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ONDO surges sharply; the key driver comes from its partnership with BlackRock

ONDO is up more than 24% in 24 hours, with the price breaking above $0.5. Prior to this, the token had risen by roughly 26% over the course of a week. The main reason for the rally is that Ondo has reached a partnership with BlackRock.

Ondo has launched an Ondo smart investment portfolio product, packaging BlackRock’s complete set of investment solutions into a token. When users buy this token, they can hold all assets within the portfolio at once.

Traditional diversified investing requires opening a brokerage account, purchasing multiple funds and stocks individually, and manually rebalancing. This product simplifies the process—users only need to buy the token to complete the allocation.

The first batch of three products has launched, with strategies all customized by BlackRock for Ondo:
BLKHIon is an income-oriented style, focusing on interest and dividends, with a steady approach;
BLKDIGon is a diversified growth type, combining stocks and bonds to pursue balanced growth;
BLKGRWon is a high-growth style, with a more aggressive strategy aimed at higher returns.

Roles are clearly defined: BlackRock determines the underlying asset allocation targets and position ratios. Ondo turns the strategy into on-chain tokens and automatically completes rebalancing according to the rules.

As the world’s largest asset management company, BlackRock’s decision to bring portfolio strategies on-chain through Ondo sends a major signal. For ONDO, it means empowerment from a top-tier institution. With another traditional asset-management giant moving into on-chain assets, the RWA narrative has once again been strengthened.

BTC twice faces resistance at $87,300, with the market seeing a rapid pullback

As the day’s trading approaches its close, prices continued to range and grind higher in the morning, rising to around 87,200 before meeting resistance and falling back. In the afternoon, the pullback was limited, but in the evening—driven by the U.S. stock market—the decline accelerated. The low broke below the 83,500 level, and price is currently consolidating in a narrow range around 84,000 as it tests support at the bottom.

From the four-hour chart, the price made a second attempt to test the pressure above 87,000. It printed a rapid three-candle sequence of bearish candles and quickly dropped, falling below the Bollinger midline. As sell volume increased, it released the adjustment pressure created by the prior upswing. This pullback has not broken the larger-scale consolidation and upward structure. For the long term, the bias remains bullish.

On the hourly timeframe, consecutive bearish candles broke below the recent sideways range, and price is now below the Bollinger lower band. The market is in an oversold state in the short term; the channel is still opening downward, so there is still room for further downside. As the U.S. stock market approaches its close, the demand for a rebound and technical repair on smaller timeframes gradually increases.

Considering the structure of the larger cycle, during the early morning and Asia session, the primary focus is to bet on rebound/repair. Then, wait for confirmation from the chart for a potential stop-the-fall signal before setting up long positions at lower levels at the right opportunity.

#Bitcoin twice faces resistance at $87,300 $BTC $ETH

Dogecoin rises 15%—how do you look at this rally?

Dogecoin suddenly surged 15%, changing its usual pattern of tracking broader market movements.
Currently, Bitcoin is consolidating around the 87,000 mark. Funds are unwilling to chase and instead have shifted to the Meme sector to explore consensus-driven targets. Previously, coins such as MUBARAK delivered multiple-fold gains, boosting sector sentiment. As the Meme flagship, DOGE has attracted this round of speculative capital.

This rally is a sector rotation under a limited-capital environment, not a fundamental turnaround.
In a high-level consolidation environment, Meme coins like this tend to have weaker follow-through.
If you don’t have a core position, it’s not advisable to chase; otherwise you may end up buying in only to absorb sell pressure. If you do hold a core position, you can continue to hold and observe.

On the derivatives/futures side, volatility risk is extremely high. Meme coins can spike with sharp wicks, making them unsuitable for directional bets.

The key to the overall market still lies in Bitcoin’s trend. When the order book is unstable, themed opportunities lack support. Keep your position size flexible and preserve capital to wait for a pullback opportunity.

Did you get on board for this Dogecoin surge?

