The US Commodity Futures Trading Commission (CFTC) has taken a major step toward bringing Bitcoin perpetual futures onshore, approving KalshiEX LLC to list a no-expiry Bitcoin perpetual futures contract while separately granting Coinbase Financial Markets staff-level relief tied to certain Deribit products. In a Commission order dated May 29, the CFTC approved KalshiEX LLC's BTCPERP as a futures contract, clearing the registered designated contract market to list a cash-settled Bitcoin perpetual that tracks the spot price of BTC. The CFTC said Kalshi submitted the contract on May 29, while the order cites May 28 as the submission date. On the same day, CFTC staff in the Market Participants Division issued an interpretation and no-action position addressing a request from Coinbase Financial Markets. Staff said the Deribit digital commodity derivatives described by Coinbase may be treated as "foreign futures" under Regulation 30.1 when accessed through Coinbase's registered futures commission merchant (FCM) structure, subject to specified conditions. CFTC Chairman Mike Selig framed the Kalshi order as follow-through on a pledge to move crypto-asset perpetuals into the US regulatory perimeter, turning what had been an onshoring debate into an operational test of market structure. Two distinct regulatory paths Kalshi's approval carries the weight of a formal Commission order under Section 5c(c)(4) of the Commodity Exchange Act and Commission Regulation 40.3. Coinbase's route is narrower and less durable because it rests on staff guidance that is fact-specific, nonbinding, and conditional. Kalshi route (Commission order): A Bitcoin perpetual is listed directly on a US-regulated exchange via formal product approval. Coinbase/Deribit route (staff position): US customers gain supervised access to certain Deribit digital commodity derivatives through Coinbase's FCM and affiliated entities, within a framework tied to foreign futures rules and margin safeguards. Coinbase said institutional onboarding can begin now, that options on Deribit are already live through the FCM pathway, and that perpetual futures access will follow. The company said broader access, including retail, is expected later. Kalshi described BTCPERP as the first US perpetuals product and said it plans to pursue crypto perpetuals across more than a dozen currencies, pending regulatory reviews. What BTCPERP looks like The CFTC order describes BTCPERP as a cash-settled derivative referencing the US dollar spot price of one BTC, using the CF Benchmarks Bitcoin Real Time Index. The contract trades in units of one ten-thousandth of a Bitcoin and can trade 24 hours a day, seven days a week, subject to Kalshi trading halts. Unlike traditional futures, it has no fixed expiration date. Because perpetuals lack a final settlement date, the order highlights BTCPERP's continuous convergence mechanism: periodic funding payments between long and short holders based on the spread between the contract's mark price and the reference spot price. When the contract trades above spot, longs pay shorts; when it trades below spot, shorts pay longs. The CFTC's rationale leans heavily on Bitcoin's market structure. The order cites continuous, broadly distributed spot trading, an observable reference price during contract trading hours, and sufficient market depth to support arbitrage while the perpetual trades. The agency also set clear boundaries. It said its analysis is limited to BTCPERP and similarly structured perpetual contracts referencing Bitcoin or other digital commodities with deep, active, continuous spot markets. Other asset classes are excluded, and contract categorization remains case-by-case. Why Coinbase's staff relief matters While the Coinbase action has less precedential force than the Kalshi order, it could influence near-term market access by connecting US clients to Deribit, which Coinbase describes as a major venue by volume and open interest. Coinbase has said crypto derivatives represent roughly 80% of global crypto trading volume and that US customers have been unable to access much of that liquidity through regulated domestic channels. After the Deribit acquisition closed, Coinbase reported Deribit had more than $185 billion in July 2025 trading volume and roughly $60 billion in platform open interest. The staff letter outlines a multi-entity routing structure: Coinbase Financial Markets (a registered FCM) would offer access to certain products listed on Deribit FZE (described as an affiliated foreign board of trade), with customer orders routed through Coinbase Bermuda Limited (an affiliated foreign broker) to Deribit. Staff also addressed margin mechanics. The no-action position covers specified cases where the FCM posts customer-owned digital commodities and payment stablecoins with its foreign broker affiliate to margin foreign futures and options positions, including situations where the foreign broker has a right of reuse. The relief is conditioned on ownership links, disclosures, operational controls, customer acknowledgments, and limits on how customer digital assets may be used (margining or securing customer obligations). The letter also underscores its limits: it represents the Market Participants Division's views only, does not bind the Commission or other staff, depends on the facts presented, and can be modified, suspended, terminated, or restricted. What comes next: liquidity and scale The CFTC has been laying groundwork for more than a year. In April 2025, it issued a request for comment on perpetual derivatives, covering uses, benefits, risks, market integrity, customer protection, retail participation, clearing, and risk management. The current actions also align with broader efforts to adapt regulated derivatives infrastructure to crypto's always-on trading environment. The agency now has two live models: a Commission-approved domestic product and a staff-cleared pathway for foreign futures access through a registered FCM. Whether activity migrates onshore will depend on practical factors: launch terms and funding quality for Kalshi's BTCPERP, how quickly Coinbase expands Deribit access beyond institutions, the handling of retail access, which assets the CFTC permits beyond Bitcoin, and whether rulemaking or congressional action eventually hardens today's posture into a more durable framework.

