The new perpetual futures contracts on CBOE and CME will change the bitcoin spot market structure. They will offer 10-year BTC futures maturities, replacing monthly or quarterly expirations, reducing the need to roll positions and improve liquidity. The daily funding adjustments will align futures with spot prices, functioning as somewhat of a long-term perpetual swap narrowing the gap between spot and futures prices. 24/7 trading will enhance price discovery and minimize weekend gaps. These are still cash-settled contracts which will not impact the Bitcoin network, as no BTC ever changes hands. BTC becomes more and more of a standardised macro asset and less crypto like.(James Van Straten)