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The Commodity Futures Trading Commission is preparing to approve an important step that allows the use of Bitcoin, Ethereum, and the USD Coin stablecoin linked to the dollar as collateral within derivative transactions, a step that deepens the presence of cryptocurrencies in the centralized structure of U.S. markets.
This decision comes amid a rising wave of trading in far-out Bitcoin options, where traders are buying low-cost contracts in preparation for the possibility of sharp volatility. The intense activity in buying and selling contracts at extremely distant levels reflects a view based on the expectation of an explosion in volatility, rather than a specific price direction.
In the midst of deepening digital asset penetration into central financial market infrastructure, there is a growing need for advanced analytical tools to understand regulatory implications. With the Investing Pro platform available in Arabic and a discount of up to 55% for Internet Monday, the WarrenAI tool offers comprehensive analyses of market developments resulting from new regulatory decisions.
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Digital assets are approaching the heart of spot markets
This experimental initiative came as part of a package that included two advisory memos alongside a non-enforcement letter submitted to Coinbase Financial Markets, and it will apply to futures brokers, swap dealers, and clearinghouses, including guidance covering the use of cryptocurrency versions of U.S. Treasury bonds and money market funds, along with clear rules for separating assets and reporting and oversight.
Ryan Miller from Lowenstein Sandler explained that the ongoing focus on providing clear pathways for innovative developments within the U.S. derivatives market is an encouraging development that reflects a regulatory desire to keep pace with rapid transformation.
Cryptographic assets refer to digital representations of real or financial assets recorded on a blockchain, which is a system based on a distributed digital ledger. Although these assets do not provide direct ownership of what they represent, proponents believe their use enhances liquidity, allows for fractional ownership, and grants foreign investors greater access to U.S. markets.
The acting chair of the Commodity Futures Trading Commission, Caroline Pham, announced last week that exchanges under the commission's supervision can begin trading what is known as spot cryptocurrencies within derivatives markets, marking an unprecedented expansion of the nature of assets permitted for trading in this framework.
The committee's duties are generally limited to overseeing derivative products without directly handling the underlying assets, except in cases related to fraud or manipulation, making the new step exceptional in redefining its jurisdiction.
Unusual activity in options far out of the money
The Bitcoin options market is witnessing a strong rise in trading contracts that are extremely far out of the current price, especially in long maturities, as traders move towards buying low-cost put options in hopes of making significant profits if the market experiences violent fluctuations.
Put options at the $20,000 level rank second among the most traded options for June 2026 on the Derabit platform, with an open contract nominal value exceeding $191 million, reflecting an increasing volume of long-term bets.
The nominal value of open contracts represents their total value in dollars, while put options at very low levels compared to the spot price are considered less expensive than options closer to the true price.
Wide movements indicate volatility expectations rather than price direction
June contracts are witnessing similar activity in put options at levels $30,000, $40,000, $60,000, and $75,000, expanding the scope of bets on potential extreme scenarios.
The rise in these contracts often reflects expectations of a sharp price decline; however, the current landscape is different, as the platform also records notable trades of call options at levels exceeding $200,000, negating the idea that traders are betting on one direction.
The Derabit platform's management indicates that these flows reflect a positive outlook towards rising long-term volatility at a low cost, rather than a direct bet on price increases or decreases; they are more akin to low-cost tickets for a potential significant price event in the coming months.
Professional strategies for tail risk management
Data indicates there are about 2,117 open contracts for the $20,000 sell level in June contracts, along with significant trades at the $30,000 sell level and the $230,000 buy level, indicating winged trades used by professional traders to manage long volatility and recalibrate tail risks in their books.
Experts believe that these contracts do not represent direct hedging positions because levels like $20,000 or $230,000 are far too removed from the current price, which is trading near $90,500, and thus they are positions built on volatility rather than price.
Holders of out-of-the-money call and put options benefit from strong movements in both directions, while these contracts lose value quickly if the market remains stable without sharp waves.
A more mature options market with a general downward trend
Options are derivative instruments that grant the trader the right to buy or sell the underlying asset at a specified price in the future, where a put option represents a bet on a decline while a call option indicates a rise, making them a key tool for risk management.
Cryptocurrency options markets, including the market tied to the BlackRock iShares Bitcoin ETF, are evolving into an advanced arena where major institutions rely on complex strategies that benefit from price direction, time, and volatility.
Data from Amberdata shows that market sentiment leans bearish, as put options trade at a higher premium than call options across all maturities, partially linked to a strategy of writing call options to enhance yield over spot positions.
