News Heat Trend
Project Overview
Deribit is currently the largest cryptocurrency options exchange. Its Bitcoin options trading volume accounts for more than 80% of the total market trading volume, and the Ethereum options trading volume accounts for more than 90% of the total market trading volume. Like most cryptocurrency exchanges, Deribit trades 24x7. Despite the fact that Deribit accounts for the vast majority of Bitcoin options market trading volume, it is an unregulated exchange.
Coinbase CEO: Coinbase will support pre-IPO perpetual contracts, stock options, and tokenized stocks
Brian Armstrong posted on the X platform, stating that Coinbase now includes pre-IPO perpetual contracts, stock options, and will soon support tokenized stocks. Coinbase has also redesigned Coinbase Advanced and has begun integrating global liquidity between US and international users, as well as between Coinbase and Deribit users. CoinbaseDev is providing stablecoin payment capabilities for enterprises, launching fully managed accounts based on its compliance technology stack, and introducing a new developer tools dashboard. On the Base side, Coinbase announced the launch of private transactions and a web-based Base App. Coinbase is also becoming the financial account for AI, supporting wallets for AI agents, providing AI-driven financial advice, and connecting Coinbase accounts to users' commonly used LLMs.
Benchmark: Coinbase Is Transforming from a Crypto Broker to a "Full-Stack Exchange," Maintaining a $270 Price Target
Benchmark has maintained a "Buy" rating for Coinbase with a $270 price target, implying approximately 59.5% upside from its Tuesday closing price of $169.27. The firm noted that Coinbase's latest "System Update" indicates it is accelerating its transformation from a crypto trading platform into an "everything exchange" that bridges traditional finance and the on-chain economy.Analyst Mark Palmer stated that this product update covers tokenized stocks, stock and crypto options, pre-IPO perpetual contracts, prediction markets, AI-driven investment tools, agent payment infrastructure, and retail financial products, signaling the continuous expansion of its business boundaries.Key progress highlighted by Benchmark also includes: the U.S. CFTC's approval for it to operate as a regulated Futures Commission Merchant (FCM), global derivatives capabilities obtained through the acquisition of Deribit, and integrating crypto perpetuals and options into a compliant framework, thereby achieving cross-market liquidity consolidation.Furthermore, the company's strategic moves in the Base ecosystem, prediction markets, and AI agent payments are also seen as key signals of its evolution from "spot crypto trading" to a comprehensive on-chain financial infrastructure. (The Block)
Kraken Plans to Launch CFTC-Regulated Perpetual Futures Within 30 Days, Intensifying Competition in the U.S. Compliant Derivatives Market
According to CoinTelegraph, Kraken announced on May 30 that it plans to launch CFTC-regulated Bitcoin perpetual futures contracts via its subsidiary Bitnomial exchange within the next 30 days, targeting U.S. institutional clients. Earlier the same day, the CFTC formally approved perpetual futures contracts linked to the Bitcoin spot price, with KalshiEX becoming the first exchange to receive approval for listing such products. Meanwhile, Coinbase Financial Markets swiftly followed suit, leveraging Deribit—the world’s largest crypto options exchange, which it acquired in August 2025—to provide U.S. institutional clients with access to global crypto options and perpetual futures markets.
