TREE NEWS reports: Kalshi launched the first CFTC-approved spot bitcoin perpetual futures on June 3, with $5.5B in trading volume in the first two weeks. The product targets US institutions, but critics warn of high risks for retail investors. Recent bitcoin volatility triggered $529M in liquidations in one hour.
Kalshi Launches CFTC-Approved Spot BTC Perpetuals
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AI take
The significance is regulatory, not just product: a CFTC-approved venue now offers a perpetual structure that has largely lived offshore, which could pull US institutional flow into a supervised wrapper. The retail-risk caveat sits awkwardly beside the liquidation figure, since the same leverage that makes the contract useful to institutions is what amplifies losses for smaller participants. Whether the early volume reflects durable institutional demand or a launch-window spike, and how the regulator treats retail access to these contracts, are the open questions.
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