Odaily News: A commit titled "Binary options support" has recently appeared in the codebase of decentralized orderbook exchange platform Lighter, indicating that its ZK Circuits may have begun supporting binary outcome markets (prediction markets). According to the code, each market has a settlement cap (typically 100 for prediction markets), with share prices trading between 0 and that cap, and the market ultimately settling at either 0 or the cap based on the outcome. The mechanism uses full USDC collateralization and does not support leveraged trading, so there is no risk of forced liquidation or liquidation.Additionally, there are two notable design elements in Lighter's implementation:First, the Circuits support continuous market settlement, meaning market outcomes can settle at any value between 0 and the cap. This means that in addition to traditional "yes/no" events, it can also support contracts based on actual measured data. For example, a liquidation-free prediction market based on IPO valuation ranges could potentially be launched in the future: users bet on a company's IPO pricing outcome, and the final payout is calculated linearly based on where the actual valuation falls within the range, with minimum and maximum payouts set at the boundaries.Second, the market creation and settlement mechanism. According to analysis, Lighter may introduce a "market operator" model, allowing whitelisted operators to create, manage, and be responsible for market settlement, similar to the HIP-3 deployment model. This design suggests that Lighter's prediction markets may not be entirely created uniformly by the platform, but rather expanded through authorized operators to broaden market categories.

Odaily Planet Daily News: Bitget Stock+ has launched the Short Options feature, supporting both Short Call and Short Put options. Users can collect premiums by selling options, enhancing capital efficiency and achieving more flexible allocation of U.S. stock assets.As the option seller, selling a call option entails the obligation to sell the underlying stock at the strike price in the future, while selling a put option entails the obligation to buy the underlying stock at the strike price in the future. This feature supports pre-market trading from 4:00 AM to 9:30 AM ET, as well as regular trading from 9:30 AM to 4:00 PM ET.

Odaily Planet Daily News, Greeks.live macro researcher Adam posted on platform X stating that through Options Terminal analysis of the weekend market, it was found that large funds mainly engaged in three types of operations:Selling near-term gamma and near-month volatility;Buying downside protection for medium-to-long-term tenors, or constructing defensive structures such as put fly and collar;Conducting pin and roll operations around the $79,000 to $80,000 range.He stated that the current market does not support chasing short positions, and the decline has not caused market concern, with whales expecting short-term consolidation.

Odaily reported that crypto analyst Murphy posted on platform X, stating that by combining three sets of data (Options Gamma Exposure, Options Open Interest by Strike Price, Options ATM Implied Volatility), the impact on BTC from an options perspective is as follows: $80,000 is the first effective resistance level above BTC’s current price. This level simultaneously features high Call OI, positive Gamma, and low IV. When the price pushes upward from this point, market makers' dynamic hedging tends to create selling pressure; the lower the IV, the higher the marginal sensitivity of market makers' hedging adjustments. Therefore, the thickness of this wall (OI of 7,200 BTC + the magnitude of positive Gamma) makes $80,000 a "tough nut to crack" in May. Once it breaks through and approaches $82,000, due to the presence of a larger scale of negative Gamma (OI of 4,644 BTC) at this level, the market could quickly shift from being suppressed to an "amplified volatility" mode.

Odaily News: Primitive Ventures founding partner Dovey Wan addressed rumors of "market decline possibly due to a Hong Kong hedge fund blowing up on IBIT options trading" in an X post, stating that being in the "Hong Kong fund" circle in Asia, she had to offer a contrary perspective.1. Regarding Taxes: Hong Kong simply has no capital gains tax, so the so-called "tax optimization harvesting" angle is basically viewed from a US perspective and doesn't apply to us here.2. Regarding the Rumors: We are currently conducting due diligence (DD) on one of Hong Kong's largest Bitcoin options strategy funds. Based on their performance over the past few months and our communication with them, there has been no drama whatsoever since October 11th. The Hong Kong circle is very small, and people love to gossip. If anyone really got into trouble, it would be impossible to keep it quiet. For example, when the market maker Taipingshan, linked to the Hong Kong fund 3AC, blew up, we knew about it almost the next day.3. Regarding Fund Flows: Long before the in-kind redemption mechanism appeared, many old-school Bitcoin OGs (whales) in Asia had already one-way swapped their assets into compliant channels like IBIT (at the time, only Galaxy was the market maker that could do this, those who know, know). The main reasons for doing this were: easier custody; reduced operational and counterparty risk; more convenient flow as collateral within the traditional finance (TradFi) system; and cleaner transfer into other traditional financial assets.4. Regarding Trading Habits: Since the second half of 2025, Bitcoin trading activity has structurally shifted significantly towards US stock trading hours (especially the early session when New York opens), and the spot selling pressure on major exchanges reflects this. In recent days, Binance has also seen huge spot selling pressure during these periods, which is actually a chain reaction from ETF redemptions.Furthermore, why would a Bitcoin fund "blow up" just for writing options? Unless they were naked shorting or engaged in leveraged basis trades and got liquidated due to an unexpected widening of the spread between IBIT and spot. Therefore, this is likely a traditional finance (TradFi) fund with a cross-margin mechanism, not a pure "old-school Bitcoin believer" fund.

Odaily Planet Daily News: The Chicago Board Options Exchange (CBOE) announced on the X platform that the Ripple exchange-traded fund REX-Osprey XRP ETF (XRPR) and the Dogecoin exchange-traded fund REX-Osprey DOGE ETF ( DOJE ) have been listed.

Odaily News DWF Labs announced the launch of DWF Options, an options business, and its supporting service Options Concierges on the X platform to help traders gain flexible trading strategies and risk management solutions.

Odaily星球日报讯 渣打银行和 Virtu Financial Inc.等大型金融公司正准备加入一个新的伦敦加密衍生品交易平台，因为市场反弹提高了数字货币的吸引力。交易平台 Global Futures and Options Ltd.（简称 GFO-X）周一表示，已签约 ABN Amro Clearing 和做市商 IMC，并预计将在明年第一季度推出。GFO-X 首席执行官 Arnab Sen 表示，由于特朗普当选白宫再次引发的加密货币市场反弹，金融公司对该平台的兴趣重新激增。自特朗普上月再次当选并对其即将上任的政府做出多个支持加密的提名以来，数字资产市场一直在迅速上涨。投资者预计，新美国政府将通过支持加密的立法，消除许多人认为的大型金融公司进一步拓展该行业的障碍。（彭博社）

Odaily News The official website of the Options Clearing Corporation (OCC) shows that IBIT options will be listed and traded on November 19. Earlier today, the official website of the Options Clearing Corporation (OCC) of the United States issued a notice stating that the agency is preparing to launch spot Bitcoin ETF options. According to the disclosed notice, OCC is preparing for the clearing, settlement and risk management of spot Bitcoin ETF options, which will comply with the new options listing process outlined in the options listing procedure plan.

Odaily News The Kobeissi Letter (TKL) posted on the X platform that retail investors accounted for a record high of 18% of options trading, even higher than during the meme stock boom in 2021. At the same time, according to data from Options Clearing Corp., the average daily options trading volume this year has reached a record 47 million. This means that individual investors now trade 8.5 million options contracts every day. The rise of GameStop (GME) and other meme stocks is also one of the reasons for the recent surge in options trading volume, pushing retail risk appetite to a record high.