Kraken Plans to Launch CFTC-Regulated Perpetual Futures in the US Within 30 Days
Kraken has announced plans to launch CFTC-regulated perpetual futures contracts in the United States within the next 30 days. The exchange stated that, upon approval, the relevant contracts will be listed on Bitnomial Exchange; Bitnomial is a CFTC-regulated exchange recently acquired by Kraken's parent company, Payward. Kraken said it submitted an application on Friday and indicated that US customers will soon be able to trade perpetual futures on Kraken Pro. As of early Sunday morning, no application specifically for Bitcoin perpetual futures had been identified in Bitnomial's recent CFTC filings. On April 17, Payward announced it would acquire crypto derivatives platform Bitnomial for up to $550 million to offer its perpetual futures products to Kraken Pro clients. Previously, the CFTC had approved KalshiEX to trade Bitcoin perpetual futures contracts, and Coinbase Financial Markets also began providing US institutional clients with access to global crypto options and perpetual futures markets through regulated futures commission merchant Deribit. (cointelegraph)
U.S. CFTC Classifies Crypto Contracts as Foreign Futures, Issues No-Action Letter for Coinbase's Related Business
Odaily News, the U.S. Commodity Futures Trading Commission (CFTC) Market Participants Division today issued an interpretive opinion and a "No-Action Letter" in response to an application from Coinbase Financial Markets, allowing it to offer trading services for certain digital commodity derivatives through its affiliated offshore trading platform, Deribit. CFTC staff confirmed that, based on the framework approved for Kalshi's BTCPERP contract on May 29, 2026, relevant crypto perpetual contracts can be classified as "foreign futures" as defined under Regulation 30.1.Simultaneously, under the fulfillment of specific conditions, the CFTC's Market Participants Division stated it does not recommend enforcement action against Coinbase Financial Markets. This allows Coinbase to transfer customer-held digital commodities and stablecoins, used as margin, to its affiliated offshore broker-dealer to support trading positions in foreign futures and options, even if the relevant offshore broker-dealer has the right to rehypothecate these assets.Analysts believe this statement further clarifies the classification path for crypto perpetual contracts within the U.S. regulatory framework and provides institutional space for compliant entities to access derivatives trading through offshore liquidity markets.
Coinbase Receives CFTC Approval to Offer Compliant Crypto Derivatives Trading Channels
Coinbase has announced it has become the first and currently the only Futures Commission Merchant (FCM) regulated by the U.S. Commodity Futures Trading Commission (CFTC), providing U.S. clients with access to the global crypto derivatives market, including crypto perpetual contracts and options. Previously, U.S. institutions could only trade crypto products derived from domestic futures exchanges, lacking access to global markets.Previously, U.S. clients were unable to participate in such global markets through compliant channels and had to establish offshore entities to access liquidity, resulting in increased counterparty risk and duplicated infrastructure costs. Through a single CFTC-regulated FCM, Coinbase Financial Markets is opening compliant access to global crypto options and perpetual contracts for U.S. institutional clients, including connectivity to platforms like Deribit, whose Bitcoin options open interest exceeds $31 billion, accounting for the vast majority of the global options market.Institutional clients can begin onboarding immediately. Deribit options are now available via Coinbase Financial Markets, with perpetual contracts and additional collateral types to be rolled out gradually. Broader access for retail clients is also in the pipeline.This move means that U.S. clients can finally participate in the world's largest and most liquid crypto derivatives market through a single, regulated channel, providing institutional investors with a more complete and compliant trading environment while reducing cross-border operations and complexity.
Coinbase: Advancing the "Every Asset, Every Market, One Platform" Strategy in H1
Coinbase released a monthly review on July 1, stating that in the first half of the year, it advanced its product layout around the strategy of "every asset, every market, one platform," covering tokenized stocks, pre-IPO perpetual contracts, stock options, crypto options, stock index perpetual futures, AI tools, payments, stablecoins, and on-chain infrastructure. Coinbase stated that the tokenized stocks are 1:1 backed shares of US companies, expected to include dividends, on-chain trading, holding, and redemption functions, and are not available to US persons. Coinbase also noted that its pre-IPO perpetual contracts will start with SpaceX and then expand to OpenAI and Anthropic, and will offer crypto options through integration with Deribit. Coinbase CEO Brian Armstrong said on July 3 that Coinbase is one of the companies with the highest level of AI application globally. Coinbase also stated that it has launched a direct INR on-ramp in India, become the official deployer of the USDC treasury wallet for Hyperliquid, partnered with Ethena across over $50 billion in assets, and mentioned transferring approximately $4.4 billion USDC to the Hyperliquid deployer. (Bitcoin.com News).