Circle launches institutional bitcoin-collateralized borrowing

Most market attention is focused on Bitcoin price breaking out, short liquidations, and ETF inflows, but there’s a piece of news that’s easy to overlook and worth watching: Circle has launched an institutional bitcoin-collateralized lending product. Institutions can post BTC as collateral to borrow USDC.

Unlike typical good-news announcements, the core of this offering is not to encourage institutions to increase their holdings. Instead, it provides institutions with a new liquidity solution. Institutions deposit BTC, generate 1:1 pegged certificates as collateral, and can then borrow USDC on third-party lending markets. The Bitcoin remains custody-held and does not need to be sold for liquidation or conversion.

Previously, when institutions needed capital, they mostly had to sell their holdings; now an additional route—collateralized financing—becomes available, changing the sell-pressure dynamics. The assets are locked within the custody system, and if the borrowed funds flow back into the market, the circulating supply could shrink further.

This setup is not a single product. Circle’s recent actions have been rolling out continuously: it has launched settlement as a mainnet, introduced wrapped-Bitcoin related solutions, and combined with this collateralized borrowing, custody, settlement, lending, and stablecoin services are gradually forming an end-to-end business loop—collateral assets pooled, stablecoin output, and complete on-chain settlement.

Overcollateralization and liquidation rules are set by third-party lending protocols, and the relevant mechanisms are also expected to become a key area for follow-up observation.

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On September 20, the chairman and executive director of a listed company that holds Bitcoin as a reserve shared a screenshot of its holdings, with the caption “Add a little more orange.” The orange dots in the image correspond to records of past purchases. This time, the company did not disclose the exact quantities or amounts purchased.

Data shows the company’s Bitcoin holdings total 845,050 coins, with an average cost of $75,412. When Bitcoin rises above $81,000, the value of this batch of reserves is about $68.0 billion, with an unrealized gain on the books of roughly $3.95 billion. The 845,050 coins already account for more than 4% of Bitcoin’s total supply of 21 million.

By comparison, Ethereum and Solana have no overall supply caps. More than 40 million Ethereum coins are currently in staking, and Solana’s institutional holdings are concentrated in spot products, with net assets of $1.145 billion. Since Bitcoin has a fixed cap, a single entity’s concentration in holdings is clearly higher.

The company has not added to its Bitcoin holdings for three straight weeks. During the same period, it spent $139.3 million to repurchase its own preferred shares, and the repurchase authorization was also raised from $1.0 billion to $2.0 billion.

With the current Bitcoin reserve value at $6.8 billion and an enterprise value of about $5.0 billion, in a discount environment, repurchasing its own securities is more cost-effective. The company holds $5.1 billion in Bitcoin reserves to fund preferred-share dividends and interest payments, and has an additional $1.3 billion in flexible cash.

Going forward, key tracking points are the flow of funds: if the next filing shows large-scale coin purchases, it would indicate a change in capital deployment direction; if funds continue to be used for securities buybacks and the Bitcoin holdings remain at 845,050 coins unchanged, the current setup will likely persist.

Big Bitcoin Surges Past 80,000, Shorts Face Mass Liquidations

Bitcoin climbed from 75,000 to 81,000, jumping more than 5.5% in 24 hours. About $180 million in short positions were forcibly liquidated, and many funds that were waiting for a decline have been caught in the squeeze. This rally was driven by four layers of positive catalysts.

First, expectations for regulation are turning around. After the CLARITY Act failed in a Senate vote, the CFTC no longer waits on Congress and instead submitted new crypto regulatory rules to the White House for review on September 18.

Second, the SEC has cleared tokenized stocks. The innovative exemption ruling took effect on September 17, launching a five-year pilot that allows compliant platforms to provide on-chain stock trading, enabling 7×24 trading and instant settlement. Coinbase and Robinhood have already moved into position.

