Crypto tokens face identity crisis as 2026 opens with $2.2B in BTC and ETH options expiries

As 2026 trading begins, Delphi Digital reports that crypto investors are grappling with a "token identity crisis" as assets increasingly resemble equity, governance tools, or customer acquisition incentives. Securitize's IPO plans, MetaDAO's ownership tokens, Uniswap's fee switch, and CAC-style distribution models such as Worldcoin illustrate this shift, while regulatory moves in the US and Europe aim to clarify rules for institutions. Around $2.2 billion in Bitcoin and Ethereum options are set to expire, with Bitcoin trading near $88,970 and option positioning suggesting expectations for a possible move back above $90,000.