission authority to police violations.
Civil monetary penalties would reach $500,000 per violation per day. Officials framed this as a deterrent against indirect yield payments.
Bank trade groups will now brief their members and test whether compromise remains possible. The focus rests on limited rewards rather than full prohibition.
Sources close to the talks said the timeline has tightened. Negotiators now view an end-of-month target as achievable as discussions continue over the coming days.
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