On June 23, 2026, according to a single source, Cboe, representing Wall Street's derivatives infrastructure direction, is considering upgrading its continuous futures for Bitcoin and Ethereum to a contract form resembling "perpetual" structures on crypto-native platforms. This marks the first direct intersection between the traditional regulated market and the established practices of Binance, Bybit, and others at the product level. At the same time, Bitcoin has once again climbed back above approximately $65,000 after a round of corrections dominated by macro expectations. On the surface, bulls appear to have defended a critical level, but the story behind the market is not that simple: the Nasdaq fell about 1% on the same day, with overall risk appetite still cautious. QCP Capital pointed out that despite emotional support from institutions like Strategy increasing their holdings, the essence of the market remains range-bound, with option pricing not giving any strong signals of an imminent directional breakout. One side sees prices returning to high ranges, while the derivatives curve calmly announces insufficient momentum, and amidst this tug-of-war, whether traditional financial giants like Cboe's chase-style innovation in perpetual contracts can break the current horizontal pattern or merely amplify leverage and noise within the existing range becomes a question that must be answered in the upcoming market.

Cboe Aiming for Traditional Breakthrough with Perpetual Contracts

Perpetual futures were originally an invention of the "crypto-native" world, growing into the most active derivatives structure on platforms like Binance and Bybit. They are price-anchored to the spot market but have no fixed delivery date, naturally suited for a market ecology focused on repeated speculation around sentiment and leverage. In this world, funding rates and position data often determine the narrative more than spot trading, and behind each significant fluctuation of Bitcoin, one can often find precursors within the perpetual contract market. It is precisely because of this that when such a product form is first directly "targeted" by a highly regulated traditional market, it is not merely a matter of a new contract code but symbolizes whether Wall Street's infrastructure acknowledges and attempts to replicate crypto-native gameplay.

As a typical traditional regulated exchange, Cboe has previously chosen a relatively moderate path — first introducing continuous futures for Bitcoin and Ethereum, integrating crypto assets into the existing framework with familiar term structures. Now, according to a single source, Cboe is considering reforming this set of continuous futures into genuine perpetual contracts, actively acknowledging that traditional products alone are insufficient to lock in liquidity and that it must move forward along the lines of a crypto-native structure. As Nate Geraci, President of ETF Store, noted, "Traditional finance is being forced to continuously keep pace with the innovation rhythm of crypto-native products," this has a particularly concrete implication here — yet currently, the launch time and parameters for these perpetual contracts are almost a blank slate, with neither regulatory guidelines nor design details disclosed. Given such uncertainty, whether Cboe can replicate the high activity levels of Binance and Bybit, or whether it will be constrained by regulation and structural design, remains an unanswered question.

Forced Follow-up in the Wall Street Derivatives Race

In Nate Geraci's narrative, Cboe's current hesitation is not an isolated case but a microcosm of a longer trend — traditional financial institutions are being forced to pursue the product spectrum opened by the crypto-native market and this chase "may have only just begun." Perpetual futures were originally mainstream tools for high-frequency, high-leverage trading on platforms like Binance and Bybit. Now, when this structure appears on Cboe's discussion list, it is no longer just a toy for "insiders," but a new track that Wall Street infrastructure must confront: failing to keep up means ceding the most active segment of trading demand to crypto-native platforms.

For institutions, if Cboe truly transforms continuous futures into perpetual futures, it could for the first time within a regulated framework provide a compliance lever and hedging tool closer to the rhythm of crypto-native markets: it could similarly allow for more nuanced long-short management around Bitcoin and Ethereum, but backed by familiar margin regulations, leverage limits, and customer suitability rules. This precisely marks the dividing line between crypto-native platforms and regulated markets — the former are more aggressive regarding leverage culture, pursuing high frequency and amplified returns, with risk control relying more on trader self-management; the latter, however, prioritize institutional risk control as a premise, keeping some extreme volatility at bay. If Cboe's perpetual contracts come to fruition, its competitiveness may not come from being "more daring to gamble," but precisely from being "able to involve institutions in this round of crypto derivatives competition without losing control."

