Some $6 billion of the notional value in bitcoin is currently set to expire out of the money.

Crypto majors showed mixed movement as bitcoin (BTC), ether (ETH) and BNB Chain’s bnb gained under 1% in the past 24 hours, while Solana’s SOL and XRP surged as much as 7%.

Circle also said it will bring the $48 billion USDC stablecoin to the Canton Network and struck a partnership with crypto market maker Cumberland DRW to provide liquidity for USDC and USYC tokens.

CoinDesk’s parent company Bullish has already listed a perpetual futures contract tied to the new index, in its platform.

Implied and realized volatility indexes hit the highest levels since August’s yen carry trade unwind.

An indicator called the cumulative volume delta shows traders are either shorting perpetual futures or closing long positions.

At the moment, Canary Capital appears best-positioned to be the initial issuer of the new vehicle.

Wednesday’s soft U.S. core CPI has opened doors for traders to focus on Trump’s swearing in and the possibility of first-day pro-crypto announcement.

XRP’s price rise is accompanied by record perpetual futures open interest and surge in trading volumes.

Growing speculation of a potential spot XRP ETF is one of the factors driving the surge, one crypto analyst said.