Bitcoin pulled back as traders digest regulatory developments in the U.S.
Users can now open USDC positions and stake CVI USDC through the index.
Several other risks in the crypto markets were identified by the union's members including shallow liquidity and a lack of legal parameters.
Bitcoin is recovering from a volatile shakeout. Options expiry has large open interest around $40K.
BTC remains in a tight trading range as the uptrend weakens. Upside appears limited this week.
Meanwhile, the cost of gas fees on the Ethereum network is near a three-month low.
BTC is down about 3% over the past seven days as the price recovery from $30,000 stalls.
Seasoned traders sell options when the implied volatility is high and buy when volatility is low.
For crypto investors who have been in the market a while, volatility is not a bug – it's a feature.
BTC had climbed from $35,709 to as high as $42,441. Then the slide started.
Investors are buying and no longer panicking.
"Buying options in this low implied volatility environment is extremely interesting," one crypto firm says.
Bitcoin could be in for a long, cool spring of modest new all-time highs followed by sudden dips.