options

According to CoinDesk, data from the cryptocurrency derivatives trading platform Deribit shows that the 30-day implied volatility index (DVOL) for Bitcoin has dropped to 41.5%, far below the peak of 90% in February. Deribit's Chief Commercial Officer Jean-David Péquignot stated that the current Bitcoin volatility is low compared to historical levels, indicating that traders have lowered their expectations for significant price fluctuations, making the cost of purchasing options cheaper.Additionally, this Friday, the cryptocurrency market will see the quarterly options expiration worth $10.5 billion. Data shows that the current volatility of call options is significantly lower than that of put options, making call spreads more attractive based on relative volatility. Péquignot further noted that recent sell-offs in tech stocks and macro factors such as the U.S. core PCE inflation data set to be released on Thursday may further increase market volatility in the short term.

According to Deribit data, a nominal value of $11.32 billion in cryptocurrency options will expire, including:· BTC options with a nominal value of $9.68 billion, put/call ratio of 0.75, and maximum pain point of $72,000;· ETH options with a nominal value of $1.64 billion, put/call ratio of 0.56, and maximum pain point of $2,000.

According to BBX data, yesterday traditional derivatives giant made a high-profile entry into the prediction market, and a counter-cyclical signal appeared for digital asset reserve companies. The core dynamics are as follows:Cboe Global Markets, Inc. (NASDAQ: $CBOE) announced yesterday the re-launch of binary options products benchmarked to the S&P 500 index ("Yes/No" structure, providing fixed returns or zero at expiration based on contract conditions). This marks Cboe's first return to this category since it withdrew about ten years ago, directly entering the prediction market track pioneered by Polymarket and Kalshi, which has become "one of the fastest-growing areas on the internet." This move signifies that one of the largest regulated derivatives exchanges in the U.S. officially recognizes binary options/prediction markets as an independent asset class, entering the competition with the compliance endorsement of a traditional exchange and institutional distribution capabilities, rather than holding a regulatory exclusion attitude towards this model. For cryptocurrency concept stocks, Cboe's entry has dual implications: first, it further validates the market size and legitimacy of prediction markets; second, Cboe's institutional channels and Coinbase (the only licensed prediction market FCM by the CFTC) will compete in parallel under the same regulatory framework, leading to an increase in the valuation and policy attention of the entire track.Strive, Inc. (NASDAQ: $ASST) was cited in a market analysis report yesterday (pending independent confirmation from the official SEC 8-K document), stating that the company recently increased its holdings by approximately 759 BTC at an average price of about $65,850; based on this calculation, the company's BTC holdings have increased from 19,032 disclosed in the SEC 8-K on June 5 to about 19,791 (approximately $1.17 billion). This increase occurred against the backdrop of Bitcoin continuously declining from the $65,000 to $66,000 range. Strive and Strategy (which also increased its holdings by 520 BTC during the same period) are among the few DAT companies that maintained active purchases during the reporting period; CEO Matt Cole previously positioned the continuous increase in BTC as a "differentiated catch-up" to Strategy's scale advantage rather than a pure directional bet on price. The company holds approximately $139.2 million in cash, and the capital balance between the 9.5% annual dividend obligation of preferred stock (SATA) and BTC purchases is currently the most noteworthy balance sheet risk point.

Analyst Murphy stated that there is strong support around $60,000 before and after the expiration of Bitcoin options on June 26, making it difficult to break below that level easily. In the corresponding Gamma chart, the range of $59,000 to $62,000 shows a clear positive Gamma, and the hedging behavior of market makers will suppress volatility, making it easier for the price to be fixed in that area. At the same time, there is a significant accumulation of Put options with a strike price of $60,000, totaling up to 4,620 BTC, forming a strong Put wall that will generate substantial buying power and provide solid support as the price approaches. Historically, when similar options structures have appeared, they often correspond to phase bottoms or the end of pullback stages. Analyst Murphy believes that $60,000 remains a strong support level in the short term and is cautiously optimistic about the short-term market performance.