Third, ETF inflows are returning. On September 17, the BTC spot ETF recorded net inflows of $159 million. BlackRock’s IBIT contributed $184 million, as capital entered the market against the tide despite pressure from both policy and interest-rate hikes.

Fourth, bad news from rate hikes has run its course. The Federal Reserve raised rates by 25 basis points, and the dot plot indicated that the rate midpoint would be maintained at 4.1% through the end of 2026 and 2027. This round of hikes is likely near its end. Price action then tested lows and rebounded after the decision was finalized, forming a “bad news priced in” rally.

ZEC refreshes a new all-time high; be cautious of sell-off signals at high levels

ZEC once again set a new all-time high, with the price briefly touching $1,388. The monthly gain reached 160%, and the gain over the past year has been as much as 25 times—its market performance is extremely dramatic.

The NU7 upgrade voting has just been finalized. With 99.9% of votes approving, the block time is reduced from 75 seconds to 25 seconds. Paradigm has also publicly disclosed its holdings, the ETF’s size is nearing $1 billion, and multiple positive catalysts have been released in quick succession.

What’s worth noting on the tape: after a volume surge and push higher the previous day, price reversed from the highs. Today, it’s testing upward again. This kind of走势 often appears during periods when market liquidity is abundant, and it may show signs of distribution.

Even though the ETF is continuously accumulating, ZEC’s rise over the past year has already reached 2,590%. Early entrants who bought at low levels have built up massive unrealized profits. With the NU7 upgrade implemented and institutional holdings made public, the underlying story is that these are basically catalysts already being realized.

When all kinds of positive news are fully in place, and retail investors rush in out of FOMO, you need to think about who is actually selling those shares.

The overall uptrend hasn’t been completely broken yet, but at high levels, don’t blindly chase and take the bag. Sometimes the market’s reversal only takes a single candlestick.
$ZEC $DASH
#paradigm disclosed holdings of zec

ZEC surges 6% against the trend while the broader market weakens—why is it “eating meat”?

Recently the broader market has been sluggish, and macro funds have continued to flow out. Oil prices have pushed up to 105, rate-hike expectations have risen to over 90%, and a regulatory bill was rejected—together, this has led to liquidity being withdrawn from liquidity-style assets such as BTC and ETH. Spot ETFs have continued to see net outflows. Ethereum staking funds keep withdrawing, and the market has entered a risk-off mode.

By contrast, ZEC has carved out an independent move, with the price rising sharply. Grayscale spot ETFs became an important catalyst. After launching in late August, they opened the channel for institutional capital to enter. At the same time, the trading screen has played out a squeeze scenario: from the lows, ZEC has surged by more than 20 times, short positions have been heavily liquidated, and the squeeze spiral has driven the price higher and higher.

On-chain data shows that this round of ZEC’s rally is narrative-driven rather than fundamentals-driven. Transaction usage in practice has not increased in step with the price. Trading volume of more than 3 billion per day has become disconnected from real business demand.

In an environment where the BTC market has lost momentum, funds have shifted toward a niche narrative track and crowded into it collectively, creating this independent rally.
$ZEC $BTC $ETH
#Zcash HODLers vote in support of the NU7 upgrade

Don’t mix it up! The “AI Genius Bill” is already in effect—tonight focus on the CLARITY bill voting

Many market rumors confuse two separate bills. The GENIUS genius bill was officially enacted as early as July 2025. It mainly regulates the issuance of payment-backed stablecoins, reserve assets, and supervisory rules.

Tonight, what truly impacts the crypto market is the procedural vote in the Senate for the “Digital Asset Markets Clarity Act” (CLARITY). The core of this bill is to define whether digital assets are securities or commodities, clarify the SEC vs. CFTC regulatory responsibilities, and set operating rules for trading, custody, and DeFi-related businesses.

