Bitcoin options open interest on Deribit has reached $31.3 billion, overtaking BlackRock’s IBIT ahead of a $6.25 billion expiry.

Deribit’s Bitcoin options open interest climbed to $31.3 billion on May 21, overtaking BlackRock’s IBIT at $27 billion. The reversal comes after IBIT briefly surpassed Deribit in April for the first time since ETF options launched in November 2024.

A total of 80,535 contracts worth $6.25 billion are set to expire on Deribit on May 29. The $75,000 strike holds the largest put concentration at $394 million, while the $80,000 call strike dominates with $532 million.

Why the $75,000 max pain level is the number to watch

The put/call ratio of 0.86 reflects a modestly bullish market stance. With max pain sitting roughly $2,000 below Bitcoin’s current price near $77,000, a gravitational pull toward $75,000 remains a real risk heading into the May 29 settlement.

Max pain is the price level where option buyers lose the most and sellers profit the most. Market makers typically hedge toward this level as expiry approaches, which can act as a soft price magnet in the days before settlement.

Crypto.news has tracked the $75,000 level as a persistent battleground throughout 2026. The April expiry saw a similar dynamic, with heavy positioning around key strikes as settlement approached.

What the Deribit versus IBIT battle signals for Bitcoin markets

The swing back toward Deribit’s dominance reflects how quickly positioning can shift between regulated ETF options and crypto-native derivatives. IBIT options carry longer average maturities than Deribit contracts, pointing to different investor profiles between the two venues.

Traders piling into $82,000 call options ahead of May 29 suggest some participants are positioned for an upside breakout through the current call wall. Crypto.news has reported on how Bitcoin options expiry dynamics shape short-term price action.

Whether Bitcoin clears $80,000 or gravitates toward $75,000 will determine which side absorbs the larger loss at the May 29 settlement. The Bitcoin (BTC) price page tracks live movements as that expiry approaches.

SUZHOU, China — Li Chenggang, China’s international trade representative, opened the Asia-Pacific Economic Cooperation trade ministers’ meeting on Friday with a call for regional economies to “send a strong message to the world” in support of cooperation.

Li said he was chairing the opening meeting in place of China’s Commerce Minister Wang Wentao, who had “urgent official business,” according to a CNBC translation of his remarks in Chinese.

The trade representative role is a full minister rank. Li also serves as China’s vice commerce minister.

The APEC trade ministers’ meeting, set to conclude Saturday, comes about a week after U.S. President Donald Trump and Chinese President Xi Jinping met in Beijing. China agreed to place its first major order of Boeing aircraft in nearly a decade, and buy $17 billion worth of U.S. agricultural products annually through 2028.

“Even though APEC isn’t a venue for negotiations, it should play a guiding role in economic and trade discussions,” Li said.

“For consensus that has already been achieved, [APEC] should accelerate implementation and see results early,” he said.

Ambassador Rick Switzer, Deputy United States Trade Representative, is the head of the U.S. delegation for the meeting.

The U.S. is one of the 12 founding members of APEC, which was launched in 1989 in Australia as an informal forum for discussions on free trade and economic cooperation. The multilateral trade organization now has 21 members, including China, Hong Kong and “Chinese Taipei,” which joined the forum in 1991.

Privacy coins including Zcash and QRL jumped up to 25% on May 21 as quantum computing fears intensified.

Privacy coins surged on May 21, with Zcash up roughly 7% and QRL jumping 25%. Qubitcoin and Starknet also gained as the total privacy coin market cap approached $63 billion.

The move came as investors rotated into tokens combining financial privacy and post-quantum security. Glassnode’s recent report classifying 9.6% of Bitcoin supply as quantum-exposed has sharpened demand for tokens built with quantum resistance as a core property.

Why privacy and quantum narratives are converging in 2026

Asset manager Yorkville America has withdrawn several crypto ETF applications filed on behalf of the Trump family-backed Truth Social as it changes strategy.

The ETFs were part of the Trump Media and Technology Group’s broader crypto strategy before it decided to shift to offerings registered under the Investment Company Act of 1940.

