In May, the trading volume of major cryptocurrency exchange futures dropped to approximately $2.9 trillion, hitting a 12-month low and the lowest level since the end of 2023, reflecting an overall cooling of speculative activity in the crypto market. Meanwhile, the US CFTC has officially opened a regulatory pathway for crypto perpetual contract products to enter the US market. The report suggests that compared to the trading access itself, a more important significance lies in the potential to promote institutional participation, build compliant infrastructure, and develop liquidity within the US. However, it remains to be seen whether US-regulated platforms can compete with offshore exchanges in terms of liquidity and trading conditions. (The Block)

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