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Traders are picking up $20,000 Bitcoin put options, hoping for potential moonshot payoffs if Bitcoin swings wild.

These deep out of the money put options are lighting up for June 2026 X-Breeze on Deribit with the $20,000 strike put becoming the second most popular option with over $191 million in notional open interest.

While typically a sign of crash protection, Deribut executives note simultaneous activity in calls above $200,000.

This suggests that professionals are buying the

wings to profit from a potential volatility explosion over the next six months, rather than betting

on Bitcoin, actually falling to $20,000. As of this morning, the largest crypto by market cap is

trading just above $90,000. Utility or privacy. The transparency of traditional blockchains forces a difficult choice.

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The race to issue digital credit in Japan is on, but Michael Slor is giving Metaplanet a head start.

The executive chairman said that strategy will not list a perpetual preferred equity in Japan

within the next 12 months. Metaplanet plans to introduce two new digital credit instruments,

Mercury and Mars into Japan's perpetual preferred market, aiming to increase yield significantly

compared to traditional bank deposits. Strategy has

recently expanded its own perpetual preferred program. The company now has four perpetual

preferreds in the United States and recently launched its first outside the U.S. stream, a Euro-denominated

preferred. And the CFTC launched a pilot program Monday allowing Bitcoin Ether and USDA to be used as collateral in U.S. derivatives markets.

Acting Chairman Caroline Pham announced the move as a major step toward giving market participants clear guardrails for tokenized assets.

The program allows select futures commission merchants to accept these assets as margin, replacing outdated 2020 guidance that had previously blocked such usage.

Industry executives hailed the move as a major unlock enabled by the recently passed Genius Act.

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