NYSE’s owner is bringing Hyperliquid perps to the U.S.

NYSE owner ICE moves to bring Hyperliquid perpetual futures to the U.S. Plus: Druckenmiller backs the venture in his first X post, and KuCoin exits Russia and Belarus. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thursday, October 29, 2026 NYSE owner takes steps to bring Hyperliquid perpetual futures to U.S. Intercontinental Exchange, the parent 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 are contracts with no expiration date that are heavily traded in crypto, but mostly on offshore venues U.S. investors can’t use. The planned ICE[XYZ] venue would have its own exchange and clearing infrastructure and list 24/7 contracts on stocks, indices, commodities, currencies and crypto through participating brokers. Timing and eligibility haven’t been announced. 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; ICE is also making a strategic investment in the company, on undisclosed terms. Read more → Finance Stanley Druckenmiller’s first X post backs Hyperliquid venture after $23 million indirect investment Billionaire investor Stanley Druckenmiller made crypto the subject of his first post on X, revealing he’s an investor in Trade[XYZ] without disclosing financial details. Elon Musk replied with a one-word “interesting,” and Trade[XYZ]’s pseudonymous founder pitched him on bringing its perpetual futures to X — though there’s no sign the companies are in talks. The post came as ICE announced its Trade[XYZ] partnership. Druckenmiller’s Duquesne Family Office also held 2.94 million shares of Hyperliquid Strategies, a HYPE-focused treasury company, worth $23.15 million as of June 30. The HYPE token was up nearly 20% on Thursday. 3-minute read → Policy KuCoin exits Russia and Belarus as crypto exchanges withdraw from Western-sanctioned markets KuCoin is ending all services for customers in Russia and Belarus, effective immediately, citing legal and regulatory requirements without naming specific sanctions. Users will be notified of deadlines to close positions and withdraw funds, and the exchange didn’t say how many customers are affected. It follows MEXC, which stopped serving both countries on Oct. 20, and Bitget, which announced restrictions this month. KuCoin has its own compliance history: it agreed to pay nearly $300 million in January 2025 after pleading guilty to operating an unlicensed money-transmitting business in the U.S. 2-minute read → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

Webcast: How to Integrate Digital Assets into Traditional Portfolios

Webcast: How to Integrate Digital Assets into Traditional Portfolios ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­  

A message from Register now for a new class of the Grayscale Institute, Grayscale’s educational platform for both new and experienced digital asset investors:  In Practice: How to Integrate Digital Assets into Traditional Portfolios Wednesday, November 11, 2026 | 11:00 AM ET 1 Continuing Education (CE) Credit  This class—the final of Grayscale's five-class Digital Asset Investing Fundamentals course—provides a framework for investors to consider when integrating digital assets into a portfolio of traditional assets. The session will discuss: Deploying “core digital assets,” including Bitcoin and Ethereum Deploying “satellite digital assets” Assessing portfolio impact of allocations to core and satellite assets Optimizing traditional portfolios by modeling allocations to core and satellite assets The first four classes of the course are available here on demand.  Also: Download our Primer Series on the fundamentals of investing in digital assets. First 7 are ready. Primer 8 releases on November 11. Grayscale Institute was created with a clear mission: To educate both new and experienced investors on the intricacies of investing in digital assets. As a pioneer with a decade-plus track record in digital asset investing, Grayscale believes that sharing knowledge is essential to advancing the discovery, understanding, and demystification of this rapidly evolving asset class. Presenter Keith Black, PhD Adjunct Faculty, University of Massachusetts Dr. Black has over three decades of financial market experience. He has published many articles and white papers and is more recently the author of “Investing in Cryptocurrencies and Digital Assets,” a book that focuses on the technologies, business models, and valuation of digital assets. He currently teaches a course on Digital Asset Investing at the University of Massachusetts, Amherst. Register Now Also, get The Stack, our crypto intelligence blog, delivered directly to your inbox. Sign up today. 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$10B in bitcoin options expire Friday. Traders are nervous.

Bitcoin options traders are paying up for downside protection ahead of Friday’s $10 billion expiry. Plus: the NYSE owner moves on Hyperliquid perps, and Utah charges Kalshi. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Thursday, October 29, 2026   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. Read today’s full report → Market snapshot As of 9am ET Asset Price 24h BTC $80,061 −0.70% ETH $2,325 −0.35% SOL $100.63 −0.39% XRP $1.29 −1.99% Prices approximate. Visit coindesk.com/price for live data. A message from Hex Trust Founded in 2018, Hex Trust is the regulated digital asset partner for institutions that want to do more than just hold. More than 600 funds, banks, family offices, foundations, payment firms and OTC desks rely on us to safeguard, move and grow their assets, all with one licensed provider. Our custody gives clients the protection of cold storage without the wait. Assets stay offline and fully secured, and transactions still go out instantly. Around custody, we’ve built the services institutions actually use: OTC trading, staking, fiat on and off ramps, payments, and Aura, our wealth platform for private clients. Hex Trust is licensed in Hong Kong, Singapore and Dubai, so partners can grow across Asia and the Middle East with one compliant counterparty instead of piecing together several. Learn More What matters today Markets   Story 1 of 3 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. Read more → Research supported by Gate 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%. Read the report → Finance   Story 2 of 3 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. Read more → Policy   Story 3 of 3 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. Read more → 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. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences