XRP price has entered a critical phase after falling more than 5% in the past 24 hours and confirming a bearish head-and-shoulders breakdown on the 8-hour chart. This move has strengthened bearish sentiment across derivatives markets, where traders are increasingly positioning for further downside. Yet beneath this pessimism, several on-chain signals suggest the breakdown may not be as straightforward as it appears. XRP Pattern Breakdown Draws Bears, But Is the Space Overcrowded? The confirmed head-and ...

Core Viewpoint - Earlyworks Co., Ltd. has successfully acquired Perpetual Markets Ltd., rebranding as Perpetuals.com Ltd. with a new Nasdaq ticker symbol PDC, aiming to integrate traditional finance with blockchain-based crypto markets through innovative software solutions [1][7]. Company Overview - Perpetuals.com Ltd. develops software solutions that merge traditional financial markets with blockchain-based crypto markets, with its core product being the Kronos X exchange software suite [1][8]. - The company plans to operate its own Multilateral Trading Facilities in Europe and launch new tokenized products, including pre-IPO contracts and tokenized structured products [2]. Technology and Innovation - The proprietary technology of the combined business enables regulated financial and crypto services on blockchain infrastructure, leveraging a machine-learning system trained on millions of retail trading data points [3]. - Perpetuals aims to disrupt traditional markets with AI-enhanced products designed to protect retail users from losses in historically unfair trading environments [3][10]. Leadership and Governance - Patrick Gruhn has joined as Co-CEO, bringing extensive experience in regulated digital finance and blockchain innovation [4]. - Matthew Nicoletti has been appointed as the chair of the Compensation Committee, contributing over 15 years of capital markets experience to lead the company's future expansion [5]. Market Opportunity - The global derivatives market was valued at $846 trillion at the end of June 2025, highlighting the significant opportunity for blockchain-native platforms to bridge traditional finance and crypto derivatives [6].

Market Overview - Solana derivatives market reached a new all-time high of $65 billion in monthly trading volume in October [1] - The week of October 6 alone posted $179 billion, the highest ever recorded [1] Platform Performance - Pacifica experienced rapid growth, increasing to over 54% of weekly volume within two months [3] - Jupiter's weekly volume fell to 31%, and Drift Protocol dropped below 14% [3] - Drift leads in open interest with $516 million, followed by Jupiter at $344 million, while Pacifica has around $50 million [3] TVL Trends - Jupiter's TVL decreased from $134 billion to $892 million [4] - AdrenaProtocol is shifting to maintenance mode due to limited funding, with TVL dropping from $121 million to under $46 million [5]

Market Trends - Derivatives market uncertainty causes unease among traders [1] - High-frequency trading (HFT) firms are maintaining hiring levels [1] - HFT firms are gradually shifting focus towards medium-frequency strategies and cash equities [1]

Market Trends - US equities have experienced a banner year [1] - Derivatives market suggests limited further upside potential for US equities [1]

Market Expansion - Kraken acquired Small Exchange for $100 million, a CFTC-regulated Designated Contract Market (DCM), expanding its U_S_ derivatives market presence [1] - The acquisition positions Kraken as one of the few platforms with derivatives licenses across the U_S_, U_K_, and E_U_ [1]

Core Viewpoint - The CFTC is considering allowing stablecoins like USDT and USDC to be used as collateral in the U.S. derivatives market, marking a significant shift in regulatory policy [1][7]. Group 1: Regulatory Changes - Acting Chair Caroline D. Pham described the proposal as a "measured step" to align the CFTC's regulatory framework with modern finance [2]. - If approved, stablecoins would be accepted alongside cash and U.S. Treasurys as margin, potentially reshaping a market valued in the quadrillions [2][5]. Group 2: Background and Development - The initiative to recognize stablecoins as collateral originated from the February 2025 Crypto CEO Forum, aimed at enhancing liquidity and modernizing risk management [3]. - The proposal builds on findings from the President's Working Group on Digital Assets and recommendations from the CFTC's Global Markets Advisory Committee [3]. Group 3: Implementation and Feedback - The plan includes a pilot "sandbox" program to test tokenized non-cash assets, reflecting the CFTC's history of controlled innovation [4]. - Public comments are open until October 20, focusing on valuation standards, custody, settlement mechanics, and necessary rule amendments [4]. Group 4: Market Impact - The recent legislative changes, including the passage of the GENIUS Act, indicate a shift in Washington's approach to crypto, moving from viewing digital assets as speculative to establishing a regulatory framework [5]. - Allowing stablecoins in derivatives markets could significantly enhance their utility beyond exchanges and payments [5]. - Traders would benefit from the ability to post collateral in USDC or USDT instantly, reducing the need for fiat conversion and lowering barriers for institutional and retail investors [6]. - Analysts suggest this shift could unlock trillions in dormant crypto capital into the broader financial system [6].

Regulatory Approval - IEX received US regulatory approval to launch an options exchange [1] Market Opportunity - The new exchange aims to provide an alternative pricing model in the expanding derivatives market [1]

Regulatory Landscape - South Africa's financial watchdog is preparing new rules for the over-the-counter derivatives market [1]

Market Innovation - Injective launches the first-ever NVIDIA GPU derivative market [1] - Traders can now bet on H100 rental rates [1]