The Financial Post reports in its Saturday edition that bitcoin's months-long slide has masked a change at the heart of its 24/7 market: trading never stops, but the liquidity that steadies prices still follows U.S. market hours. A Bloomberg dispatch to the Post says that since the October sell-off, bitcoin has lost 40 per cent of its value. Buried in that drawdown is a pattern that reveals how deeply Wall Street has reshaped risk pricing: Weekends have increasingly become flashpoints for volatility, often without the recoveries that once followed. That points to a growing mismatch. Bitcoin still trades around the clock, but the Wall Street ecosystem that now stabilizes it -- exchange-traded flows, options hedging, institutional liquidity -- does not. Risk is now actively priced during U.S. market hours, when exchange-traded funds and derivatives markets are open and liquidity is deepest. The weekend vulnerability reflects a deeper transformation. Options tied to U.S.-listed bitcoin ETFs have become the primary venue for pricing volatility. Options linked to Blackrock's iShares Bitcoin Trust during last week's sharp sell-off, when bitcoin suffered its worst one-day drop since the collapse of FTX, had record trading.
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