Truth Social Pulls ETF Bids

Yorkville America disclosed in a statement released on Tuesday its decision to move away from offerings registered under the Securities Act of 1933 to offerings registered under the Investment Company Act of 1940. The asset manager believes the move will allow it to offer its clients more innovative products while benefiting from better tax efficiencies and stronger investment products. Yorkville America also withdrew its Truth Social Bitcoin and Ethereum ETF and the Truth Social Blue Chip ETF.

According to the asset manager, the Investment Company Act of 1940 framework provides a clear structure to deliver the “differentiated rules-based strategies the firm is developing for its growing clientele.”

Fate of Crypto ETFs Unknown

Yorkville America is known for its “America-first” investment products. The asset manager has not disclosed whether it plans to pursue a crypto ETF under the Investment Company Act of 1940. The withdrawals of the Trump family-linked ETFs come amid growing concerns about President Trump’s links to the crypto industry and conflict with his responsibilities as US president. Democratic senators have repeatedly questioned the president’s crypto interests, particularly his role within the World Liberty Financial crypto platform.

Crypto ETFs Struggle

Yorkville America’s decision comes amid growing struggles for crypto ETFs. Demand has cooled amid a broader crypto market pullback, with net inflows into US spot Bitcoin ETFs sitting at $790 million as of Tuesday, May 19, 2026. The inflows are primarily concentrated in BlackRock’s iShares Bitcoin Trust ETF (IBIT). The decline is stark when compared to the $25 billion in inflows recorded by crypto ETFs in 2025. Ethereum ETFs have also struggled this year, recording $640 million in outflows, while newer altcoin ETFs have failed to drum up investor interest.

Is Rising Competition Behind Yorkville America’s Decision

According to Bloomberg ETF analyst James Seyffart, Yorkville America’s decision to withdraw from the ETF market could be due to growing competition. Competition has intensified after Morgan Stanley launched the Morgan Stanley Bitcoin Trust ETF with a 0.14% fee, undercutting its competition. Yorkville America currently offers funds across defense, energy, security, tech, and real estate. The move under the Investment Company Act of 1940 will allow the asset manager to offer products and ETFs designed for diversified and regulated investment strategies.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

TLDR:

• Anchorpoint Financial completed HKDAP’s Ethereum mainnet transfer test with OSL and PantherTrade in May 2026. 
• Every minted HKDAP token was fully backed by reserve assets and redeemed after the transfer test concluded. 
• OSL Group will leverage StableHub, BizPay, and Banxa infrastructure to support phased HKDAP issuance. 
• HKDAP phased issuance is set to begin by end of Q2 2026, targeting payments and cross-border capital flows.

Hong Kong’s first officially licensed stablecoin, HKDAP, has cleared a major milestone. Anchorpoint Financial, OSL Group, and Futu Holdings-backed PantherTrade completed a transfer test on the Ethereum mainnet.

The test covered converting statutory Hong Kong dollar funds into reserve assets. All minted tokens were fully redeemed after the test concluded. A phased official issuance is planned before the end of Q2 2026.

HKDAP Transfer Test Marks a Regulated Step Forward

Anchorpoint Financial received its stablecoin issuer license from the Hong Kong Monetary Authority earlier this month.

The company is a joint venture backed by Standard Chartered Hong Kong, Hong Kong Telecom under PCCW, and Animoca Brands.

These institutional partners bring both banking infrastructure and Web3 expertise to the project. Together, they form a foundation built on compliance and regulatory trust.

Standard Chartered’s infrastructure and institutional trust services backed the entire testing process. Every minted and transferred HKDAP token was fully supported by reserve assets throughout the test.

This bank-grade backing is central to what separates HKDAP from unregulated alternatives. The structure ensures that holders have full confidence in the token’s peg to the Hong Kong dollar.

OSL Group confirmed its role in supporting the test and ongoing issuance preparations. Kevin Cui, CEO of OSL Group, stated that “OSL has established a comprehensive stablecoin trading infrastructure, including OSL StableHub for smooth stablecoin and forex trading, OSL BizPay for B2B cross-border payments, and Banxa, a stablecoin deposit and withdrawal channel.”

