New disclosure rules for exchanges proposed

"Liquidity is thin above the highs; expect sharp moves either way," one trader said.

Why it matters

The move came as spot ETF inflows hit a six-week high, according to fund data compiled overnight.

The protocol's governance vote closes on Friday, with early tallies leaning toward approval.

What happens next

On-chain data shows long-term holders have not moved coins in months.

• This report is updated as markets move.
• Open interest on major exchanges rose sharply, suggesting leveraged positioning is building again.

Regulators have asked exchanges for comment by the end of the month.