Markets are up across the board as SpaceX posted record quarterly revenue and Elon Musk confirmed independent committees are assessing a potential SpaceX–Tesla merger — which would bring more than 30,000 BTC under one roof. Bitcoin is bouncing back above the Ichimoku cloud, a technically constructive signal. The Daybook today flags a quieter but important structural shift: options now account for nearly 60% of bitcoin’s derivatives market, up from 50% at the start of the year — a sign the market has moved from directional bets to risk management. And the OCC just issued the first final rule implementing the GENIUS Act, leaving no safe harbor for existing exchange rewards programs like Coinbase’s USDC yield. Stay alert.
Meet ZCSH, the first and only US-listed ETP offering dedicated ZEC exposure.1 Zcash builds on Bitcoin’s foundation, adding optional privacy for transactions — shielded transactions at times have accounted for more than 50% of user transactions.2
Why ZCSH:
Built by Grayscale, with nearly 10 years of operating history behind the fund.
Over $900 million in AUM3
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Exposure through your brokerage account — no wallet, exchange account, or custody solution required.
The Zcash ETF (“ZCSH”), an ETP, is not registered under the Investment Company Act of 1940 (“40 Act”) and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds.
An investment in ZCSH is subject to a high degree of risk and heightened volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in ZCSH is not a direct investment in ZEC.
Must be preceded or accompanied by a prospectus, click here. Please read carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for ZCSH.
1First and only US-listed ETF dedicated solely to ZEC as of August 25, 2026.
2Blockworks Analytics, Zcash: Transactions, October 6, 2024–June 28, 2026.
3As of September 18, 2026. Subject to change.
4All ZCSH management fees support initiatives for the development and growth of the Zcash ecosystem and marketing activities in support of ZCSH, for up to 12 months following the effectiveness of the Fund’s registration statement. This commitment is a voluntary undertaking by the Sponsor, paid from the Sponsor’s own funds after receipt of the Sponsor’s fee, and is not an obligation of the Fund.
What matters today
Markets
Story 1 of 3
Bitcoin risk management grows more popular as the ‘just bet on price’ era fades
Options now account for just under 60% of all bitcoin derivatives open interest, up from roughly 50% at the start of 2026 — a structural shift Volmex, the issuer of the BVIV index, says signals that trading bitcoin is now about managing risk rather than simply betting on direction. The overall bitcoin derivatives market stands at roughly $129 billion: $76 billion in options (crypto-native plus ETF-based) and $53 billion in futures and perpetuals. ETF options alone now represent about 47% of the bitcoin options market, with BlackRock’s IBIT options at nearly $35 billion — triple their January 2025 level. BlackRock is doubling down: it recently filed for a bitcoin buffer ETF that uses options to limit losses while also capping gains. The pattern mirrors equities, where S&P 500 options now account for about 75% of all index derivatives, suggesting bitcoin’s volatility could continue to decline as the market matures.
Why centralized exchanges won’t list legacy tokens without explicit SEC immunity
Vault12, backed by Winklevoss Capital and Naval Ravikant, raised $17.45 million selling its VGT token in 2018 and says it has met or formally abandoned every promise in its white paper — yet the token has never traded on a centralized exchange. In a comment letter to the SEC today, Vault12 explains why: every exchange it approached wanted assurance that the SEC would not later challenge the token’s securities status, and the SEC’s proposed Regulation Crypto Assets safe harbor doesn’t provide it. The current proposal allows the SEC to later question whether an issuer met the safe harbor conditions, leaving exchanges exposed. Vault12 proposes a 60-day window after which a properly filed safe harbor certification would become conclusive for the SEC, barring fraud — a change that would finally give exchanges the certainty they need to list. The case is a concrete illustration of how regulatory ambiguity is keeping functional, decentralized tokens off U.S. platforms nearly a decade after they were issued.
OCC issues the first GENIUS Act final rule — and Coinbase’s rewards program may not be safe
The Office of the Comptroller of the Currency became the first federal regulator to issue a final rule implementing the GENIUS Act, covering the start-to-finish process for national banks and trusts to issue, custody and facilitate stablecoins — effective January 18. The yield question is the flashpoint: the GENIUS Act bans issuers from paying anything that looks like interest solely for holding a stablecoin, but exchanges including Coinbase, PayPal and Kraken have established rewards programs offering 3–4.5% on USDC or PYUSD holdings. The OCC declined to offer examples or a safe harbor for any of them, stating only that the word “solely” in the ban is doing significant legal work — a reward made partly for other reasons could escape the prohibition. Critically, the OCC said it will not presume that rewards programs predating the GENIUS Act comply with it, even if Congress knew about them. The Fed, FDIC and Treasury are still finalizing their own rules.
CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets.
L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal.
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