Market

Maybe it’s time to trust the stars as the year of the snake starts.

Traders of BTC-tracked products lost $238 million in the past 24 hours, majorly in early European and Asian afternoon hours.

Much of the concern draws from a possible overvaluation in U.S. tech companies as DeepSeek’s latest AI model is significantly cheaper to produce and was built using open-source technology that is easy to access.

Some $6 billion of the notional value in bitcoin is currently set to expire out of the money.

Crypto majors showed mixed movement as bitcoin (BTC), ether (ETH) and BNB Chain’s bnb gained under 1% in the past 24 hours, while Solana’s SOL and XRP surged as much as 7%.

Circle also said it will bring the $48 billion USDC stablecoin to the Canton Network and struck a partnership with crypto market maker Cumberland DRW to provide liquidity for USDC and USYC tokens.

CoinDesk’s parent company Bullish has already listed a perpetual futures contract tied to the new index, in its platform.

Implied and realized volatility indexes hit the highest levels since August’s yen carry trade unwind.

An indicator called the cumulative volume delta shows traders are either shorting perpetual futures or closing long positions.

At the moment, Canary Capital appears best-positioned to be the initial issuer of the new vehicle.