ICE and CME both saw their RSI drop to 24.4 this week, as investors worry that perpetual swaps are eroding traditional exchange businesses. CME sued the CFTC for allowing Kalshi to offer Bitcoin perpetual swaps, but behind the regulatory battle, the market structure is already changing. Perpetual swaps offer 24/7 trading and flexible leverage, making it difficult for traditional exchanges to compete with their settlement cycles and product designs. CME fell 10% for the week, ICE fell 7% — not due to sentiment swings, but a repricing of future cash flows. Crypto derivatives are reshaping financial infrastructure, and traditional giants have yet to find a response.