Cboe launches "quasi-perpetual contracts" for Bitcoin and Ethereum; 10-year continuous futures contracts will be available on December 15th.

The Chicago Board Options Exchange (Cboe) will launch "Continuous Futures" for Bitcoin and Ethereum on December 15. With a 10-year expiration and daily cash adjustment, the product will enter the US regulated market for the first time in a form similar to the most popular perpetual contracts in the crypto market, and will also provide institutions with a low-friction long-term hedging tool for their crypto positions.

Cboe Perpetual Contract Alternative: Continuous Futures Launching on 12/15

Cboe Futures Exchange (CFE), a subsidiary of the Chicago Board Options Exchange (Cboe), announced that its Bitcoin (PBT) and Ethereum (PET) continuous futures contracts are expected to be officially listed on the Cboe Futures Exchange on December 15.

Specifically, this product will feature a 10-year maturity date combined with a daily cash adjustment to ensure that the contract price closely tracks the spot price over the long term, thus simulating the effect of a perpetual contract. The daily cash adjustment is essentially the funding fee in the crypto space, only now charged on a daily basis.

Cboe emphasized that the two continuous futures products will be available for trading 23 hours a day, Sunday through Friday, for a total of 5 days, which is closer to the 24/7 rhythm of the crypto market: "This design eliminates the burden of rollover for investors and provides long-term, low-friction exposure to crypto assets."

Meanwhile, the contracts will be settled in cash and cleared through Cboe Clear US. Margin requirements will comply with CFTC standards, and it is expected that existing Cboe Bitcoin and Ethereum futures will be available for cross-margin offsetting.

A multi-billion dollar market: Perpetual contracts enter the US regulatory framework for the first time.

Perpetual futures have always been a core trading tool in the global crypto market. Currently, the total open interest on centralized exchanges (CEXs) and decentralized exchanges (DEXs) has reached $786.7 billion, with a 24-hour trading volume of nearly $2 trillion.

In the past, perpetual contracts were almost entirely concentrated on offshore centralized exchanges, while Cboe's new product can be considered one of the first compliant products similar to perpetual instruments.

For institutions, this provides a regulated and controllable alternative that meets the diverse needs of trading strategies such as hedging and leverage.

( Why is it difficult for traditional finance to replicate perpetual contracts? Crypto-world-native innovation is igniting Wall Street's interest )

Regulatory shift drives product innovation: SGX and Coinbase compete to expand their presence.

Since the Trump administration took office, the US regulatory attitude has clearly softened. In April, the CFTC solicited opinions from the market to publicly discuss the risks, uses, and market impact of perpetual derivatives; exchanges also have room to launch new products.

Meanwhile, Coinbase announced a few months ago that it would launch a 5-year "nano Bitcoin and Ethereum perpetual contract", and the Singapore Exchange (SGX) announced this morning that it will launch Bitcoin and Ethereum perpetual futures on November 24 to meet institutional demand for crypto hedging tools.

( US retail investors have been waiting a long time! Coinbase launches perpetual contract market, emphasizing compliance with CFTC regulations )

With Asia and the United States advancing perpetual products simultaneously, the global derivatives market is poised to enter a new phase of compliance. For US institutions, these products provide a safe channel for establishing long-term long-short positions, signifying an accelerated convergence between traditional financial markets and crypto derivatives.

As Bitcoin prices plummeted, Bitcoin spot ETFs continued to face outflows. According to Glassnode , the average cost of all ETF inflows was approximately $89,600, and Bitcoin has fallen below this level today, indicating that investors are currently facing collective losses.

Bitcoin spot ETFs see net outflows for four consecutive weeks.

According to SoSoValue data, Bitcoin spot ETFs have seen net outflows for four consecutive weeks, and there are no signs of this stopping.

This milestone highlights how quickly optimism has faded in the cryptocurrency market. Bitcoin surged to an all-time high in early October, but has now fallen by more than 30%, falling back into a technical bear market by traditional financial standards.

Wall Street's involvement has failed to eliminate the notorious volatility of cryptocurrencies.

Despite the well-known volatility of cryptocurrencies, the drop still caught Wall Street off guard, given the massive influx of institutional money into the industry since Trump won the presidential election.

This decline presents a severe test for both retail and institutional investors. Over the past year, many investors had hoped that cryptocurrencies would bring them greater returns, thus riding the wave of cryptocurrency price increases. ETFs have long been touted as a safer and more regulated way to enter the digital asset space, but the recent decline serves as a reminder that even with Wall Street intervention, the notorious volatility of cryptocurrencies has not disappeared.

Michael Saylor, a long-time Bitcoin believer and founder of MicroStrategy, the originator of Bitcoin reserve strategies, has recently repeatedly reminded investors that investing in Bitcoin must be done with a timeframe of at least four years, and one must be prepared to face its volatility.

If you want to ride a rocket, you must be prepared to experience gravitational acceleration!

Multiple crypto ETFs continue to be listed.

This year, billions of dollars have flowed into Bitcoin ETFs, and these products are so popular that issuers have launched other products besides Bitcoin and Ethereum. According to data compiled by Bloomberg, there are currently more than 110 cryptocurrency ETFs trading in the United States, including recently listed spot ETFs such as Solana, XRP, and LTC .