Approximately 34K BTC and 220K ETH options expired today with max‑pain at $118K for BTC and $4.25K for ETH. BTC short‑tenor IVs remain above 35% while ETH short‑tenor IVs are above 80% with markets re‑pricing near‑term volatility.
BTC ETFs logged a 5th straight outflow day (‑$194 million) while ETH ETFs saw +$288 million (led by BlackRock’s ETHA). This rotation favors ETH despite broader de‑risking.
Largest BTC liquidation cluster lies between $114.7K - $115K with near-term support at $111.2K and deeper support at $109.4K - $107.6K.
From a misconfigured bridge to seized assets on Arbitrum, the Kelp–LayerZero fallout lays bare how quickly “non-custodial” systems revert to human discretion under stress.
Korea Investment & Securities is in parallel discussions to buy an equal share, as financial firms rush to consolidate South Korea's smaller exchanges before a new 20% ownership cap takes effect.
The deal makes South Korea's Hana Financial the fourth-largest shareholder in Dunamu and comes with an MOU covering won-backed stablecoins, blockchain remittances and a joint wealth management product, while handing Kakao a roughly 300x return on its original investment.
Both exchanges grew adjusted revenue year-over-year and posted large GAAP losses driven by non-cash items, while signalling deeper moves into derivatives, tokenization and agentic trading.
