Here’s what happened in crypto today
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, analyst says options and derivatives will take Bitcoin to $10 trillion market cap, Vitalik Buterin has opposed the EU’s proposed Chat Control law, warning it undermines digital privacy and creates surveillance backdoors, and an analyst predicts that several spot Solana staking ETFs may receive approval in the coming weeks.
Bitcoin options at all-time highs, derivatives will take BTC to $10 trillion — Analyst
Bitcoin options contracts and other financial derivatives will drive the Bitcoin market capitalization to at least $10 trillion, according to market analyst James Van Straten.
Van Straten said that options and other derivatives are a sign of market maturation. These instruments help to cushion the high volatility inherent in BTC and other digital assets. He wrote in an X post on Saturday:
“Chicago Mercantile Exchange (CME) options open interest is at an all-time high, partly driven by systematic volatility selling strategies like covered calls. This points to a more mature market structure with deeper derivatives liquidity around Bitcoin.”
However, this reduced volatility works both ways, and limited BTC drawdowns also mean that upside will be limited in the future, Van Straten added.
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Vitalik slams EU’s Chat Control: ‘We all deserve privacy and security’
Ethereum co-founder Vitalik Buterin has criticized the European Union’s proposed “Chat Control” legislation, warning that it threatens the right to privacy in digital communications.
In a Saturday post shared on X, Buterin voiced opposition to mandatory surveillance measures that would require tech platforms to scan private messages for illegal content. “We all deserve privacy and security… for our private communications,” Buterin said.
“You cannot make society secure by making people insecure,” he wrote, arguing that backdoors built for law enforcement are “inevitably hackable” and undermine the safety of everyone.
The post was in response to another message by entrepreneur Pieter Levels, who urged Europeans to reject the regulation, warning that it could allow officials to access citizens’ personal messages.
Several Solana staking ETFs may win US approval within two weeks: Analyst
Several applications for Solana exchange-traded funds (ETFs) with staking could receive US approval by mid-October, ETF analyst Nate Geraci said, following fresh regulatory filings.
“Guessing these are approved [within the] next two weeks,” Geraci, the president of NovaDius Wealth Management, said in an X post on Friday.
Geraci noted that asset managers Franklin Templeton, Fidelity Investments, CoinShares, Bitwise Asset Management, Grayscale Investments, VanEck, and Canary Capital all filed amended S-1 documents for spot Solana ETFs to the US Securities and Exchange Commission (SEC) on Friday. The S-1 document is a comprehensive disclosure outlining the company’s financials, risk profile, and the securities they intend to offer.
