Today, over $3 billion worth of Bitcoin and Ethereum options expire. It will see over $2.5 billion worth of BTC and nearly $500 million worth of ETH contracts settled. How will the prices of both assets react?
These options’ expiry will take place at 8:00 UTC on Deribit, potentially inspiring volatility across the crypto market.
Bitcoin Faces $89,000 Max Pain in Today’s Options Expiry
Today, March 7, 29,005 Bitcoin contracts with a notional value of $2.54 billion are set to expire. According to Deribit data, Bitcoin’s put-to-call ratio is 0.67. The maximum pain point—the price at which the asset will cause financial losses to the greatest number of holders—is $89,000.
Additionally, Ethereum sees the expiration of 223,395 contracts with a notional value of $481.9 million. The maximum pain point for these contracts is $2,300, with a put-to-call ratio of 0.72.
The maximum pain point in the crypto options market represents the price level that inflicts the most financial discomfort on option holders. At the same time, the put-to-call ratios, below 1 for both Bitcoin and Ethereum, indicate a higher prevalence of purchase options (calls) over sales options (puts).
Crypto options trading tool Greeks.live provided insights into the current market sentiment. They cited an overall bearish market sentiment, with traders expressing frustration over extreme volatility and choppy price action.
Bitcoin’s sharp intraday swings, such as recent moves of $6,000, have led to what traders describe as “scam both ways” conditions. According to analysts at Greeks.live, this makes it difficult to establish a clear directional trend.
“Most traders are watching the 87,000-89,000 range as key resistance, with 82,000 noted as a recent bottom, though there is significant disagreement on whether a sustainable bottom has been found,” wrote Greeks.live.
Further, the pronounced put skew reflects the broader pessimism, as traders continue to favor downside protection despite occasional upward moves. The analysts also observe that traders are adjusting their strategies amidst the high volatility.
“Several traders are selling calls at 89,000-90,000 range as a preferred strategy in this environment, with one trader reporting they’re at -260% on calls bought at lower levels,” Grreeks.live added.
As a result, many traders are choosing to stay on the sidelines, waiting for clearer signals before committing to new positions.
“With markets on edge, where do you think price action will land? Above or below max pain?” Deribit posed in a post on X (Twitter).
Nonetheless, traders must remember that option expiration has a short-term impact on the underlying asset’s price. Generally, the market will return to its normal state shortly after and possibly even compensate for strong price deviations.
Traders should stay vigilant, analyzing technical indicators and market sentiment to navigate potential volatility effectively. Meanwhile, these developments come after US President Donald Trump signed the strategic Bitcoin reserve order.
Notably, the order was short of specific details, with many questions likely to be answered later during the White House Crypto Summit.
Cryptocurrency exchange Gemini has announced the listing of Ripple’s stablecoin RLUSD on its exchange, enabling trading, deposits, and withdrawals.
This marks a significant step forward in the global adoption of RLUSD. Moreover, the listing triggered a surge in RLUSD’s trading volume, which has increased by 63.7%.
“RLUSD is now available for trading on Gemini. Deposits and withdrawals are enabled. Buy, sell, and store today,” the post read.
The move positions Gemini alongside other major exchanges supporting RLUSD trading. For instance, Bitstamp enabled trading for the stablecoin on January 8. Meanwhile, Kraken followed suit on April 2.
Notably, Gemini’s listing had a positive impact on RLUSD. Following the announcement, the stablecoin’s 24-hour trading volume surged to over $52 million, reflecting a 63.7% increase over the past day, according to data from CoinGecko.
Since its launch late last year, the stablecoin has seen remarkable growth. Its market capitalization has risen 338.6% since the beginning of 2025. As of the latest data, it stands at $317 million.
Although the market cap remains modest compared to industry leaders like Tether (USDT) and USDC (USDC), analysts remain optimistic about RLUSD’s prospects.
“Ripple’s RLUSD stablecoin has exploded since launch, now pushing over $860 million in monthly volume. It’s fully backed, built on the XRP Ledger and Ethereum, and already integrated into Ripple Payments. Kraken, Bitstamp, and LMAX Digital have listed it. This is Ripple’s enterprise-grade answer to global stablecoin demand, and it’s built for compliance, scalability, and cross-border dominance,” a user wrote on X.