Behind the Macro Correction: Bitcoin and Tech Stocks Share the Same Script

Outside the realm of leveraged tools, BIT Official directly attributes this round of Bitcoin's correction to "macroeconomic dominance." They remind that recently, Bitcoin appeared to be "decoupled" from the performance of the U.S. software industry ETF (IGV) — software stocks oscillated amidst repeated interest rate expectations, while Bitcoin held itself up with narratives and accumulation news. However, if we extend the timeline, the paths of software stocks and Bitcoin in this round are actually highly similar: pushed higher by funds when liquidity expectations eased, then giving back gains together amidst uncertainty about the interest rate cut rhythm and cooling risk appetite. BIT Official's judgment is that the current upward pull from lower levels is more of a short squeeze-driven rebound rather than the start of a new macro-driven upcycle.

This "same script" was amplified particularly clearly on June 23: Bitcoin, after experiencing a macro-dominated correction, re-established itself above approximately $65,000, while the Nasdaq index fell about 1% on the same day, with overall sentiment for risk assets remaining cautious. BIT Official emphasizes that there is almost no comparability in fundamentals between the software sector companies and Bitcoin, yet both are simultaneously bought or sold by funds under the same set of factors — liquidity, expectations of interest rate cuts, and whether investors are willing to pay a bit more for future growth stories. During environments of looseness and optimistic expectations, funds often first flow into such high-volatility assets, resulting in the most exaggerated rebounds; once the logic of looseness is questioned, they will similarly be the first to be reduced, leading to severe price contractions. The current "rally and then drop" resonance between Bitcoin and tech stocks stems from this.

Strategy Continues to Accumulate Coins with Emotional Support

At the same time that tech stocks were forced to slow down, Strategy (formerly MicroStrategy) chose to step down on another pedal: purchasing another 520 Bitcoin to further build this "corporate treasury." Following the increase, the company's cash reserves rose to approximately $1.4 billion, with the dividend coverage period extended to nearly 10 months, providing a more substantial "ammunition" to withstand volatility. In tandem, the stock code STRC was bought back to above $90 — after experiencing a round of chain corrections, this data was interpreted by many investors as a signal: corporate buy-side activity has not cooled off, with the asset side continuing to bet on Bitcoin, while the liability and dividend side appear more relaxed, seemingly pointing to a narrative of "liquidity is quietly repairing, and core players are not in panic."

The issue is that this narrative is still some distance from a "trend reversal." QCP's judgment is calm: Strategy's ongoing accumulation indeed supported the sentiment in the market, preventing Bitcoin's trading around $65,000 from evolving into panic selling, but from the options pricing they are monitoring, the market price is still merely range-bound, with implied volatility and structural positions not providing sufficient breakthrough momentum. Corporate buy-side activity feels like it's laying down a safety cushion beneath the range-bound area, but it is still far from the level necessary to force the price out of the box.

The Next Act of Product Innovation and Macro Constraints

Zooming out, the current horizontal band feels more like a temporary equilibrium pulled by three forces: one side is the macro dominance mentioned by BIT Official — liquidity, interest rate cut expectations, and risk appetite are unsteady, with the Nasdaq still down about 1% and overall sentiment for risk assets cautious; the other side is QCP's view of derivatives pricing — options implied volatility and position structures haven't placed bets on unilateral breakouts, and the market is effectively placing a bet of "continued range-bound trading;" the bottom is supported by corporate buy-side activity such as that of Strategy, with the additional 520 positions, approximately $1.4 billion cash reserves, and nearly 10 months of dividend coverage period, preventing selling pressure above the current price from becoming panic-induced. The perpetual contracts that Cboe is "considering reforming" are like a fourth force that has not yet truly entered the game: as long as there is no clear launch time and details, traditional institutions find it difficult to pre-emptively budget risks around this product, and until macro variables show clear signs of warming, sentiment will naturally prefer to stay in a "cautious wait-and-see" mode rather than preemptively betting on a new trend. When the day comes that regulated infrastructures like Cboe truly introduce the perpetual crypto-native structure onto Wall Street’s trading floor and connect with existing channels like ETFs and corporate asset allocations, funds and risks will possess a new pathway flowing from on-chain exchanges to traditional markets, and whether the range can still be maintained then will depend not only on Bitcoin's own story but on how global liquidity is redistributed through this new channel.

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