🐳 Weekly Edition: CFTC Approves First US Perpetual in Historic Win for Exchanges

Today is an exciting day for traders and founders alike as the CFTC issued an order approving Kalshi’s BTCPERP, a perpetual that tracks the price of Bitcoin. To echo the words of CFTC Chair Mike Selig, this truly is a historic event which will bring one of the most liquid segments of the crypto market onshore.

While this doesn’t immediately enable products like Hyperliquid to offer their services to US-based users, we’ll probably see them launch separate arms to address this new market as Polymarket has done with their US app. As demand for pre-IPO and tokenized asset perps in general skyrockets, this is an important step in allowing the companies offering them to continue to grow.

We might be celebrating this news but it seems like nobody told Bitcoin, which now sits under $74k riding a 9-day ETF outflow streak. Likely a good chunk of that liquidity is retail, but we’re also seeing names like Jane Street and Goldman trim their stack. As the S&P 500 seems to be hitting a new high every day, the crypto market has decoupled in the worst way possible.

The TLDR is we had yet another week of tangible progress in bringing our corner of the internet mainstream, we’re just not seeing it reflected in price yet. For now all we can do is pick our spots and continue to monitor the situation.

Getting pretty tired of winning, Mr. President.

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