Cboe Global Markets announced the launch of a new prediction market platform "Cboe Predicts," along with the rollout of its first prediction products. These products include binary options contracts based on the mini S&P 500 index (XSP) with codes XSPBW and XSPBX. The contract size is one-tenth of the standard S&P 500 index options (SPX).Currently, the contracts are available on Interactive Brokers and are planned to be rolled out to more retail brokerage platforms such as Charles Schwab in the coming months. Additionally, as securities options, these products will be centrally cleared by the Options Clearing Corporation (OCC) and will follow the same regulatory and monitoring framework as U.S. listed options.

Bitcoin further declined towards $62,000 on Tuesday, continuing its weak fluctuations under the pressure of six consecutive weeks of outflows from spot ETFs, a shift in macro interest rate expectations towards hawkishness, and the expiration pressure of quarterly options. Ethereum also fell below $1,700 on the same day, with both BTC and ETH retreating nearly 20% over the past 30 days. This week's market pressure mainly comes from two clues. One is that the Federal Reserve maintained interest rates at 3.5% to 3.75% during the FOMC meeting on June 18, but the statement significantly reduced easing language, and the dot plot shifted from previously suggesting rate cuts to indicating rate hikes. Among the 18 officials, 9 have already predicted at least one rate hike this year, and the probability of a rate hike in December has significantly increased compared to a month ago. The second is that geopolitical risks have once again disturbed the market. Previously, expectations of a ceasefire between the U.S. and Iran had pushed Bitcoin above $67,000, but during the signing ceremony on June 19, the situation broke down, and Iran withdrew from negotiations. Due to the 24/7 trading in the crypto market, Bitcoin was the first to reflect this shock. In addition, Deribit will face the expiration of approximately $10.6 billion in options on June 26, which has also intensified the market's wait-and-see sentiment at the end of the quarter. Analysts believe that current leverage has been largely cleared, and market positions are defensive, but the next direction still depends on Thursday's PCE inflation data and whether the capital flow of spot ETFs can turn positive again.

According to the official announcement, Gate has officially launched the USD1 on-chain staking product, further enriching the USD1 earning scenarios. Users can participate in staking with a minimum of just 1 USD1 and obtain real on-chain earnings with one click. Currently, the reference annualized yield for USD1 on-chain staking is 13.41%. In addition, the reference annualized interest rate for holding Gate USD1 is currently 8%, providing users with diversified earning options. According to DefiLlama data, the holding scale of Gate USD1 has surpassed 908 million USD.In addition to USD1, Gate also offers multi-currency on-chain staking services. As of the time of publication, the reference annualized yields are: GUSD 2.80%, BTC 2.67%, ETH 4.18%, SOL 8.01%, and USDT 3.47%. Users can flexibly participate in on-chain earning opportunities based on their asset allocation needs to obtain stable earning opportunities.

CZ Zhao shared his interview video on platform X, discussing the potential impact of quantum computing on the Bitcoin encryption system, including the threat to Satoshi Nakamoto's Bitcoin holdings. If future quantum attacks lead to the old encryption system being compromised, the community may face three options.The first is to "do nothing," allowing the relevant assets to be naturally transferred by attackers and create selling pressure, but ultimately it may lead to a redistribution back to the community;The second is to freeze or restrict relevant addresses and envision returning assets under verifiable identities, but he believes this path has technical and credibility issues after the encryption is compromised;The third is an intermediate solution such as "slowing down or delaying transfers," but it also has execution complexities.CZ also proposed a compromise idea: to set a time window through community governance, such as 6 to 12 months. If the funds in relevant early addresses have not moved, they would be locked through a network fork or protocol upgrade, permanently removing them from circulation, thus avoiding future concentrated theft by attackers that could create market selling pressure. He emphasized that such decisions should be determined by community voting and believes there is currently no perfect answer, but "not taking any action may become the worst outcome in the future," so mechanisms should be designed in advance to address potential quantum risks.