BlackRock's spot Bitcoin ETF saw a notable pullback from institutional clients, with more than $192 million in Bitcoin redeemed on May 26, according to figures shared by Crypto Patel. The data indicated withdrawals of 2,538.282 BTC at an estimated average price of about $75,813 per coin, implying total outflows of roughly $192.44 million in a single session. Despite the selling, BlackRock's iShares Bitcoin Trust (IBIT) remains one of the world's largest institutional Bitcoin vehicles. The fund is still reported to hold around 801,477.1355 BTC, valued at approximately $59.90 billion at prevailing prices. Ethereum-linked products tied to BlackRock also posted smaller redemptions. Clients sold about 864.8713 ETH, or roughly $1.87 million, at an estimated average price near $2,162 per ETH. BlackRock's combined ETHA and ETHB holdings are still said to total close to 3.3 million ETH, valued at about $6.8 billion. Separately, more than 226,000 ETH is reportedly staked, worth roughly $465 million. Large ETF flow swings are closely watched across crypto markets as a gauge of institutional sentiment. While one-day outflows do not necessarily point to a longer-term reversal, traders often read them as signs of near-term caution, particularly during volatile periods. Disclaimer: This content is for informational purposes only and does not constitute financial advice. Readers should conduct their own research before making financial decisions.

Institutional investors are estimated to hold close to 3.9 million BTC, accounting for about 18.5% of Bitcoin's total supply. Exchange-traded funds and public companies continue to drive most of the net buying and remain the primary sources of accumulation.

Dormant Bitcoin last active 5–15 years ago has started moving again in 2026, with transfers totaling about $7.6B. Over the past 48 hours alone, 665 BTC—worth roughly $48M—left wallets dating back to 2014–2015, fueling concerns of fresh sell pressure below $74,000. @jamieCrypto has the full story.

INSIGHT: Institutional holders now control roughly 3.88 million bitcoin:native, equal to 18.5% of Bitcoin's 21 million supply cap. Public companies account for about 1.24 million bitcoin:native (5.9%), with @Strategy holding approximately 844,000 bitcoin:native, or around 4% of total supply. ETFs hold about 1.32 million bitcoin:native (6.3%), led by @BlackRock's IBIT at roughly 811,000 bitcoin:native. Governments hold an additional ~650,000 BTC (3.1%).

Blockchain data shows a transfer of 918 BTC (67,870,155 USD) from Coinbase Institutional to a newly created wallet with no known owner.

