😅 The options expiry passed. Now the hangover begins.

BTC slides to a two-week low as ETF outflows return. Visa joins Canton Network. And Gate just hit an all-time high market share. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Friday, March 27, 2026   The options expiry is behind us — and the hangover has arrived. BTC is at a two-week low as oil tops $100 again, ETF outflows return, and the 10-year Treasury yield nears a one-year high of 4.5%. The exception: institutional blockchain is still moving forward, with Visa joining Canton Network and Ondo partnering with Franklin Templeton. Read today's full report → Market snapshot As of 9am EST Asset Price 24h BTC $66,329 −6.13% ETH $2,000 −4.44% SOL $86.65 −5.00% XRP $1.36 −3.21% Prices approximate. Visit coindesk.com/price for live data. Sponsored by Gate Crypto Exchange Volumes Hit 16-Month Low as Market Volatility Fades CEX volumes hit a 16-month low of $5.61T in February. Gate hit an all-time high 12.2% market share, with volumes up 5.90% to $500B. Read the full report → What matters today Markets   Story 1 of 2 Ondo, Canton sidestep macro concerns with institutional deals as bitcoin, ether slide BTC is down 6% and ETH is sliding toward $2,000 as the post-expiry reality bites. But two tokens are bucking the trend: ONDO is up 9% on a new Franklin Templeton tokenization deal, and Canton Network (CC) is up 7% after Visa joined as its first global payments Super Validator. The macro is ugly, but institutional adoption keeps moving. Read more → Derivatives   Story 2 of 2 Bitcoin drops to two-week low as $300 million in longs are liquidated BTC fell below $67,000 and ETH toward $2,000 as the quarterly options reset exposed markets to raw catalysts: oil above $100, weakening equities, and ETF outflows back "in size." Nearly $300M in longs were liquidated, open interest fell 3.5%, and funding rates turned negative — a bearish setup heading into the weekend. Read more → A message from Grayscale Introducing Grayscale Avalanche Staking ETF (Ticker: GAVA), offering exposure to AVAX and potential staking rewards. Launching with a 0% management fee*, GAVA reflects our conviction in Avalanche as a highly customizable blockchain with real-world use cases across gaming, finance, and enterprise. The Grayscale Avalanche Staking ETF (the "Fund") is not an investment company registered under the Investment Company Act of 1940 and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. Why GAVA? • Staking exposure: Exposure to the native token of the Avalanche network, including its potential staking rewards1. • Exposure to growing institutional adoption: Avalanche is a category leader in blockchain-based gaming and has increasing traction among financial and entertainment enterprises like KKR and FIFA2. • Expert sponsor: Sponsored by Grayscale, the world's largest crypto-focused investment platform3 with over a decade of experience managing crypto investment products. Disclosures * Management fee at 0% for the first 3 months of trading or the first $1.0 billion of assets. After the fund reaches $1.0 billion in assets or after a 3-month waiver period, the fee will be 0.35%. Brokerage fees and other expenses may still apply. 1 Potential staking rewards are earned by the Fund and not issued directly to investors. 2 Avalanche: https://build.avax.network/integrations/kkr and FIFA.com, June 11, 2025. "FIFA Collect migrates to new FIFA Blockchain." 3 Largest crypto-focused asset manager based on AUM as of 12/31/2025. For other companies in this category, AUM is considered as of most recent public disclosure. This information must be preceded or accompanied by a prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing. An investment in the Fund is subject to significant risk and heightened volatility. GAVA is not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Fund is not a direct investment in AVAX. This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. When a Fund stakes its underlying asset, it is exposed to the general risks of staking. Staking requires the token to be locked up for a required period, making it illiquid and unable to be sold or transferred during that time. The Fund remains exposed to market volatility while locked and may miss favorable selling opportunities. During unstaking, rewards may be reduced or unavailable. Staked assets also face risks such as security breaches, network failures, smart contract vulnerabilities, and validator or custodian issues, which could result in loss of assets or rewards. Foreside Fund Services, LLC is the marketing agent for the Grayscale ETPs. © 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale. 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