Core Insights - The Commodity Futures Trading Commission (CFTC) is facilitating a market structure where US Treasuries and cryptocurrencies can coexist, with a recent approval for expanded cross-margining for US Treasuries [1][5]. Group 1: CFTC's New Order - The CFTC's new order allows certain customers to offset margin requirements between Treasury futures cleared at CME Group, enhancing capital efficiency [2][3]. - This change is expected to increase liquidity and resiliency in the US Treasuries market, which is considered the most important market globally [3]. Group 2: Market Implications - Market participants view the expanded cross-margining as a practical test of risk models that could support portfolios containing Treasuries, tokenized funds, and crypto assets within a unified clearing ecosystem [4][5]. - If successful, this framework could enable more complex portfolios, including tokenized Treasury bills and Bitcoin-backed positions in CME Bitcoin and ETH futures [5]. Group 3: Regulatory Context - The timing of this order aligns with broader regulatory efforts by both the CFTC and the SEC, focusing on capital efficiency and risk management across traditional and digital markets [5][7]. - The SEC is also working on market structure and clearing reforms, assessing how tokenized securities and digital collateral can fit into existing frameworks [6].

$ETH futures volume just hit a new all‑time high. 💥 https://t.co/Ctw333frrF ...

Market Trends - ETH (以太坊) futures volume reached a yearly All-Time High (ATH) [1]

Market Trends - CME $ETH (以太坊) 期货在 7 月份市场反弹期间交易量创下纪录，达到 1180 亿美元 [1]

Market Trends - Altcoin 和 $ETH 期货交易量达到 2236 亿美元，创 5 个月以来新高 [1] - 市场可能重回 Altcoin 季 [1]