CME Group plans to extend trading hours for its regulated cryptocurrency futures and options to nearly continuous trading, a shift that could diminish the significance of the long-followed "CME gap" on bitcoin charts. Starting May 29, pending regulatory review, CME will offer 24/7 access to crypto futures and options via Globex and ClearPort. The exchange said the change is designed to let clients manage exposures at any time within a regulated marketplace. Under the new setup, trades executed from Friday evening through Sunday evening will be assigned the next business day's trade date. Clearing, settlement and regulatory reporting for those trades will also be handled on the following business day. Why the "CME gap" matters to traders The classic CME gap emerged because CME's bitcoin futures historically paused over the weekend while spot bitcoin kept trading. Large moves between Friday's close and Monday's reopen often left a visible gap on the futures chart, which many traders used as a technical reference. A March 2025 CoinDesk Research note found 79 of the prior 80 CME bitcoin gaps were filled, implying a 98.75% fill rate for that sample. Other broader analyses have estimated a longer-term fill rate around 70% to 80%. CME gap dynamics were not a "mystical" price force, but a market-structure effect: when a major regulated derivatives venue is offline while global spot markets continue price discovery, the reopening can drive convergence between futures, spot and basis trading, making the gap appear "magnetic." Operating schedule and maintenance pauses CME will still run short maintenance windows, including a two-minute daily pause from 4:00–4:02 p.m. CT Monday through Friday, and a two-hour window on Saturdays from 2:00–4:00 a.m. CT. These brief pauses could create minor chart discontinuities, but they are not expected to produce the multi-day weekend gaps that traders have historically tracked. What it means for the market The change is primarily structural rather than a direct bullish or bearish signal for bitcoin. A widely watched technical feature may lose relevance, and strategies built around weekend gap behavior may need to adjust. CME also framed the move as a response to institutional demand. The exchange said client appetite for digital-asset risk management is at an "all-time high," citing a record $3 trillion in notional volume across its crypto futures and options in 2025. CME reported 2026 year-to-date average daily volume of 407,200 contracts, up 46% year over year, and average daily open interest of 335,400 contracts, up 7%. Bitcoin was trading at $72,844 at press time. Bottom line By moving to near round-the-clock trading, CME is bringing regulated crypto derivatives closer to the always-on rhythm of spot markets, reshaping a long-standing technical reference point and underscoring growing institutional demand for crypto risk management.

