Cboe is considering upgrading BTC and ETH continuous futures to perpetual contracts.

This signal is more worth paying close attention to than ETF inflows and outflows—traditional financial exchanges are finally starting to copy the native crypto market.
Perpetual contracts used to be exclusive products of crypto exchanges, with no expiration date and a funding rate mechanism, allowing both retail and institutional traders to hedge flexibly.
Now Cboe wants to bring them into a regulated system, which means Wall Street is acknowledging the validity of this product logic, and it also indicates that crypto market product innovation is being reverse-ported.
But on the other side of the coin: traditional financial perpetual contracts are likely to introduce mechanisms like clearinghouses, margin monitoring, and position limits, which may lead to more concentrated liquidity but also diminish some of the flexibility of decentralized perpetual contracts.
If institutional funds flow back from Hyperliquid, dYdX, and other DEXs to Cboe, it might not be good for the on-chain derivatives ecosystem.
The current crypto market is already in a range-bound oscillation, and options pricing shows a lack of breakthrough momentum.
Cboe’s move may not change the price trend in the short term, but in the long run, it could reshape the competitive landscape of derivatives markets— the boundary between traditional and crypto is accelerating its dissolution through mutual product-level borrowing.
$btc #eth #hype #dydx #defi