Bitcoin options traders bet on $50,000 put options
Bitcoin briefly dropped to $57,700, its lowest level since September 2024, before recovering to $58,800; the market saw $395 million in liquidations, with open interest rising to 768,000 BTC. On Deribit, put options across all maturities traded at a premium over call options, with one block trade betting on a Bitcoin put option expiring in September with a strike price of $50,000. (CoinDesk)
Bitcoin fell below $63,000, pressured by consecutive ETF outflows and the expiration of $10.6 billion in options
Bitcoin further declined toward $62,000 on Tuesday, continuing its weakvolatility amid a sixth consecutive week of spot ETF outflows, a hawkish shift in macro interest rate expectations, and pressure from quarter-end options expiration. Ethereum fell below $1,700 on the same day, with both BTC and ETH retreating nearly 20% over the past 30 days.This week's market pressure primarily stems from two key factors. First, the Federal Reserve maintained interest rates at 3.50% to 3.75% during the June 18 FOMC meeting, but the statement noticeably reduced dovish language, and the dot plot shifted from previously hinting at rate cuts to suggesting rate hikes. Among the 18 officials, 9 now expect at least one rate hike this year, and the probability of a December rate hike has significantly increased compared to a month ago.Second, geopolitical risks have once again disrupted the market. The previous expectation of a US-Iran ceasefire had pushed Bitcoin above $67,000, but the situation broke down during the signing ceremony on June 19, with Iran withdrawing from negotiations. Due to the crypto market's 24/7 trading, Bitcoin was the first to reflect this shock.Additionally, Deribit is set to see approximately $10.6 billion in options expire on June 26, further intensifying the quarter-end market观望 sentiment. Analysts believe that current leverage has been largely cleared, and market positioning is defensive. However, the next directional move still depends on Thursday's PCE inflation data and whether spot ETF fund flows can turn positive again.
Benchmark: Coinbase Is Transforming from a Crypto Broker to a "Full-Stack Exchange," Maintaining a $270 Price Target
Benchmark has maintained a "Buy" rating for Coinbase with a $270 price target, implying approximately 59.5% upside from its Tuesday closing price of $169.27. The firm noted that Coinbase's latest "System Update" indicates it is accelerating its transformation from a crypto trading platform into an "everything exchange" that bridges traditional finance and the on-chain economy.Analyst Mark Palmer stated that this product update covers tokenized stocks, stock and crypto options, pre-IPO perpetual contracts, prediction markets, AI-driven investment tools, agent payment infrastructure, and retail financial products, signaling the continuous expansion of its business boundaries.Key progress highlighted by Benchmark also includes: the U.S. CFTC's approval for it to operate as a regulated Futures Commission Merchant (FCM), global derivatives capabilities obtained through the acquisition of Deribit, and integrating crypto perpetuals and options into a compliant framework, thereby achieving cross-market liquidity consolidation.Furthermore, the company's strategic moves in the Base ecosystem, prediction markets, and AI agent payments are also seen as key signals of its evolution from "spot crypto trading" to a comprehensive on-chain financial infrastructure. (The Block)
Opinion: $60,000 is not just a psychological milestone for Bitcoin, but a structural threshold
Bitcoin's price is approaching the key support level of $60,000, and a breach below could trigger accelerated selling.Jean-David Péquignot, Chief Commercial Officer of Deribit, stated that $60,000 is more than just a psychological round number; it is a structural threshold with tangible implications for institutional investors and the derivatives market. Over the past year, a significant amount of institutional capital, including ETF buyers, large holders, and short-term speculators, purchased BTC at prices between $60,000 and $67,000. As the price approaches these buy zones, investors are near their breakeven point. If the price falls below their cost basis, unrealized losses will increase. This pressure is amplified when traditional markets, such as AI stocks, are rising, raising the opportunity cost of holding BTC and potentially prompting investors to accelerate their selling.The derivatives market is also under strain. Deribit data shows that approximately $1.2 billion in notional value of $60,000 put options remain open. Market makers hedging this risk may be forced to sell spot or futures contracts, thereby accelerating the decline. Simultaneously, there is still a large amount of leveraged long positions in the system. A break below $60,000 could trigger a cascade of liquidations, intensifying market sell pressure. Péquignot believes that billions of dollars in leveraged long positions have already been liquidated this week. If the $60,000 support level fails, the downward momentum could amplify further, leading to a rapid and chaotic sell-off scenario. (CoinDesk)
A whale/institution purchased over 32,000 ETH this morning, with the total purchase amount potentially reaching $225 million.