For this vote, 60 votes are needed—not to finalize legislation, but only to open the bill for consideration. Even if the procedural vote clears the threshold, the Senate will still continue with debates and further votes. If the House and Senate versions differ, they must be coordinated and unified before being submitted for the President’s signature. So a procedural vote passing only means the legislative process has taken a key step forward—it does not mean that U.S. crypto regulatory legislation is fully finalized.

In terms of votes: the Republican Senate has 53 seats. To reach the target, it needs at least 7 votes from Democratic or independent members. However, in the committee stage, only two Democratic senators voted in favor—so getting enough votes will be challenging.

Market expectations: the probability of this procedural vote passing is 35%. The probability of failing to cross the 60-vote threshold is 65%. The chance the bill completes the full legislative process in 2026 is only 15%-20%. Tonight’s voting outcome will directly influence market fluctuations, so it’s worth paying close attention.

#CryptoRegulation #CLARITYAct

ZEC reaches a critical milestone as the NU7 vote ends tonight

The ZEC NU7 network upgrade voting is about to close tonight. Two key issues are up for discussion: replacing the once-every-four-years halving mechanism with a smooth emission curve, and reducing the block interval from 75 seconds to 25 seconds. The total token supply remains unchanged at 21 million, but the emission schedule will be rewritten. After the vote takes effect, the supply narrative is expected to undergo a major shift.

In this latest wave, ZEC has surged from 400 to 1,200, an increase of more than 200%. Market action has been driven largely by leverage. Over the past 24 hours, futures contracts recorded trading volume of 6.4 billion, while spot trading was only 600 million—an 11-fold difference. Open interest in futures reached $2.1 billion, but spot buying demand has not formed an effective backstop.

Industry commentary suggests this is more of a narrative-driven short squeeze rather than a fundamental improvement. The project still has many issues, including unfair initial distribution, privacy features not enabled by default, departures from the core team, and a long-standing vulnerability in the privacy pool.

Market competition is intense. On-chain big shorts initiated positions at $444, holding them up to the 1,200 level, incurring an unrealized loss of over $24 million. The shorts have not surrendered, while the longs’ leverage has largely been propped up by borrowed capital.

The voting outcome will directly shape what happens next. If the smooth emission proposal passes, the traditional halving narrative would disappear, putting pressure on believers. If the halving mechanism is preserved, expectations of tighter supply are likely to continue.

Key uncertainties are concentrated in the vote taking effect tonight, pushing the long-vs-short battle into a white-hot phase.
$ZEC

Clarity Act bill: September 15 vote is a key milestone

The September 15 procedural vote will determine the bill’s trajectory—and is essentially the line between life and death for the Clarity Act. The White House and the Treasury Department have spoken out, citing the fact that the legislative time window is about to close.

If this vote fails, the bill will be shelved and drawn into the agenda power struggle ahead of the midterm elections. Pushing the bill forward faces substantial resistance. Even if the Democrats’ 114 proposed amendments are accepted, it will still require at least six additional Democratic votes. In essence, this is a political contest between the two parties over who will lead crypto regulatory oversight.

Many market institutions and traders are waiting for this bill to become law, as it represents an entry channel for compliant capital. If the bill doesn’t pass, traditional financial institutions’ risk controls will continue to keep funds out of the system. Once the bill is finalized, capital screening will shift from indefinite review to a standardized process, giving a basis for large amounts of compliant capital that have been waiting on the sidelines to enter.

However, there’s a misconception in the market: don’t equate passage of the bill directly with BTC forward contracts trading at higher prices. What regulation addresses is only the issue of institutional capital access. What truly drives the bitcoin price is the global liquidity cycle and the migration of allocations across major asset classes. The bill being enacted can provide market support and raise the lower bound for fund inflows, but it is not a direct pump tool.

From the market’s perspective, if the vote count on the 15th falls short, the market will undergo an adjustment to expectations. Even if it passes smoothly, it will only mark the beginning of multi-year planning cycles for institutional capital.
$BTC

ETH breaks through $2,666 as multiple positive catalysts resonate

ETH has moved in a strong rally, surging to decisively above $2,666, breaking out of the $2,400–$2,500 consolidation range and hitting a new phase high. The advance is driven by multiple factors working in tandem.