According to The Wall Street Journal, Charles Schwab is collaborating with the Chicago Board Options Exchange Global Markets to launch binary options contracts on the S&P 500 index, allowing clients to bet "yes or no" on the index's performance.These contracts are slightly different from the futures contracts offered by platforms like Kalshi and Polymarket, but they are essentially binary options: if the index closes above or below the target price, a fixed cash settlement amount is paid; otherwise, it goes to zero. Charles Schwab also plans to launch Cboe's "Plus Zone" feature simultaneously, which allows for partial payouts even if the prediction direction is correct but does not precisely hit the target price.Charles Schwab CEO Rick Wurster previously criticized contracts related to sports or entertainment events for blurring investment boundaries, but also stated that if prediction markets become a "competitive necessity" in the brokerage field, the company would consider launching related products. The contracts being introduced will be strictly limited to events within the financial sector that have verifiable outcomes and will not involve non-financial events like the World Cup or the Oscars.

According to Greeks.live data, a total nominal value of $2.13 billion in BTC and ETH options is set to expire, with 31,000 BTC options expiring, a Put Call Ratio of 0.78, a maximum pain point of $65,000, and a nominal value of $1.9 billion; 138,000 ETH options are expiring, a Put Call Ratio of 1.03, a maximum pain point of $1,725, and a nominal value of $230 million.

Brian Armstrong posted on the X platform that Coinbase now includes pre-IPO perpetual contracts, stock options, and will soon support tokenized stocks; Coinbase has also redesigned Coinbase Advanced and begun integrating global liquidity between U.S. and international users, as well as between Coinbase and Deribit users. CoinbaseDev is providing stablecoin payment capabilities for enterprises, launching fully managed accounts based on its compliance tech stack, and rolling out a new developer tools dashboard. Regarding Base, Coinbase announced the launch of private transactions and a web-based Base App. Coinbase is also becoming a financial account for AI, supporting wallet provision for AI agents, obtaining AI-driven financial advice, and connecting Coinbase accounts to users' commonly used LLMs.

According to Jinshi reports, data shows that forex traders, including hedge funds, are buying options in large quantities, betting that the dollar will strengthen further after the Federal Reserve released hawkish signals this week. Leveraged funds began buying dollar call options on Wednesday, and this demand continued into Thursday as investors digested the anti-inflation remarks from the new Federal Reserve Chair, Waller. Tobias Jungmann, head of forex options at Bank of America, stated that the buying of dollar call options is heavily concentrated in G-10 currencies. James Swindell, a forex options trader at Barclays, also noted a significant increase in demand for dollar call options, particularly in the euro/dollar and pound/dollar pairs.

Wintermute announced that it has completed its first OTC options trade for SpaceX (SPCX).

Market data platform Deribit shows that as Bitcoin continues to decline in June, the options market set to expire this month has experienced a significant imbalance, with approximately $8.6 billion nominal value of BTC options in an out-of-the-money (OTM) state, facing the risk of expiring worthless.Data indicates that among the approximately $10.6 billion in open options contracts expiring on June 26, only about 20% are in-the-money (ITM), while the remaining 80% are currently at a loss. Analysts point out that this structural imbalance may trigger concentrated hedging adjustments by market makers and traders before expiration, thereby amplifying short-term market volatility.The current maximum pain price is approximately $74,000, which is about 14% higher than Bitcoin's current price of around $65,000. Theoretically, this price level means that the maximum number of options contracts will expire worthless, potentially creating an upward pull on prices as expiration approaches, although the effectiveness of this mechanism in the crypto market remains controversial.Additionally, the bullish and bearish structures in the options market are relatively close, with a Put/Call ratio of about 0.87, indicating increased divergence in market sentiment. Approximately $450 million in positions are concentrated in $60,000 put options, while $80,000 call options also form a key resistance level of about $406 million.Analysts believe that as the quarterly expiration approaches, concentrated exercising and hedging adjustments may become important driving factors for short-term price volatility, and Bitcoin may face a more intense directional choice window.

According to Jinshi reports, options traders' views on the Federal Reserve's recent interest rate path are increasingly divergent, with various betting directions ranging from bets on interest rate cuts in the coming months to differing degrees of interest rate hikes. Swap market pricing shows that it is almost a foregone conclusion that the Federal Reserve will maintain interest rates at its meeting on Wednesday, and all eyes will turn to Chairman Waller's first press conference for clues about future policy. Although the United States and Iran are preparing to officially sign a temporary peace agreement, oil prices have fallen to a three-month low, providing some relief to inflationary pressures, but future policy remains unclear.

