JPMD Canton Plans Announced
US equities logged their first decline of 2026 as investors digested a hawkish-leaning split in US data: ISM Services surprised to the upside, while JOLTS openings fell to a 14-month low.
📊 BTC slipped from $93K to just below $90K as short-dated skews in both BTC and ETH flipped back in favour of puts, signalling renewed demand for downside protection. US equities saw their first red day of 2026, with the S&P 500 dipping after strong ISM services data contrasted with a softer JOLTS report that showed fewer openings but still “low hiring, low firing.” Into the end of the week, attention now pivots to Friday’s nonfarm payrolls and the Supreme Court ruling on the legality of Trump’s tariffs.
🏦 Under the surface, crypto market plumbing keeps evolving: Trump-linked World Liberty Financial has applied for a national trust bank charter to issue and custody USD1 under US oversight, JPMorgan is preparing to bring its JPMD deposit token onto the Canton Network, and Polymarket’s odds will soon be embedded across Dow Jones titles like the Wall Street Journal. On the protocol side, Babylon raised $15M (BABY +8.5% over 24h) to build out Bitcoin-native staking and lending infrastructure.
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After a series of gains in the first three trading sessions of 2026, US equities had their first negative day of the year, as market participants parsed mixed macro economic data.
BTC also fell lower throughout the course of yesterday, from $93K to $90K and currently changes hands just below the $90K level.
In options markets, after trading close to neutral levels earlier in the day yesterday, short-dated BTC skew has dropped significantly over the past 24 hours and with OTM put contracts trading at a 4.7 vol point premium to out-the-money calls. A similar skew towards put options is also seen in ETH (-4%), compared to only two days ago when 7D ETH calls traded with a nearly 2 percentage point premium over puts.