On the macro front, regulatory momentum has turned a corner. The U.S. has loosened the 401(k) retirement plan policy, allowing allocations to crypto assets and opening the channel for traditional institutions to enter the market. The GENIUS Act has also been implemented, establishing a compliant framework for stablecoins and staking ETFs, alleviating institutional concerns and enabling incremental capital to keep flowing in.

As institutional capital continues to pour in, ETH spot ETFs have been steadily attracting inflows. Large players are accumulating supply, tightening the market’s circulating float and widening the supply-demand gap. Several U.S. publicly listed companies have added ETH to their reserve assets, further intensifying the shortage of available coins.

Technology and the ecosystem provide additional support. With the Pectra upgrade completed, gas fees have declined and staking thresholds have been optimized. Institutional staking locked-in volumes have refreshed their highs, reducing sell pressure. Activity across the ecosystem—DeFi, RWA, decentralized AI, and more—has increased, and on-chain demand continues to be released.

“I am the dealer.” The most霸气 message in the U.S. Treasury market has arrived

One hard line caused shockwaves across the entire U.S. Treasury market.

U.S. Treasury Secretary Bessent announced that on Thursday, the Treasury would repurchase up to $6 billion in long-term government bonds.
Looking only at the amount, compared with a $40 trillion U.S. Treasury market, it is minuscule—almost enough to stir no waves. But what truly ignited the market was his statement made publicly.

In a speech at Southern Methodist University, Bessent discussed the panic sentiment in the market in August. At the time, the view that the U.S. might be unable to repay its debts was widely circulated. In his view, that claim was absurd, yet it had, for a time, become the dominant narrative in the market.

He then directly addressed the Treasury bears:
“Right now, I’m the dealer. If you want to fight me on it, go ahead.”

Many people took this buyback as another round of QE. But the Treasury Department explicitly denied this, saying it was merely a variant of the 2011 Federal Reserve “Operation Twist,” not a massive flood of liquidity.

With limited funding of $6 billion, the weight of that sentence is completely different.

When the Treasury secretary personally steps in and speaks to the bears in the posture of “the dealer,” the market is no longer primarily concerned with the buyback amount—it is the official stance that matters. This is tantamount to an open signal that the U.S. will not allow long-term bond yields to surge without restraint.

This is no longer just a routine market operation. It is a statement of confidence—a direct pushback against short-selling sentiment.

Next, more than how the buyback is carried out, what’s worth watching is whether the bear-side capital will back off, or whether it will take the fight head-on.

$AERO This 17% surge doesn’t require you to overthink broader market indicators. There are mainly two drivers behind it: a recovery in Base chain liquidity, plus momentum from RWA’s real trading volume.

In the past, many people treated DEX tokens as simple mine-and-sell coins. Now it’s different. When a protocol can handle real settlement business—and even be used as collateral in lending protocols like TENOR—the token’s turnover rate and lock-up structure will change.

This isn’t about trying to predict how much upside it has. Chasing price increases often leads to running into liquidity exhaustion.

What’s truly worth watching about AERO is the new direction of capital flows. Money is moving from purely conceptual segments with no real output, toward leading protocols that can generate fee revenue and have a Layer 2 ecosystem backing.

This is a style rotation.

Don’t rush to go in with a heavy position. You can keep monitoring Base chain TVL and daily active users to confirm whether the ecosystem’s heat can sustain.

The market never lacks opportunities—what’s hard is staying calm amid the noise.

#aero单日上涨17%
VVV BNC

CFTC asks to dismiss CME lawsuit over Kalshi Bitcoin perpetual futures

A case that will determine the future direction of U.S. compliant perpetual contracts is underway.

The U.S. Commodity Futures Trading Commission (CFTC) has filed a request in federal court to dismiss the lawsuit brought by the Chicago Mercantile Exchange (CME).