Meanwhile, the broader stablecoin ecosystem is also positioned for significant growth. According to forecasts from the US Treasury, the market capitalization could reach $2 trillion by 2028.
Furthermore, Citigroup’s projections estimate that the market cap could soar to $3.7 trillion by 2030. This overall expansion of the stablecoin market is expected to benefit RLUSD as well, driving further integration and usage as the demand for stablecoins continues to rise.
Regulatory sandboxes have emerged as a concept to drive innovation in a controlled setting. They allow companies to test new crypto products and services while regulators observe and adapt regulations. While jurisdictions like the UK, the UAE, and Singapore have already created sandboxes, the US has yet to create one at the federal level.
BeInCrypto spoke with representatives of OilXCoin and Asset Token Ventures LLC to understand what the US needs to build a federal regulatory sandbox and how it can unify a fragmented testing environment for innovators.
A Patchwork Approach
As the name suggests, regulatory sandboxes have emerged as a tool for providing a controlled testing ground. This environment allows entrepreneurs, businesses, industry leaders, and lawmakers to interact with new and innovative products.
According to the Institute for Reforming Government, 14 states in the United States currently have regulatory sandboxes for fintech innovation.
Of those, 11 are industry-specific and cover other sectors like artificial intelligence, real estate, insurance, child care, healthcare, and education.
Utah, Arizona, and Kentucky are the only jurisdictions among these states with an all-inclusive sandbox. Meanwhile, all but 12 states are currently considering legislation to create some regulatory sandbox for innovation.
Due to its relatively short existence, the crypto market has underdeveloped legislation. While state-level sandboxes enable innovators to demonstrate their products’ capabilities to the public, they are significantly constrained by the lack of federal regulatory sandboxes.
The Need for Federal Oversight
Though statewide efforts to create regulatory sandboxes are vital for innovation, entrepreneurs and businesses still face constraints in developing across borders or reaching an audience at a national level.
Rapid advancements in fields like blockchain and artificial intelligence (AI) add a particular layer of uncertainty, given that existing legal frameworks may not be well-suited to these technologies.
At the same time, regulators may face difficulties in developing appropriate rules for these technologies due to a potential lack of familiarity with these constantly changing industries.
As a result, industry participants are increasingly calling for creating a federal regulatory sandbox. This environment could be a collaborative framework to address the gap, facilitating communication and knowledge sharing between regulators and industry stakeholders.
“The implementation of a federal regulatory sandbox in the United States has the potential to significantly enhance both innovation and regulatory oversight by reducing the uncertainties often associated with navigating the regulatory landscape across state lines. Such an initiative could help establish a coherent framework characterized by uniformity, continuity, and a conducive environment for innovation,” said Paul Talbert, Managing Director of ATV Fund.
According to Rademacher and Talbert, this proposal would meet the needs of all players involved.
Benefits of a Federal Regulatory Sandbox
A sandbox provides innovators with a controlled environment to test products under regulatory oversight without the immediate burden of full compliance with rules that may not yet fit their technology.
It also allows regulators to acquire firsthand insights into blockchain applications, facilitating the creation of more knowledgeable and flexible regulatory policies.
“Startups should have clear eligibility criteria to determine their qualification for participation, while regulators must outline specific objectives—whether focused on refining token classification frameworks, testing DeFi applications, or improving compliance processes,” Rademacher said.
It could also help the United States reinforce its position as a leader in technological innovation.
“By fostering innovation through simplicity, regulatory certainty, and conducive environments, the United States can significantly strengthen its competitive position in the global fintech landscape,” Talbert added.
While the United States has stalled in creating a federal framework for fintech innovation, other jurisdictions around the world have already gained significant ground in this regard.
Global Precedents
The Financial Conduct Authority (FCA), which regulates the United Kingdom’s financial services, launched the first regulatory sandbox in 2014 as part of Project Innovate. This initiative aimed to provide a controlled environment for testing innovative products.
