Bitcoin options traders are nervous, and the pricing shows it. After bitcoin dropped as low as $79,300 earlier this week, puts, which protect against a slide in the spot price, are trading at a clear premium to calls: Deribit’s Jean-David Pequignot says the front-end 25-delta skew sits more than 10 volatility points toward puts. The test comes Friday, when $10.86 billion in bitcoin options and $783 million in ether options expire on Deribit at 08:00 UTC. Most open bitcoin positions are in calls at $90,000 to $100,000 strikes, bets on a steep rise that didn’t materialize and are now out of the money, while Deribit’s 30-day implied volatility index sits at 36, about five points above the 30-day realized volatility of 31, a sign options are pricing in bigger moves than recent trading has delivered. Stay alert.
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NYSE owner takes steps to bring Hyperliquid perpetual futures to U.S.
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is teaming up with Trade[XYZ], the largest builder of markets on decentralized exchange Hyperliquid, to bring perpetual futures to the U.S., subject to CFTC approval. Perpetuals let traders bet on whether an asset’s price will rise or fall without the contract ever expiring, and they’re heavily traded in crypto but mostly on offshore venues that U.S. investors can’t use. The partners plan a dedicated venue, ICE[XYZ], with new exchange and clearing infrastructure, listing equities, indices, commodities, FX and crypto contracts through participating brokers, with details on products, eligibility and timing to come as approvals progress. ICE is also making a strategic investment in Trade[XYZ], on undisclosed terms, and investor Stan Druckenmiller is among the backers joining the project. Trade[XYZ]’s Hyperliquid markets have topped $650 billion in volume in just over a year and will keep running alongside the U.S. venue, and builder-deployed markets like its now drive roughly half of Hyperliquid’s volume.
Spot volumes climb 27.3% to $1.13T as RWA perps post first decline since April
Spot volumes on centralized exchanges rose 27.3% to $1.13T in September, outpacing derivatives, which climbed 15.7% to $3.94T, the highest since March. RWA perpetual volumes fell 19.8% to $413B, the first monthly decline since April, with Gate holding a 9.1% share. Gate’s total derivatives volume reached $396.4B, narrowly overtaking Bybit for third place, and DEX spot market share rose to 19.8%.
U.S. sanctions Russian nationals for laundering millions in crypto for North Korean IT workers
The Treasury Department’s Office of Foreign Assets Control sanctioned 10 individuals and one entity on Oct. 28, targeting financial intermediaries and workers in Russia and North Korea tied to IT-worker schemes that funnel foreign wages into Pyongyang’s weapons programs. Treasury says Russian national Ilya Boykov allegedly exchanged and converted $3.5 million in crypto for Alis, a company sanctioned in March 2024 and linked to North Korean IT workers, while Vitold Obertas allegedly conducted nearly $2 million in crypto conversions and at least $1.25 million in other currency transactions for North Korean officials since January 2025. OFAC also sanctioned the First Financial and Technical Development Center, a North Korean-controlled organization in Russia whose six designated workers generated more than $750,000 since 2025, and listed eight crypto addresses across Ethereum and Tron. The schemes use stolen identities and fabricated personas to land jobs at legitimate companies, and Treasury says workers have also used network access to install malware and steal data. Chainalysis says operatives have used generative AI for resumes and interview prep, and it traced crypto earned by a North Korean IT worker to Boykov, who sent it to sanctioned Russian exchange Garantex to cash out.
Utah charges predictions platform Kalshi with illegal gambling
Utah has filed 14 criminal charges against KalshiEX LLC and co-founders Tarek Mansour and Luana Lopes Lara, including a felony count for an alleged pattern of unlawful activity, 12 counts of promoting online gambling and one misdemeanor gambling charge. The case relies on evidence from an undercover agent with the Utah Attorney General’s Office, who used a local address, phone number and debit card to access the platform in September and placed 12 sports wagers, which the state says proves Kalshi is promoting illegal gambling there. The charges come days after Utah filed a civil lawsuit seeking to stop Kalshi from taking bets from residents and to recover profits it allegedly made in the state. Kalshi has argued that its sports contracts are financial derivatives regulated federally by the CFTC, not gambling, and the CFTC has sued Utah, arguing that only Washington can regulate them. Several other states, including Arizona, Connecticut, Massachusetts, Michigan and Nevada, have filed criminal charges, taken civil action or restricted access. CoinDesk reached out to Kalshi for comment but did not receive a response by publication time.
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