Crypto continues to lose ground ahead of this week's record options expiration, while defensive positioning and thinning liquidity suggest caution into 2026.
Behind the move is a sharp narrowing in the profitability of the basis trade, in which traders attempt to capture a spread by buying spot bitcoin while selling BTC futures.
The largest U.S. bank is exploring spot and derivatives services for hedge funds and pensions as regulatory clarity improves, a person familiar with the matter told Bloomberg.