⚡ Understand today’s Web3 in three minutes
🔹 This Friday will see the expiration of $15.9 billion worth of BTC options. The put/call ratio is only 0.69, suggesting fairly bullish sentiment. According to Deribit data, the biggest “pain point” for BTC options is at $75,000. After expiration settlement, market makers’ hedging and the gamma effect usually fade, so near-term implied volatility is likely to rise again and the trading range may be reset 📊
🔹 The New York Stock Exchange (NYSE) is exploring a tokenized version of U.S. stocks with Blockchain.com. Around the same time, MoonPay announced an all-stock acquisition of licensed broker-dealer North Capital for more than $60 million, capturing multiple licenses such as SEC brokerage and ATS. Both developments point in the same direction—traditional finance is moving stocks onto the blockchain 🔗
🔹 After running for 11 years, the veteran derivatives exchange BitMEX has officially shut down its trading interface. The era of Arthur Hayes is drawing to a close. Withdrawal channels are still preserved—old users should remember to migrate their positions soon to avoid uncertainty from leaving funds idle long-term.
🔹 Circle’s new chain Arc didn’t quite deliver the “BlackRock + Visa” type financial narrative on day one—instead, it morphed into a meme coin launchpad. In the short term, DEX trading activity is hot, but the user mix and capital retention are still the key things to watch. Whether the narrative can be realized will depend on how quickly USDC channel share grows and how soon AI agent payment use cases roll out 🪙
🔹 DeepSeek co-founder Liang Wenfeng’s newly signed paper for the first time discloses an Agent training sandbox called DSec: about 160 CPU nodes per single production unit, 30,000 cores, and 250 TB of memory. It serves about 3 million sandboxes per day, with peak concurrent usage exceeding 380,000. The underlying infrastructure for the AI Agent narrative is being scaled up in early form by domestic teams 🤖
🔹 Chainalysis shows that stablecoin cross-border transfer volumes are going against the trend—up 78%—even as the overall crypto market cap shrinks by 37%. Remittance, trade, and savings remain the three major real-demand use cases. In a bear market, what tends to be most resilient is what gets used the most.
🎯 Opportunity roundup
A big options expiry plus a quarterly settlement window is typically the starting point for volatility to amplify again. A put/call ratio of 0.69 indicates that capital previously positioned for a rise has an advantage. After settlement, if spot price still can’t break through the $87K area for long, profit-taking by longs and de-hedging by market makers could reinforce each other, making a short-term preference for a choppy-to-bearish bias. The tokenization sector (NYSE + MoonPay advancing on two fronts) is a medium- to long-term main line; there’s limited near-term catalyst, so it’s more suitable for DCA-style allocation. Adding Coinbase’s newly launched feature “BTC collateralize to borrow USDC with a fixed interest rate,” institutional capital is turning held BTC into an income-generating tool—providing structural support to spot. On a daily timeframe, watch whether $86K can hold; if it breaks, look for potential buy-the-dip opportunities in the $80K–$82K range.
Do you think $86K can hold? After the big options settlement, will we see another large bearish candle? Let’s discuss in the comments 👇
Views are for reference only and do not constitute investment advice. Please treat market volatility rationally.
🔹 This Friday will see the expiration of $15.9 billion worth of BTC options. The put/call ratio is only 0.69, suggesting fairly bullish sentiment. According to Deribit data, the biggest “pain point” for BTC options is at $75,000. After expiration settlement, market makers’ hedging and the gamma effect usually fade, so near-term implied volatility is likely to rise again and the trading range may be reset 📊
🔹 The New York Stock Exchange (NYSE) is exploring a tokenized version of U.S. stocks with Blockchain.com. Around the same time, MoonPay announced an all-stock acquisition of licensed broker-dealer North Capital for more than $60 million, capturing multiple licenses such as SEC brokerage and ATS. Both developments point in the same direction—traditional finance is moving stocks onto the blockchain 🔗
🔹 After running for 11 years, the veteran derivatives exchange BitMEX has officially shut down its trading interface. The era of Arthur Hayes is drawing to a close. Withdrawal channels are still preserved—old users should remember to migrate their positions soon to avoid uncertainty from leaving funds idle long-term.
🔹 Circle’s new chain Arc didn’t quite deliver the “BlackRock + Visa” type financial narrative on day one—instead, it morphed into a meme coin launchpad. In the short term, DEX trading activity is hot, but the user mix and capital retention are still the key things to watch. Whether the narrative can be realized will depend on how quickly USDC channel share grows and how soon AI agent payment use cases roll out 🪙
🔹 DeepSeek co-founder Liang Wenfeng’s newly signed paper for the first time discloses an Agent training sandbox called DSec: about 160 CPU nodes per single production unit, 30,000 cores, and 250 TB of memory. It serves about 3 million sandboxes per day, with peak concurrent usage exceeding 380,000. The underlying infrastructure for the AI Agent narrative is being scaled up in early form by domestic teams 🤖
🔹 Chainalysis shows that stablecoin cross-border transfer volumes are going against the trend—up 78%—even as the overall crypto market cap shrinks by 37%. Remittance, trade, and savings remain the three major real-demand use cases. In a bear market, what tends to be most resilient is what gets used the most.
🎯 Opportunity roundup
A big options expiry plus a quarterly settlement window is typically the starting point for volatility to amplify again. A put/call ratio of 0.69 indicates that capital previously positioned for a rise has an advantage. After settlement, if spot price still can’t break through the $87K area for long, profit-taking by longs and de-hedging by market makers could reinforce each other, making a short-term preference for a choppy-to-bearish bias. The tokenization sector (NYSE + MoonPay advancing on two fronts) is a medium- to long-term main line; there’s limited near-term catalyst, so it’s more suitable for DCA-style allocation. Adding Coinbase’s newly launched feature “BTC collateralize to borrow USDC with a fixed interest rate,” institutional capital is turning held BTC into an income-generating tool—providing structural support to spot. On a daily timeframe, watch whether $86K can hold; if it breaks, look for potential buy-the-dip opportunities in the $80K–$82K range.
Do you think $86K can hold? After the big options settlement, will we see another large bearish candle? Let’s discuss in the comments 👇
Views are for reference only and do not constitute investment advice. Please treat market volatility rationally.