According to on-chain analyst Onchain Lens (@OnchainLens), a whale/institutional address purchased 32,007 ETH from Binance within the past 24 hours, valued at approximately $77.49 million, and may continue accumulating. Previously, this address received a total of $225.1 million in USDC from BitGo and transferred funds separately to Deribit, Bybit, and Binance.
Coinbase: Advancing the "Every Asset, Every Market, One Platform" Strategy in H1
Coinbase released a monthly review on July 1, stating that in the first half of the year, it advanced its product layout around the strategy of "every asset, every market, one platform," covering tokenized stocks, pre-IPO perpetual contracts, stock options, crypto options, stock index perpetual futures, AI tools, payments, stablecoins, and on-chain infrastructure. Coinbase stated that the tokenized stocks are 1:1 backed shares of US companies, expected to include dividends, on-chain trading, holding, and redemption functions, and are not available to US persons. Coinbase also noted that its pre-IPO perpetual contracts will start with SpaceX and then expand to OpenAI and Anthropic, and will offer crypto options through integration with Deribit. Coinbase CEO Brian Armstrong said on July 3 that Coinbase is one of the companies with the highest level of AI application globally. Coinbase also stated that it has launched a direct INR on-ramp in India, become the official deployer of the USDC treasury wallet for Hyperliquid, partnered with Ethena across over $50 billion in assets, and mentioned transferring approximately $4.4 billion USDC to the Hyperliquid deployer. (Bitcoin.com News).
Coinbase CEO: Coinbase will support pre-IPO perpetual contracts, stock options, and tokenized stocks
Brian Armstrong posted on the X platform, stating that Coinbase now includes pre-IPO perpetual contracts, stock options, and will soon support tokenized stocks. Coinbase has also redesigned Coinbase Advanced and has begun integrating global liquidity between US and international users, as well as between Coinbase and Deribit users. CoinbaseDev is providing stablecoin payment capabilities for enterprises, launching fully managed accounts based on its compliance technology stack, and introducing a new developer tools dashboard. On the Base side, Coinbase announced the launch of private transactions and a web-based Base App. Coinbase is also becoming the financial account for AI, supporting wallets for AI agents, providing AI-driven financial advice, and connecting Coinbase accounts to users' commonly used LLMs.
Benchmark: Coinbase Is Transforming from a Crypto Broker to a "Full-Stack Exchange," Maintaining a $270 Price Target
Benchmark has maintained a "Buy" rating for Coinbase with a $270 price target, implying approximately 59.5% upside from its Tuesday closing price of $169.27. The firm noted that Coinbase's latest "System Update" indicates it is accelerating its transformation from a crypto trading platform into an "everything exchange" that bridges traditional finance and the on-chain economy.Analyst Mark Palmer stated that this product update covers tokenized stocks, stock and crypto options, pre-IPO perpetual contracts, prediction markets, AI-driven investment tools, agent payment infrastructure, and retail financial products, signaling the continuous expansion of its business boundaries.Key progress highlighted by Benchmark also includes: the U.S. CFTC's approval for it to operate as a regulated Futures Commission Merchant (FCM), global derivatives capabilities obtained through the acquisition of Deribit, and integrating crypto perpetuals and options into a compliant framework, thereby achieving cross-market liquidity consolidation.Furthermore, the company's strategic moves in the Base ecosystem, prediction markets, and AI agent payments are also seen as key signals of its evolution from "spot crypto trading" to a comprehensive on-chain financial infrastructure. (The Block)
Kraken Plans to Launch CFTC-Regulated Perpetual Futures Within 30 Days, Intensifying Competition in the U.S. Compliant Derivatives Market
According to CoinTelegraph, Kraken announced on May 30 that it plans to launch CFTC-regulated Bitcoin perpetual futures contracts via its subsidiary Bitnomial exchange within the next 30 days, targeting U.S. institutional clients. Earlier the same day, the CFTC formally approved perpetual futures contracts linked to the Bitcoin spot price, with KalshiEX becoming the first exchange to receive approval for listing such products. Meanwhile, Coinbase Financial Markets swiftly followed suit, leveraging Deribit—the world’s largest crypto options exchange, which it acquired in August 2025—to provide U.S. institutional clients with access to global crypto options and perpetual futures markets.