At the heart of the dispute is whether Kalshi’s Bitcoin perpetual contract should be classified as a futures contract or a swap.

On May 29 of this year, the CFTC approved Kalshi to launch Bitcoin perpetual futures, also allowing other licensed exchanges to follow. CME opposed, arguing that a perpetual contract with no expiration date and a continuous collection of funding rates is essentially a swap, and questioning whether the CFTC overstepped its authority in the approval.

The CFTC provided two rebuttal reasons. First, CME has not shown any actual losses that could be compensated by the court. Second, CME itself could launch similar products, but has chosen not to. Even if the product is classified as a swap, the platform can still provide services under swap regulatory rules—this lawsuit cannot resolve competitive issues.

If the court sides with the CFTC, the significance will be profound. This would mean the U.S. regulatory framework has officially accepted the perpetual contracts common in the crypto industry, and the market for compliant perpetual derivatives could be set to expand.

Kalshi’s ambitions go beyond cryptocurrency. It also plans to launch a WTI crude oil perpetual contract, aiming to transition into a comprehensive derivatives platform.

This long-term development is positive for Bitcoin, as it implies a larger volume of traditional capital that, going forward, can participate in perpetual trading through regulated channels. The court’s subsequent rulings are worth closely tracking.

#cftc requests dismissal of cme lawsuit kalshi bitcoin futures case

South Korea’s stock market saw a sharp rally today.

In the early trading session on September 7, the KOSPI index surged more than 3% at one point. Samsung Electronics rose about 4.4%, SK hynix jumped roughly 5.9%, and the two major memory giants became the driving forces behind the broader market, lifting the entire technology sector in tandem.

This round of gains has multiple catalysts. OpenAI rolled out its next-generation GPT‑6 Astra, and market expectations are that this will further boost demand for computing power and high-bandwidth storage. The US semiconductor sector responded first: the Philadelphia Semiconductor Index rose about 3.4%, providing a spillover positive effect for South Korean chip stocks.

Fundamentals are also strong. This year, South Korea’s semiconductor exports have been especially hot—sales from January to August grew by about 170% year over year. Robust AI memory demand is the main engine. On the capital side, foreign investors and institutions moved in sync with net purchases in the morning session, with large volumes of funds flowing into technology heavyweight stocks.

This rally is not just a simple rebound in the index; it reflects capital returning along the entire AI memory industry chain.

If Samsung and SK hynix maintain their strength, sentiment could spread outward: SK hynix → Samsung Electronics → Kioxia → Micron → TSMC, boosting global storage and chip sectors.

Among them, SK hynix is the most sensitive to the business cycle for HBM, making it the key observation target along this chain.

The net assets of U.S. spot Bitcoin ETFs have already surpassed $103 billion. BlackRock’s IBIT alone accounts for more than half.

Right before the employment data was released, IBIT saw roughly $730.9 million in net inflows in a single day, marking the highest level since January. Interestingly, after a large amount of capital entered the market, macro expectations quickly turned more hawkish, and Bitcoin instead fell.

This contrast is very revealing.

ETFs are no longer just short-term buying tools; they are becoming the mainstream vehicle for traditional institutions to allocate to Bitcoin. They are changing market trading hours, liquidity structure, and the composition of participants.

But sustained ETF inflows do not make Bitcoin immune to macro-level shocks. Inflows are only one side of supply and demand, and cannot be directly equated with a continued rise in price.

There is also a hidden concentration risk here: most of the money is concentrated in this single product, IBIT.

Do not assume that everyone buying IBIT is a long-term holder. Within the same ETF, long-term allocation funds, arbitrage capital, and short-term traders all coexist. Once market expectations reverse, a concentrated point of entry may also become a concentrated point of exit.

You can treat ETF inflows as an important indicator to watch, but do not treat them as a one-way bullish signal.

