The US just got its first blockchain-native clearing agency. Ever.

Regulators are suddenly approving things that sat in limbo for years.

Meanwhile, geopolitical chaos sent Bitcoin on a round trip below $73K and back.

The infrastructure is maturing fast. The question is whether demand can keep up.

CFTC approves Kalshi's perpetual Bitcoin futures for US markets

Kalshi just got the green light to list perpetual Bitcoin futures on a regulated US exchange.

The CFTC signed off on the BTCPERP contract, which tracks Bitcoin's spot price.

Perpetuals are the most popular derivatives product in crypto, but until now they've lived offshore.

That changes now, and every other US exchange is watching closely.

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Markets

Strait of Hormuz drama sends Bitcoin on a wild round trip

US airstrikes on Iran sent Bitcoin tumbling below $73K early this week.

Then Trump posted that the naval blockade is lifting and the Strait must reopen immediately.

That was enough to snap prices right back. Geopolitics is the new macro trade.

BTC climbed back near $74K, ETH pushed above $2K, SOL recovered to $82, and XRP settled near $1.30.

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US Bitcoin ETFs shed $2.8B in record nine-day outflow streak

Investors yanked cash from spot Bitcoin ETFs for nine straight days.

Bitcoin fell roughly 5% during the stretch, sliding below $73K.

It's the longest redemption run since these products launched in January 2024.

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SEC approves Paxos as first blockchain-native clearing agency in the US

Paxos just became the first company to clear securities on a blockchain under SEC registration.

The approval took seven years of regulatory back-and-forth, starting in 2019.

Traditional finance plumbing now has a blockchain alternative with a federal stamp of approval.

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Wintermute joins prediction markets as liquidity provider amid $60B in 2026 volume

Crypto market maker Wintermute is now providing two-sided quotes on prediction market platforms.

The sector has already topped $60B in trading volume this year.

Monthly volumes hover around $20B to $25B, making prediction markets hard for serious firms to ignore.

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On Our Radar

The credit shift: Crypto OTC desks are quietly becoming lenders, not just traders.*

Regulatory green light: Coinbase can now move crypto margin positions to Deribit.

Crypto custody plot twist: Texas ditches the ETF middleman for direct Bitcoin holdings.

_*sponsored

ICYMI

Meme of the Day

Until next time.

Estéfano