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A large bitcoin options trade anticipates a shift from the present low-volatility regime to a period of heightened price swings, potentially exceeding the $53,000-$87,000 range. The trade saw the entity pay a net premium of over $1 million to purchase 100 contracts of the $66,000 strike call and put options expiring on Nov. 29, according to data confirmed by Lin Chen, head of business development Asia at Deribit. A long straddle is preferred when the market is expected to move far enough in either direction to make the call or the put option worth more than the cumulative premium paid. For the strategy to turn profitable and overcompensate for the premium paid, the bitcoin price needs to move either above $87,000 or below $53,000 by the end of November, Chen told CoinDesk.

The dominant model of token distribution in the crypto space these days is the so-called “low-float, high FDV” launch. In this model, projects launch with a low fraction of the total supply in circulation, where most of the supply is locked, typically unlocking gradually after a year. This low circulation is often coupled with, and perhaps even explicitly designed to encourage, a high fully-diluted valuation. According to research by CoinGecko, today nearly a quarter of the industry’s top tokens are low float. Notable recent launches which used this model include Starknet, Aptos, Arbitrum, Optimism, Celestia, and Worldcoin (where an astonishing 95.7% of supply remains locked as of this writing).

Flash crashes aren’t unusual in cryptocurrencies, although it is often difficult to explain why many holders of an asset suddenly decide they want to sell. In BGB’s case, the catalyst was likely “overall market sluggishness” stemming from holidays and Golden Week in Asia, among other factors, said Ryan Lee, chief analyst at Bitget Research, in an email.

The employment picture in the U.S. heated up in September, with the government reporting the addition of 254,000 jobs last month, flying past economist estimates for just 140,000. In addition, August’s previously reported 142,000 job gain was revised higher to 159,000.

If the “Trump trade” plays out in a similar way to 2016, there should be higher U.S. Treasury yields, a stronger dollar, U.S. stock market outperformance, in particular banks, and tighter credit spreads, JPMorgan said. This shift has not happened yet, with only a small move higher seen in these markets.

A subcommittee of the CFTC’s Global Markets Advisory Committee voted to pass the recommendations on to the full committee, which is expected to vote on the recommendations later this year, the report said citing two people familiar with the matter.

BTC is flat, trading above $61,100, while ETH is down 4% and trading at $2,390. Crypto markets took a hit from Tuesday night after Irani airstrikes on Israel, which the latter has vowed to retaliate, in a move that has dented a rally in risk assets, including bitcoin.