Kraken Plans to Launch CFTC-Regulated Perpetual Futures in the US Within 30 Days
Kraken has announced plans to launch CFTC-regulated perpetual futures contracts in the United States within the next 30 days. The exchange stated that, upon approval, the relevant contracts will be listed on Bitnomial Exchange; Bitnomial is a CFTC-regulated exchange recently acquired by Kraken's parent company, Payward. Kraken said it submitted an application on Friday and indicated that US customers will soon be able to trade perpetual futures on Kraken Pro. As of early Sunday morning, no application specifically for Bitcoin perpetual futures had been identified in Bitnomial's recent CFTC filings. On April 17, Payward announced it would acquire crypto derivatives platform Bitnomial for up to $550 million to offer its perpetual futures products to Kraken Pro clients. Previously, the CFTC had approved KalshiEX to trade Bitcoin perpetual futures contracts, and Coinbase Financial Markets also began providing US institutional clients with access to global crypto options and perpetual futures markets through regulated futures commission merchant Deribit. (cointelegraph)
U.S. CFTC Classifies Crypto Contracts as Foreign Futures, Issues No-Action Letter for Coinbase's Related Business
Odaily News, the U.S. Commodity Futures Trading Commission (CFTC) Market Participants Division today issued an interpretive opinion and a "No-Action Letter" in response to an application from Coinbase Financial Markets, allowing it to offer trading services for certain digital commodity derivatives through its affiliated offshore trading platform, Deribit. CFTC staff confirmed that, based on the framework approved for Kalshi's BTCPERP contract on May 29, 2026, relevant crypto perpetual contracts can be classified as "foreign futures" as defined under Regulation 30.1.Simultaneously, under the fulfillment of specific conditions, the CFTC's Market Participants Division stated it does not recommend enforcement action against Coinbase Financial Markets. This allows Coinbase to transfer customer-held digital commodities and stablecoins, used as margin, to its affiliated offshore broker-dealer to support trading positions in foreign futures and options, even if the relevant offshore broker-dealer has the right to rehypothecate these assets.Analysts believe this statement further clarifies the classification path for crypto perpetual contracts within the U.S. regulatory framework and provides institutional space for compliant entities to access derivatives trading through offshore liquidity markets.
Related news
Deribit trading volume share drops to 40%, while open interest share remains at 75%
Odaily Odaily报道，Greeks.live宏观研究员Adam在X平台发文表示，Deribit的交易量占比已下降至40%，一年前约为60%，三年前约为80%，但持仓量占比仍以75%领先。这主要由交易结构差异引起，Deribit的中远期流动性较好，深度优势明显，而中远期期权交易频率较低。对于短期期权而言，只要价格合适，需要处理的问题更少，更接近期货市场，也更需要市场营销刺激。
Coinbase: Advancing the "Every Asset, Every Market, One Platform" Strategy in H1
Coinbase released a monthly review on July 1, stating that in the first half of the year, it advanced its product layout around the strategy of "every asset, every market, one platform," covering tokenized stocks, pre-IPO perpetual contracts, stock options, crypto options, stock index perpetual futures, AI tools, payments, stablecoins, and on-chain infrastructure. Coinbase stated that the tokenized stocks are 1:1 backed shares of US companies, expected to include dividends, on-chain trading, holding, and redemption functions, and are not available to US persons. Coinbase also noted that its pre-IPO perpetual contracts will start with SpaceX and then expand to OpenAI and Anthropic, and will offer crypto options through integration with Deribit. Coinbase CEO Brian Armstrong said on July 3 that Coinbase is one of the companies with the highest level of AI application globally. Coinbase also stated that it has launched a direct INR on-ramp in India, become the official deployer of the USDC treasury wallet for Hyperliquid, partnered with Ethena across over $50 billion in assets, and mentioned transferring approximately $4.4 billion USDC to the Hyperliquid deployer. (Bitcoin.com News).
