Group 1 - Bitcoin is leading the market lower amid macro pressures that are weighing on sentiment [1] - Innovation is occurring in the mortgage sector, allowing borrowers to use Bitcoin or USDC as collateral for Fannie Mae-eligible mortgages, which is seen as a significant first step [1] Group 2 - Regulatory changes are anticipated, with CFTC Chairman Mike Selig expecting the approval of crypto perpetual futures within weeks, aimed at bringing offshore trading volume back to U.S. markets [2] - Coinbase is currently using 50-year contracts as a workaround for crypto perpetual futures products [2] - Coinbase Global shares experienced a decline of 3.44%, trading at $167.41 during premarket trading [2]

RT Jack (@Jackkk)Trader Mayne explains why the US approving Crypto perpetual futures could be a “sell the news” event“This is eerily similar to when the CBOE launched BTC futures trading. We’ve had these types of monumental Crypto events mark tops”“Obviously the top’s already in here but it could be a temporary top, like when we had the ETF approval and the market actually pulled back” ...

Core Viewpoint - Singapore Exchange Derivatives will launch Bitcoin and Ethereum perpetual futures on November 24, becoming the first major Asian exchange to offer exchange-cleared crypto perpetual futures [1] Product Specifications - Bitcoin contracts will be sized at 0.2 BTC with a minimum price fluctuation of $1, while Ethereum contracts will be sized at 5 ETH with the same tick value [2] - The perpetual futures will utilize a funding rate mechanism to rebalance supply and demand, with funding rates capped at plus or minus 35 basis points and an average spread of 3 basis points when trading remains within defined parameters [3] Trading Sessions - Trading will occur in two sessions under Singapore time: the T session from 7:05 a.m. to 4:00 p.m. and the T+1 session from 4:05 p.m. to 5:15 a.m. the following day, with both contracts cash-settled in USD [4] Access and Regulation - Access to the contracts is limited to qualified participants, including institutional entities and expert investors, with accredited investors required to have net personal assets exceeding S$2 million or an annual income over S$300,000 [4][5] Market Context - Perpetual futures account for over $187 billion in daily trading volume globally, primarily on offshore, unregulated platforms, with SGX's launch following similar products introduced by Bitnomial Exchange, Coinbase Derivatives, and One Trading [6] - The launch aligns with Singapore's broader tokenization initiatives as the Monetary Authority of Singapore continues to develop regulated digital asset infrastructure [5] Institutional Perspective - Michael Syn, President of SGX Group, emphasized that the launch applies institutional discipline to crypto's most traded derivative structure, providing institutions with the trust and scalability required for crypto exposure [7]