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Japan’s 10-year government bond yield surged to 3.055%, its highest level in three decades. Higher yields raise borrowing costs, add pressure on Japan’s heavily indebted government, and make cheap yen-funded trades less attractive. The move tracked a broader rise in US Treasury yields, which UOB said had climbed to near two-decade highs across the curve. Earlier this month, Japan’s benchmark borrowing costs also touched a three-decade high after US Treasury Secretary Scott Bessent signaled he expects Tokyo and the Bank of Japan to support the weakening yen.

The CFTC says it will move forward with clear crypto market rules on its own, despite the CLARITY Act failing to pass. “The agencies have a ton of existing statutory authority. The President was prepared for it, we’re prepared for it, and so it’s go time,” said Chairman Mike Selig. Selig said the agency will “continue to ship rules,” signaling the CFTC intends to establish defined crypto regulations independently rather than waiting for Congress to revisit the legislation.

Bitcoin and Ethereum face a combined $18 billion options expiry this Friday, the largest single expiry of 2026. Bitcoin’s 184,000 contracts carry $15.9 billion in notional value, with max pain at $75,000, while calls dominate at $9.4 billion versus $6.5 billion in puts, crowded around $90,000 and $100,000 strikes. Ethereum’s 777,000 contracts total $2.1 billion notional, with max pain at $2,250. Calls lead there too, $1.32 billion versus $813 million in puts, spread across strikes from $3,000 to $4,000, signaling traders are heavily positioned for upside on both assets.

Former quant trader Beni questioned Kalshi’s reported crypto trading volumes, citing about $539 million in 24-hour ETH-PERP volume against roughly $3.1 million in open interest. Kalshi’s crypto lead IcoBeast said Beni had confused prediction markets with perpetual futures and noted that rebates are not offered for crypto prediction markets. He also defended the platform’s market-making incentives and denied claims that Kalshi selects its self-clearing members. Beni said he received new non-public information and plans to disclose more after consulting lawyers.

USD/JPY nearly hit 158 even after the Bank of Japan raised rates by 25 basis points and hinted at further hikes ahead. Normally, a BOJ rate hike strengthens the yen, but this time the Fed also hiked rates, with another increase expected this month, keeping the US-Japan rate gap from narrowing and leaving yen borrowing still profitable. That leaves the BOJ in a difficult spot. If rate hikes alone can’t strengthen the yen, intervention becomes the remaining option, likely through selling US Treasuries.

Cardano founder Charles Hoskinson said cryptocurrency’s core purpose is freedom and liberty, not speculation. “Not token go up, token go down. It’s about your freedom of movement, expression, association and commerce,” Hoskinson said, framing crypto as fundamentally about giving people greater control over their own lives.

S&P Global has agreed to acquire OpenZeppelin, the smart contract security firm behind open-source code used to protect major stablecoins, DeFi platforms, and blockchain networks. Founded in 2015, OpenZeppelin has completed over 900 security audits to date. Following the deal, OpenZeppelin will continue operating independently under CEO Demian Brener, while S&P Global gains new tools to extend its risk analysis into onchain markets, a move both companies frame as strengthening trust in tokenized finance as institutional blockchain adoption grows.