The government asked the FCA to establish a regulatory process to promote new technology-based financial services and fintech and ensure consumer protection.
The United Arab Emirates (UAE) and Singapore, in particular, have made progressive strides in creating federal regulatory sandboxes.
The UAE, for example, currently has four different sandboxes: the Abu Dhabi Global Market (ADGM) Regulation Lab, the DSFA Sandbox, the CBUAE FinTech Sandbox, and the DFF Regulation Lab.
Their focus areas include digital banking, blockchain, payment systems, AI, and autonomous transport.
Meanwhile, the Monetary Authority of Singapore (MAS) launched its Fintech Regulatory Sandbox in 2016. Three years later, MAS also launched the Sandbox Express, providing firms with a faster option for market testing certain low-risk activities in pre-defined environments.
“The success of regulatory sandboxes in jurisdictions such as the United Kingdom, Singapore, and the United Arab Emirates has highlighted the importance of key attributes: regulatory collaboration, transparent processes, continuous monitoring, and the allocation of dedicated resources. As a result, a growing number of jurisdictions worldwide are looking to replicate the frameworks established by these pioneering countries to strengthen their competitive position in the global fintech landscape,” Talbert said.
Rademacher believes these jurisdictions’ innovations should prompt the United States to accelerate its progress.
For that to happen, the United States must overcome certain hurdles.
Challenges of a Fragmented US Regulatory Landscape
A fragmented network of federal and state agencies overseeing financial services presents a key challenge to establishing a US federal regulatory sandbox.
“Unlike other countries with a single financial authority overseeing the market, the U.S. has multiple agencies—including the SEC, CFTC, and banking regulators—each with different perspectives on how digital assets should be classified and regulated. The lack of inter-agency coordination makes implementing a unified sandbox more complex than in jurisdictions with a single regulatory body,” Rademacher told BeInCrypto.
Yet, in recent years, important SEC and CFTC actors have expressed interest in adopting a more favorable regulatory approach to innovation.
“Even though I tend to be more of a beach than a sandbox type of regulator, sandboxes have proven effective in facilitating innovation in highly regulated sectors. Experience in the UK and elsewhere has shown that sandboxes can help innovators try out their innovations under real-world conditions. A sandbox can provide a viable path for smaller, disruptive firms to enter highly regulated markets to compete with larger incumbent firms,” Peirce said in a statement last May.
However, the full scope of national regulations far exceeds the authority of these two entities.
Congressional and Constitutional Hurdles
Any legislative measure to develop a federal regulatory framework for sandboxes in the United States would have to undergo Congressional approval. Talbert highlighted several potential constitutional dilemmas the promotion of an initiative of this nature may face.
“These dilemmas include issues related to the non-delegation doctrine, which raises concerns about the constitutionality of delegating legislative power; equal protection considerations under the Fifth Amendment’s Due Process Clause; challenges arising from the Supremacy Clause; and implications under the Administrative Procedure Act (APA) and principles of judicial review,” he said.
To address these complexities, Congress must enact clear legal boundaries that ensure a regulatory framework is both predictable and open. Given the current administration’s emphasis on technological innovation, the prospects for creating a sandbox appear positive.
“Given the current composition of Congress, which aligns with the political orientation of the new executive branch, there may be a timely opportunity for regulatory reform. Such reform could facilitate the creation of a cohesive federal regulatory framework and enhance collaboration among federal agencies,” Talbert told BeInCrypto.
However, creating a federal regulatory sandbox is not a one-size-fits-all solution.
Balancing State Autonomy and Federal Regulations
State autonomy is enshrined in the US Constitution. This protection means that, even though a regulatory sandbox may exist at the national level, individual states still have the authority to restrict or prohibit sandboxes within their jurisdictions.
Encouragingly, most US states are already exploring regulatory sandboxes, and the states that have already implemented them represent diverse political viewpoints.
However, other considerations beyond political resistance must also be addressed.