Strategy (formerly MicroStrategy) transferred more than 411 Bitcoin to Coinbase Prime on May 29, a move that reignited debate over Michael Saylor's financing framework. Arkham Intelligence data shows two outbound transactions of about 205.3 BTC and 206.2 BTC from wallets associated with Strategy before the coins arrived at a destination address linked to Coinbase. The company has not confirmed any sale. Strategy has previously shifted BTC between wallets for custody management, sparking speculation that later appeared tied to internal wallet restructuring. This time, on-chain observers flagged differences in the routing and address type. ForeDex Proof said the BTC first moved from two Strategy-linked wallets into newly created addresses, then was transferred again—an extra step that diverges from earlier migrations that typically ended after the first hop to a new address. ForeDex also noted that Strategy has historically used Coinbase Custody and Native SegWit addresses starting with "bc1q", while this transfer involved a destination beginning with "3", a P2SH format. The analyst argued the pattern resembles Coinbase Prime flows often seen in over-the-counter activity, raising the possibility of preparation for a small BTC sale. Even if that interpretation proves correct, the amount is minor relative to Strategy's reported 843,738 BTC treasury. Still, the timing drew attention: the transfer occurred during a week when Strategy paused new Bitcoin purchases, moved to repurchase convertible debt, and told investors that selling Bitcoin could be used as part of its financing toolkit if market conditions or dividend commitments demanded it. STRC pressure tightens the margin for error The Coinbase-linked movement comes as Strategy's preferred-stock structure faces added stress from a shrinking dollar reserve and weaker trading in STRC, its variable-rate preferred instrument intended to trade around a $100 par value. In recent months, Strategy has leaned on preferred issuance as part of a broader funding loop designed to raise capital, buy Bitcoin, and manage liabilities without relying solely on common equity or convertible notes. Market participants have pointed out that the structure depends heavily on confidence that Strategy can keep paying dividends, maintain cash coverage, and retain access to capital markets. That confidence has been tested as STRC has traded below par since mid-month. Strategy recently moved to repurchase nearly $1.5 billion face value of its 0% convertible senior notes due 2029 for about $1.38 billion in cash. The deal reduced future liabilities and retired the notes at a discount, but it also consumed cash that some investors viewed as a buffer for preferred dividends and other obligations. Glenn Cameron, Onramp Bitcoin's global head of institutional, said Strategy's dollar reserve fell from $2.25 billion on Feb. 1 to $871 million on May 25, roughly mirroring the cash spent on the convertible-note repurchase. Cameron estimated the company's annual cash obligation at about $1.66 billion, including preferred dividends, convertible interest, and software business burn. He said STRC alone represents about $1.23 billion of that total at an 11.5% dividend rate. Based on that estimate, the remaining dollar reserve covers roughly 6.3 months of annualized obligations. Cameron added that the reserve had been pitched to STRC subscribers as providing about 2.5 years of coverage for preferred dividends and debt interest before the cash cushion was reduced by the repurchase. The math has heightened concerns around the funding structure. If STRC stays below par, Strategy may need to increase the dividend rate to restore demand. Any rate increase applies across the full outstanding STRC balance, adding to future cash burden. Crypto analyst Ragnar said Strategy needs to rebuild its cash reserve quickly and suggested STRC's weakness may reflect investor unease with the shrinking coverage ratio. He floated the idea that Strategy could sell higher-cost BTC lots to replenish cash, pointing to buys of 220 BTC at $123,561, 430 BTC at $119,666, and 6,220 BTC at $118,940 as potential candidates if the company trims exposure at the margin. That approach would fit a tactical sale that leaves Strategy's broader holdings largely intact. Selling higher-cost coins could raise cash and reduce the overall cost basis, while signaling a meaningful shift in how investors interpret Saylor's Bitcoin strategy: even limited selling would demonstrate that a portion of the BTC stack can be used to support the capital structure when conditions tighten. A four-month test Joao Wedson, CEO of Alphractal, argued the pressure reflects a deeper issue tied to Strategy's timing. He said a company with such a large Bitcoin position could have achieved a materially lower average entry price by accumulating more aggressively during the 2022–2023 bear market, instead of ending up with an average purchase price near the mid-$70,000 range after heavy buying from 2024 through 2026. Wedson said longer-term holders were distributing during the later phase of Strategy's accumulation, leaving the firm with a less attractive risk-reward profile. The critique challenges a core assumption of the model: that repeated capital raises can keep improving shareholder exposure as long as proceeds are converted into Bitcoin. As preferred dividends grow, the cost basis becomes more consequential. A lower average price would give Strategy greater flexibility to sell a small portion while still realizing gains across the treasury. A higher cost basis narrows the buffer between market price, investor confidence, and the obligations attached to the preferred stack. Jeff Dorman, CIO at Arca, said Strategy has entered its first major bind among common shareholders, Bitcoin holders, and preferred investors. He argued the firm could have preserved cash to fund dividends, but instead used a large share of reserves to retire 0% debt. Dorman said the company now faces two primary paths if pressure persists: sell Bitcoin to help cover preferred dividends—supporting preferred holders while weakening the accumulation narrative—or stop paying dividends, preserving the Bitcoin stack while undermining confidence in the preferred securities. Raising new capital remains an option, but it depends on market access. STRC's design assumes the company can issue near par; if demand softens, Strategy may need to offer higher yields, increasing future obligations against the same Bitcoin pool. Dorman said the tension could play out over the next four months, shaping whether Strategy can keep its funding loop intact while Bitcoin remains volatile, STRC trades below par, and the reduced dollar reserve leaves less room for error.