Hua Er Jie Jian Wen·2025-09-25 05:03Core Insights - The cryptocurrency market is experiencing significant volatility, with over $1.5 billion in long positions liquidated, leading to a severe market crash [1] - The rise of perpetual contracts, a type of derivative without an expiration date, is gaining traction in the regulated U.S. market, with major exchanges like Coinbase and Cboe planning to offer these products [3][9] - The appeal of perpetual contracts lies in their high leverage, allowing traders to amplify their positions significantly, but this also poses substantial risks [4] Industry Trends - Perpetual contracts now account for approximately 68% of Bitcoin trading volume, driven by a surge in speculative trading during the recent bull market [5] - Major trading platforms are rapidly integrating perpetual contracts into their offerings, with Coinbase and Robinhood leading the charge [6][8] - The profitability of these trading platforms is evident, as seen in Robinhood's Q2 report where cryptocurrency and options trading contributed nearly 80% of its trading revenue [8]