“A federal regulatory sandbox might also face opposition from established financial institutions, including banks, which may perceive potential threats to their existing business models. Furthermore, federal budgetary constraints could impede the government’s capacity to support the development and maintenance of a federal regulatory framework,” Talbert added.
Effective federal regulations will also require a balance between businesses’ concerns and regulators’ responsibilities.
“The two biggest risks are overregulation—imposing excessive restrictions that undermine the sandbox’s purpose—or underregulation, failing to provide meaningful clarity. If the rules are too restrictive, businesses may avoid participation, limiting the sandbox’s effectiveness. If they are too lax, there is a risk of abuse or regulatory arbitrage. A well-executed federal regulatory sandbox should not become a bureaucratic burden but rather a dynamic framework that fosters responsible growth in the digital asset space,” Rademacher told BeInCrypto.
Ultimately, the best approach will require coordination from different governing bodies, industry stakeholders, and bipartisan collaboration.
Fostering Collaboration for a Successful Sandbox
Due to recent strained communication between tech and federal agencies, Rademacher believes fostering a cooperative atmosphere is essential for creating a functional federal sandbox.
“The approach must be collaborative rather than adversarial. Agencies should view the sandbox as an opportunity to refine regulations in real time, working alongside industry participants to develop policies that foster responsible innovation. Involvement from banking regulators and the Treasury Department could also be valuable in ensuring that digital assets are integrated into the broader financial system in a responsible manner,” he said.
Achieving this requires a bipartisan approach to harmonizing regulatory goals and setting clear boundaries. Industry collaboration with lawmakers and regulators is vital to showing how a sandbox can promote responsible innovation while safeguarding consumers.
“Its success will ultimately depend on whether it serves as a bridge between innovation and regulation, rather than an additional layer of complexity,” Rademacher concluded.
Ripple’s recently acquired Hidden Road has secured a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). This marks a significant milestone in expanding its prime brokerage services for institutional investors.
Market watchers see it as a deliberate strategy by Ripple to build infrastructure and position itself for future growth. That being said, traders are expecting that XRP’s value will rise later.
Ripple Expands Institutional Presence with Hidden Road’s FINRA License
According to the latest press release, Hidden Road Partners CIV US LLC was granted approval. The license now enables the firm to provide a broader suite of regulatory-compliant services, including clearing, financing, and prime brokerage for fixed-income assets to institutions.
Noel Kimmel, President of Hidden Road, highlighted that the license was a pivotal development for the company. According to him, it enhances Hidden Road’s ability to operate in traditional financial (TradFi) markets.
“As a FINRA member, we will be able to bring our best-in-class, technology-driven fixed income service offering to an expanded universe of institutional clients. Our business has tremendous momentum, and we look forward to continuing to provide superior execution and support to our clients amidst today’s exceptionally dynamic market environment,” Kimmel said.
The move positions Ripple as the first cryptocurrency company to own a global, multi-asset prime broker. Experts believe the acquisition and subsequent license are part of a broader strategy Ripple is employing.
“Hidden Road just secured a broker-dealer license right after Ripple’s acquisition. This isn’t a coincidence, it’s a statement. XRP is not playing checkers. It’s playing regulatory chess,” an analyst wrote on X (formerly Twitter).
Is Ripple Behind XRP’s Low Price? Analyst Thinks So
In fact, analysts also claim that XRP’s neutral reaction to recent milestones isn’t a sign of weakness but rather a strategic move. In a recent analysis, crypto analyst Levi argued that the current price of XRP, hovering around $2, is not coincidental, but rather a result of Ripple’s deliberate approach.
He suggested that the low price is designed to allow Ripple to operate under the radar while making key strategic moves, such as the Hidden Road acquisition.
“Hidden Road isn’t a flex. It’s infrastructure. It’s the final puzzle piece — giving Ripple a fully integrated, lightning-fast, global value settlement system,” he stated.
The analyst emphasized that while the public focused on Ripple’s legal battles with the SEC, the company quietly built its global value settlement system behind the scenes.
“XRP at $2 isn’t undervalued — it’s deliberately suppressed. When the switch flips, the revaluation won’t be gradual — it’ll be instant,” Levi noted.