Bitcoin options traders bet on $50,000 put options
Bitcoin briefly dropped to $57,700, its lowest level since September 2024, before recovering to $58,800; the market saw $395 million in liquidations, with open interest rising to 768,000 BTC. On Deribit, put options across all maturities traded at a premium over call options, with one block trade betting on a Bitcoin put option expiring in September with a strike price of $50,000. (CoinDesk)
Deribit and SignalPlus Launch 2026 Trading Competition with Total Prize Pool of Up to 600,000 USDC, Registration Now Open
According to official sources, the 2026 trading competition "Island Project" jointly organized by Deribit and SignalPlus has officially opened for registration, with a total prize pool of up to 600,000 USDC. This year's event introduces the "Private Island" grand prize for the first time, and features multiple gameplay options including individual competition, team competition, and invitation rewards. Specific details include:1. Registration Bonus: All users who bind their Deribit API on SignalPlus to register will receive a USDC bonus.2. Balance Reward: Users with a balance in their Deribit account can enter a draw for an Insta360x5 camera.3. Invitation Rewards: Invite friends for a chance to win the Canadian Island Grand Prize (30,000 USDC).4. Block Trade Rewards: Trade in blocks to receive up to a 50% fee discount, and enter a draw for a trip to Turkey (2000 USDC).5. Daily Trading Rewards: Up to 2300 USDC per person per day.6. Daily Short-term Options Trading: Enter a draw for a Hermès tie and the Finnish Island Grand Prize (60,000 USDC).7. Weekly Trading Rankings: Weekly trading volume, PnL, and team leaderboards run simultaneously, with a weekly distribution of 11,050 USDC.Registration is open from now until August 11 (UTC+8 7:59), and the competition period runs from July 6 to August 11 (UTC+8 7:59).
Bitcoin fell below $63,000, pressured by consecutive ETF outflows and the expiration of $10.6 billion in options
Bitcoin further declined toward $62,000 on Tuesday, continuing its weakvolatility amid a sixth consecutive week of spot ETF outflows, a hawkish shift in macro interest rate expectations, and pressure from quarter-end options expiration. Ethereum fell below $1,700 on the same day, with both BTC and ETH retreating nearly 20% over the past 30 days.This week's market pressure primarily stems from two key factors. First, the Federal Reserve maintained interest rates at 3.50% to 3.75% during the June 18 FOMC meeting, but the statement noticeably reduced dovish language, and the dot plot shifted from previously hinting at rate cuts to suggesting rate hikes. Among the 18 officials, 9 now expect at least one rate hike this year, and the probability of a December rate hike has significantly increased compared to a month ago.Second, geopolitical risks have once again disrupted the market. The previous expectation of a US-Iran ceasefire had pushed Bitcoin above $67,000, but the situation broke down during the signing ceremony on June 19, with Iran withdrawing from negotiations. Due to the crypto market's 24/7 trading, Bitcoin was the first to reflect this shock.Additionally, Deribit is set to see approximately $10.6 billion in options expire on June 26, further intensifying the quarter-end market观望 sentiment. Analysts believe that current leverage has been largely cleared, and market positioning is defensive. However, the next directional move still depends on Thursday's PCE inflation data and whether spot ETF fund flows can turn positive again.
Coinbase CEO: Coinbase will support pre-IPO perpetual contracts, stock options, and tokenized stocks
Brian Armstrong posted on the X platform, stating that Coinbase now includes pre-IPO perpetual contracts, stock options, and will soon support tokenized stocks. Coinbase has also redesigned Coinbase Advanced and has begun integrating global liquidity between US and international users, as well as between Coinbase and Deribit users. CoinbaseDev is providing stablecoin payment capabilities for enterprises, launching fully managed accounts based on its compliance technology stack, and introducing a new developer tools dashboard. On the Base side, Coinbase announced the launch of private transactions and a web-based Base App. Coinbase is also becoming the financial account for AI, supporting wallets for AI agents, providing AI-driven financial advice, and connecting Coinbase accounts to users' commonly used LLMs.