The Web3 market is experiencing a surge in crypto liquidations ahead of the $23 billion options expiry in Bitcoin (BTC) and Ethereum (ETH) on September 26.

The top two cryptocurrencies have declined to their multi-week lows amid uncertain global macro sentiment. In the US, the odds of a government shutdown have increased significantly, raising concerns about another market correction.

Despite this volatility, cryptocurrencies as an asset class continue to gain global legitimacy. In a remarkable move, Australia is currently developing a draft of legislation that would bring crypto operations under the country’s existing financial services laws.

As the fundamentals of the broader Web3 space continue to strengthen, smart…