Cheap volatility before the biggest expiry of the year

Bitcoin vol is cheap heading into a $10.5B options expiry Friday. Korea’s market circuit-broke. SpaceX shed $600B. BTC is holding the 200-week SMA. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Tuesday, June 23, 2026   Bitcoin volatility looks cheap heading into Friday’s $10.5 billion quarterly options expiry — and that matters because cheap vol is an invitation. Deribit’s DVOL index sits at 41.5%, well below February’s peak of 90%, which means the market is pricing small swings precisely when large ones may be coming. South Korea’s Kospi circuit-broke for the fourth time this year, down 10% as Samsung and SK Hynix plunged on AI spending doubts. SpaceX has shed $600 billion in market value over three days. QQQ futures are down 3%. BTC is slipping toward $63,000 — but it’s holding the 200-week moving average better than anything else in risk assets today. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $62,445 −2.71% ETH $1,649 −5.49% SOL $68.93 −6.48% XRP $1.10 −2.66% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Grayscale Solana Trust ETF: 100% Staking Grayscale Solana Trust ETF (ticker: GSOL) is now delivering enhanced value to investors, including 100% staking.* Solana staking rewards have historically averaged 6-8% a year.2 GSOL, an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GSOL is subject to significant risk and heightened volatility. GSOL is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GSOL is not a direct investment in Solana. Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Fund. Potential staking rewards are earned by the Fund. Staking rewards are not guaranteed and should not be considered an indication of Fund performance. The Fund’s ability to engage in staking is conditional and may be modified. Staking requires that the Fund lock up SOL for the period of time required by the staking protocol, meaning the Fund cannot sell or transfer the staked SOL, thereby making it illiquid for the period it is being staked. 1 As of 6/4/26 2 Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%. Past performance is not indicative of future results. Learn 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. What matters today Markets   Story 1 of 3 Bitcoin volatility looks cheap as a $10.5 billion options settlement nears. Deribit’s bitcoin volatility index, DVOL, is trading at 41.5% — well below February’s peak of 90% and slightly above May’s lows — heading into Friday’s $10.5 billion quarterly options expiry, the largest of the year. “Vol is cheap relative to its own history but no longer at fire-sale levels,” Deribit CCO Jean-David Péquignot told CoinDesk. The significance: cheap implied volatility means options premium is low, making it inexpensive to buy directional exposure — particularly on the bullish side — right before a catalyst event. The quarterly expiry on Friday is one of the largest scheduled volatility events of the year. Most of the open call interest is now underwater as spot has fallen through the quarter. An altcoin season signal also flashed this week: BTC has declined faster than alts, causing the BTC dominance ratio to briefly drop — the classic mechanical trigger. But in this case it was set off by BTC weakness rather than alt strength, a distinction that matters for reading the signal correctly. Read more → Markets   Story 2 of 3 An altcoin season signal flashed — but it was bitcoin’s slide that set it off. South Korea’s Kospi triggered its fourth circuit breaker of the year, closing down 10%, as Samsung Electronics and SK Hynix each fell more than 12% and foreign investors dumped over $2.5 billion of Korean shares. The catalyst: AI spending doubt. Samsung and SK Hynix are global proxies for AI chip demand, so their slide is the same trade hitting SpaceX — down another 15% Tuesday — and the Nasdaq, where QQQ futures are off nearly 3% in pre-market. Leveraged ETFs tracking the chip names amplified the Korean selloff, with one fund targeting twice SK Hynix’s daily return losing more than 25%. Korea’s volatility gauge spiked toward 90. Bitcoin absorbed the backdrop and fell less than 1% over three days while SpaceX lost $600 billion in market cap. The average crypto RSI sits at 39.05, in oversold territory — a condition that has historically preceded short-term relief rallies but requires a catalyst to sustain. Read more → Markets   Story 3 of 3 Bitcoin slips toward $63,000 as a tech selloff drags risk assets lower. Bitcoin fell to $62,840 on Tuesday, down 1.1% over 24 hours and 3.5% on the week, as a rotation out of AI and chip stocks bled into crypto. The Coinbase premium remains negative — signalling absent U.S. institutional spot demand — and Strategy’s STRC preferred stock is under renewed pressure, adding a company-specific headwind to the macro backdrop. BTC is holding above the 200-week moving average, currently sitting just above $64,000, which has served as key support throughout this bear phase. Analysts identify $59,000–$60,000 as the next significant support zone if current levels break; a move into that range would likely represent the deepest test of the bull thesis since the October 2025 peak. Micron earnings and the core PCE print later this week are the two macro catalysts that could either extend the selling or trigger the relief rally the oversold RSI readings are hinting at. 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