He added that this product portfolio provides better services to OSL customers and partners. The infrastructure supports the sustainable development of the broader stablecoin ecosystem.

PantherTrade, fully owned by Futu Holdings, also participated in the Ethereum mainnet transfer test. Zhu Guyi, Global Head of Digital Assets at Futu Group, stated that the company “continues to promote qualified investors to deploy in compliant digital assets.”

He added that the collaboration will provide Futu’s extensive investor and institutional network with stable and efficient HKD stablecoin solutions. The partnership reflects growing demand for regulated digital asset products among mainstream investors.

Phased Issuance Plans Support Hong Kong’s Digital Asset Vision

Dominic Maffei, CEO and co-founder of Anchorpoint Financial, described the test as a critical first step. He stated that “completing the minting and transfer testing of HKDAP in collaboration with OSL is the first step toward Anchor Financial’s goal.”

He confirmed that HKDAP will begin phased issuance later in 2026 to support payments and capital flows. The rollout is designed to benefit the real economy, not just digital asset markets.

Maffei further noted that “Anchor Point Finance focuses on creating a safe, convenient, and regulated tokenized currency for Hong Kong.”

He added that achieving a more efficient tokenized financial asset market is a key part of Hong Kong’s vision. This vision positions the city as a global digital asset hub. Reaching that goal requires close collaboration with industry players like Futu and PantherTrade.

OSL confirmed it will continue supporting Anchorpoint Financial and its ecosystem partners in issuance preparations. The platform plans to develop a robust, regulated Hong Kong dollar stablecoin and digital asset ecosystem.

Deep integration with HKDAP is expected to provide users with secure fiat and digital asset exchange channels. It will also support efficient cross-border payment solutions and wider adoption of tokenized financial products.

The successful Ethereum mainnet test signals that Hong Kong’s stablecoin framework is becoming fully operational. Regulatory clarity, institutional backing, and tested infrastructure are now aligned for the next phase.

As issuance begins, market participants will watch how HKDAP performs in live payment environments. The project could set a template for other regulated stablecoin initiatives across the region.

This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter.

Jamie Salter, who founded Authentic Brands Group in 2010 and grew it into a brand management powerhouse, has stepped down as chief executive officer of the firm.

Matt Maddox, who has been president for over a year and will retain that role, has been promoted to replace him as CEO. He will take over day-to-day operations, though he will report to Salter.

The founder has transitioned to executive chairman of the board and “will remain deeply engaged in the business,” the company said on Wednesday. Salter will continue to oversee “strategic global growth, including mergers and acquisitions, global partnerships and alliances, and other long-term strategic priorities.”

The acquisition of intellectual property — sometimes on the cheap via bankruptcy, as when the company snagged the likes of Brooks Brothers, Aéropostale and Rockport — has allowed Authentic to profit from brands while leaving operations to other entities.

That includes Catalyst Brands, which runs J.C. Penney and several other names in Authentic’s stable. Recently the Catalyst unit running Eddie Bauer filed for bankruptcy and ended up closing all stores after Authentic contracted the brand’s e-commerce to another company.

Authentic’s portfolio now includes more than 50 brands, including Reebok, Champion, Guess, Nautica, Lucky Brand, Nine West, Juicy Couture, Vince Camuto, Izod, Barneys New York and Quiksilver. They also include personalities – living and not – like Shaquille O’Neal, David Beckham, Kevin Hart, Elvis Presley, Muhammad Ali and Marilyn Monroe.

The company also owns 77% of an entity that controls a perpetual master license to luxury stores Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman, whose parent, Saks Global, is now in bankruptcy.

“I will continue to do what I’ve always done: being laser-focused on driving strategic, transformational opportunities that will position our peerless company for continued growth,” Salter said Wednesday. “I’ll remain actively involved, partnering closely with Matt and the entire leadership team, as we continue building the world’s leading brand, marketing, and entertainment platform.”

The strategy isn’t bulletproof, however. Salter two years ago said he laments picking up the Forever 21 brand in 2020 in partnership with mall operators Simon and Brookfield, calling it “probably the biggest mistake I made.”