Coinbase has released the latest enterprise-level "System Update," introducing a series of new products and infrastructure upgrades, further expanding its positioning towards "Everything Exchange," covering crypto assets, stocks, options, perpetual contracts, prediction markets, token issuance, and smart financial services.This update includes a set of AI investment advisor systems registered with the SEC, integrated into the main Coinbase trading platform. Coinbase also announced the establishment of global unified liquidity between the U.S. and international platforms, covering spot crypto assets and derivatives trading to enhance trading depth and execution efficiency.On the consumer side, the Coinbase One Card has added new benefits, allowing users to stake 500 to 5000 USDC to obtain the card, and book travel through the Travel Portal launched in partnership with Booking.com, earning 5% Bitcoin cashback.In addition, Coinbase emphasized several trading products that have recently launched or are in progress, including thematic stock indices, pre-IPO perpetual contracts, new features related to options trading, and upgrades to the developer platform. Coinbase stated that its goal is to become a one-stop application for users to conduct multi-asset trading and smart financial management.

According to The Block, BlackRock has officially launched the iShares Bitcoin Premium Income ETF (ticker: BITA). This product generates monthly option premium income for investors by holding spot Bitcoin and shares of the iShares Bitcoin Trust (IBIT), while selling call options on approximately 25%-35% of its holdings.Robert Mitchnick, Head of Digital Assets at BlackRock, stated that this move is to meet the demand from clients who wish to gain exposure to Bitcoin while also earning income. BITA provides additional income for investors through its options strategy while retaining most of the upside potential of Bitcoin.Reports indicate that BITA has an annual fee rate of 0.65%, higher than IBIT's 0.25%. Currently, several institutions, including Goldman Sachs, are also advancing similar Bitcoin income-focused ETF products, indicating a rising demand in the market for the "Bitcoin + income" strategy.

10x Research stated that the mechanisms in the options market driving Bitcoin below the $70,000 support level are changing and may even shift to promote an increase. After BTC fell below $70,000, the negative gamma effect in the options market amplified the decline. At that time, market makers who were short gamma were forced to sell during the downturn, causing the market to evolve from a normal pullback to a series of liquidations, with Bitcoin dropping to a low of $65,705. This mechanism has not disappeared but has shifted to a new critical position.At this stage, the largest negative gamma position in the Bitcoin options market is near the current spot price, corresponding to a scale of about $1.8 billion. If price fluctuations occur, the hedging actions of market makers may again amplify the market movements. Driven by factors such as improved market sentiment indicators, potential agreements related to Iran that may reduce inflation risk premiums, and market expectations that the new Federal Reserve chair will adopt a more dovish stance, the options structure that previously led to Bitcoin's decline may be transforming into a force that promotes a rebound.

According to Jinshi reports, SpaceX (SPCX.O) options contracts will begin trading next Tuesday, and the company's stock started trading today. SpaceX raised $75 billion at a valuation of $1.765 trillion, with the stock opening at $150, higher than the IPO issue price of $135.A spokesperson confirmed that the options will be traded on exchanges including the Chicago Board Options Exchange (CBOE) and Nasdaq. These derivatives may see strong demand as they provide investors the opportunity to bet on the stock's future performance or hedge against the risk of a decline in stock price. A surge in options trading volume could further increase demand for stock trading.

Coinbase announced on Wednesday the launch of two on-chain USDC lending vaults on Morpho, with Steakhouse Financial serving as the risk curator, providing users with lending options at different risk levels for the first time. The Prime vault adopts a conservative strategy, using blue-chip crypto assets like BTC and ETH as collateral, with yields ranging from approximately 3.5% to 4%. The High Yield vault accepts a broader basket of collateral, including assets issued by Ethena, with an annualized yield of about 8.79% supported by Ethena's government bond-backed stablecoin USDtb.Morpho provides a non-custodial lending infrastructure, with Steakhouse Financial managing approximately $2.03 billion in Morpho vault TVL, leading the second place by about $1 billion. Coinbase's collaboration with Ethena predates the launch of these vaults, as Coinbase Ventures purchased ENA tokens on the open market in June as part of a broader distribution agreement.