According to the source, a $7 billion Bitcoin fraud trial is set to begin in London, creating immediate headline risk for BTC spot and derivatives. Deribit Insights and CME Group volatility dashboards show short-dated implied volatility and skew historically rise around major legal or enforcement headlines in crypto, which can impact options pricing and hedging costs (source: Deribit Insights; CME Group). UK Home Office asset recovery guidance under the Proceeds of Crime Act indicates seized digital assets can be realized, implying potential supply overhang if applicable to this case (source: UK Home Office POCA asset recovery guidance). Kaiko market-liquidity research documents that shock news often coincides with thinner order books and wider spreads, so monitoring depth, funding rates, and open interest on top venues is critical (source: Kaiko research). Crypto-exposed equities often trade as high-beta proxies to BTC during such periods, amplifying cross-asset volatility and risk management needs (source: Nasdaq trading data).