tags. I'll use "Pasaran yang Lebih Tenang untuk Bitcoin" but keep capitalization as in original? Original is "A quieter market for bitcoin" with lowercase after first? Actually it's a heading, so we can use title case in Malay? I'll use "Pasaran yang Lebih Tenang untuk Bitcoin" but note that in Malay, we often capitalize only first word? Actually in headings, we can capitalize each word? I'll follow the original style: it's a sentence case? Original: "A quieter market for bitcoin" - first word capitalized, rest lowercase. In Malay, we can do "Pasaran yang lebih tenang untuk bitcoin" with only first word capitalized? But to be consistent, I'll use sentence case as per original. Actually, the original has "A quieter market for bitcoin" - so we'll do "Pasaran yang lebih tenang untuk bitcoin" (only first word capitalized). But in the JSON, we'll preserve the HTML structure, so we'll have
Pasaran yang lebih tenang untuk bitcoin
.
Next paragraph: "The options market is pricing in less turbulence for bitcoin than at any other point this year. Implied volatility, which measures the expected size of future price swings, has been sliding for weeks. The latest reading marks a fresh low for 2026, a sign that traders see a calmer path ahead for the largest cryptocurrency."
Translation: "Pasaran opsyen menetapkan harga kurang pergolakan untuk bitcoin berbanding mana-mana titik lain tahun ini. Kemeruapan tersirat, yang mengukur saiz jangkaan pergerakan harga masa depan, telah menurun selama beberapa minggu. Bacaan terkini menandakan paras terendah baharu untuk 2026, tanda bahawa peniaga melihat laluan yang lebih tenang untuk mata wang kripto terbesar."
We need to be careful with "options market" -> "pasaran opsyen" (or "pasaran opsyen" is standard). "pricing in" -> "menetapkan harga" or "memperhitungkan"? I'll use "menetapkan harga" as it's common. "turbulence" -> "pergolakan". "sliding" -> "menurun". "fresh low" -> "paras terendah baharu". "largest cryptocurrency" -> "mata wang kripto terbesar".
Next: "That's a notable shift from earlier in the year, when bitcoin's price swings kept options traders on edge. A low-volatility environment typically means fewer big moves in either direction, which can attract investors who prefer predictable returns. It also tends to reduce the cost of hedging, making it cheaper for institutions to hold positions."
Translation: "Itu adalah peralihan yang ketara daripada awal tahun, apabila pergerakan harga bitcoin membuat peniaga opsyen berasa cemas. Persekitaran kemeruapan rendah biasanya bermakna pergerakan besar yang lebih sedikit dalam kedua-dua arah, yang boleh menarik pelabur yang lebih suka pulangan yang boleh diramal. Ia juga cenderung mengurangkan kos lindung nilai, menjadikannya lebih murah untuk institusi memegang kedudukan."
"notable shift" -> "peralihan yang ketara". "kept options traders on edge" -> "membuat peniaga opsyen berasa cemas" or "mengekalkan peniaga opsyen dalam keadaan tegang". I'll use "berasa cemas" but maybe "berada di tepi" is not literal. I'll use "membuat peniaga opsyen berhati-hati" but "on edge" means anxious, so "berasa cemas" is fine. "low-volatility environment" -> "persekitaran kemeruapan rendah". "hedging" -> "lindung nilai". "hold positions" -> "memegang kedudukan".
Next heading: "Treasury yields push higher" -> "Hasil Perbendaharaan Meningkat" or "Hasil Perbendaharaan Menekan Lebih Tinggi" but "push higher" means to rise, so "Meningkat" is fine. I'll use "Hasil Perbendaharaan Meningkat" but original is "Treasury yields push higher" - we can translate as "Hasil Perbendaharaan Meningkat" but to keep the sense of "push", maybe "Hasil Perbendaharaan Terus Meningkat"? I'll use "Hasil Perbendaharaan Meningkat" as it's simple.
But we have to maintain the heading style: "Treasury yields push higher" - I'll translate as "Hasil Perbendaharaan Meningkat" but perhaps "Hasil Perbendaharaan Meningkat Lebih Tinggi" is redundant. I'll go with "Hasil Perbendaharaan Meningkat".
Next paragraph: "At the same time, U.S. Treasury yields have risen to their highest point of the year. Yields move inversely to bond prices, so the climb reflects a sell-off in government debt. That often happens when investors expect the Federal Reserve to keep interest rates elevated or when they're demanding more compensation for holding longer-dated bonds."
Translation: "Pada masa yang sama, hasil Perbendaharaan AS telah meningkat ke titik tertinggi tahun ini. Hasil bergerak secara songsang dengan harga bon, jadi kenaikan itu mencerminkan jualan besar dalam hutang kerajaan. Itu sering berlaku apabila pelabur menjangkakan Rizab Persekutuan mengekalkan kadar faedah yang tinggi atau apabila mereka menuntut pampasan yang lebih untuk memegang bon jangka panjang."
We need to translate "Federal Reserve" as "Rizab Persekutuan" (standard). "sell-off" -> "jualan besar" or "pembuangan" but I'll use "jualan besar". "longer-dated bonds" -> "bon jangka panjang" (or "bon dengan tempoh matang lebih panjang").
Next: "Higher yields make bonds more competitive with riskier assets like bitcoin. They also raise the opportunity cost of holding a cryptocurrency that doesn't pay interest or dividends. The pairing of low bitcoin volatility and high Treasury yields suggests some investors are comfortable parking money in safer instruments."
Translation: "Hasil yang lebih tinggi menjadikan bon lebih kompetitif dengan aset berisiko seperti bitcoin. Ia juga meningkatkan kos peluang untuk memegang mata wang kripto yang tidak membayar faedah atau dividen. Gabungan