Lululemon fell sharply by 20% in a single day, giving all market participants a vivid lesson.

Everyone agrees it is an excellent company with strong product competitiveness. But even good companies can still see a significant pullback in their share price.

The problem is often not a sudden deterioration in current operations, but rather that the market realizes its future growth may not be as optimistic as previously imagined.

The capital market is never buying past glory; it is buying future growth potential. The higher the valuation, the more sensitive the stock price is to changes in growth expectations. As soon as growth expectations soften even slightly, the valuation will be the first to correct.

This logic applies equally in the crypto market.

A project having a product, users, and a compelling narrative does not mean the current price is worth buying. Even high-quality projects can fall if bought at too expensive a price; ordinary projects can also rise when lifted by market sentiment.

So when evaluating an asset, you cannot just obsess over whether “this project is good or not.”

More importantly, ask yourself a few more questions:

- How much growth expectation has the market already priced in?
- How much performance must be delivered later to justify that expectation?
- If expectations are missed, who will still be willing to buy the bag?

The market does not simply reward stories that “sound pretty good.”
What truly gets rewarded are assets that can continuously deliver better-than-expected results.

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$12.9 billion acquisition of Hugging Face—NVIDIA moves to build an AI ecosystem

NVIDIA has officially announced that it will spend $12.9 billion to acquire the AI open-source platform Hugging Face. The platform hosts over 3 million models, bringing together 18 million developers, and is known in the AI community as the “GitHub of AI.”

This is NVIDIA’s largest software acquisition to date. By paying a hefty price to secure a primarily free, open-source platform, the deal signals a shift in the competitive focus of industry giants—from competing only for tool products to vying for entry points into AI ecosystems and for influence over industry discourse.

In the broader macro environment, the Federal Reserve’s rate-hike expectations have been repeatedly shifting and market liquidity has continued to tighten. Yet tech giants are still making large-scale investments, suggesting that overall risk appetite has not completely contracted, and that a great deal of capital is still looking for an investment exit.

NVIDIA’s strategy is also changing—from simply selling compute to directly acquiring an ecosystem. Once it controls the core model-distribution entry point, the concentration level in the AI industry is likely to rise further. Looking back at past consolidation waves, periods of heightened M&A among major players often coincide with better performance for risk assets, with assets like BTC also potentially benefiting from liquidity tailwinds.

That said, this deal still has uncertainties. A billion-dollar-plus acquisition must undergo antitrust review, and the transaction timeline may extend to next year—or even face the possibility of termination. The heat in AI-sector capital does not automatically mean the crypto market will directly turn bullish. If the Fed implements rate hikes in September, risk assets would still face pressure from liquidity withdrawal. The AI boom cannot be equated directly with a signal for a crypto bull market.

CFTC vs. CME: A Legal Battle and a Key Ruling for U.S. Crypto Perpetual Contracts

The CFTC has formally asked the court to dismiss CME’s lawsuit over crypto perpetual contracts. The parties’ core dispute centers on how perpetual contracts should be classified as products and the approval process.

CME argues that perpetual contracts have no expiration date, making them more like swaps. It accuses the CFTC of bypassing traditional approval channels and creating a competitive advantage for emerging platforms, thereby threatening CME’s traditional futures business.

The CFTC, however, states that perpetual contracts have futures-like features, including standardized contracts, margin requirements, and daily settlement, and should therefore fall under futures regulation. At its core, this lawsuit reflects a traditional exchange’s response to competition within the industry. Allowing compliant perpetual contracts would also help bring back to the U.S. trading volumes that have shifted overseas.

If the CFTC prevails, it would directly benefit the U.S. crypto derivatives sector. U.S.-based BTC and ETH perpetual contracts are likely to see new opportunities. Large pools of institutional capital could return, changing the current global perpetual contracts market landscape dominated by overseas platforms.

The outcome of this case will determine the future development path of U.S. crypto derivatives, and subsequent progress is worth close monitoring.