JPMorgan says Bitcoin could still have room to run, with a model putting BTC near $170,000 in the next 6 to 12 months if it keeps closing the gap with gold on a volatility-adjusted basis. The call is bullish, but it’s a model—not a prophecy—and real demand still has to show up.
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RWAs have tripled to $7.4B even as broader DeFi cooled, and Ethereum still dominates the tokenized finance stack. The real story: tokenized Treasuries, gold, credit, and stocks are gaining traction—but with heavy concentration and plenty of leverage risk.
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TD Cowen says tokenized U.S. stocks are likely to see weak demand because most investors already have easy access to regular shares, while stock perpetual futures may prove the more attractive onchain product for traders chasing leverage and nonstop access.
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Kalshi is facing wash-trading accusations after an X user flagged ETH-PERP volume that looked wildly out of sync with open interest. Kalshi says the numbers were misread, likely mixing prediction-market contracts with perpetual futures, while rebate incentives keep the scrutiny alive.
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Kraken’s parent is planning regulated Hyperliquid perpetual futures for eligible U.S. clients, using Bitnomial and NinjaTrader to keep the whole setup CFTC-friendly. It’s a serious attempt to bring on-chain perps into the U.S. without the usual regulatory rodeo — but it still needs approval and isn’t live yet.
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Robinhood engineers are reportedly at the center of an alleged insider-trading scheme tied to secret listing info and Hyperliquid perpetuals. The headline points to a serious mess, but the details are still thin, so don’t treat it as a finished verdict.
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Two Robinhood engineers were charged with allegedly using confidential crypto listing info to trade Hyperliquid perpetual futures before announcements went public. Prosecutors say they pocketed over $50,000 each, in a case that puts DeFi’s “lawless” myth on trial.
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Two Robinhood engineers were charged with allegedly using nonpublic token-listing info to trade Hyperliquid perps for profit. Prosecutors say it was classic insider abuse in crypto clothing — and a reminder that decentralized markets don’t cancel out old-fashioned cheating.
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Polymarket is moving beyond prediction markets with 20x perpetual futures on crypto, stocks, indices, and commodities for eligible international users. The expansion broadens its appeal, but with U.S. access still blocked and the CFTC watching closely, the regulatory heat is far from over.
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“U.S. stock futures” on crypto exchanges can be a misleading label: these are derivatives, not shares. The real difference comes down to what they track, whether they expire, when they trade, and—most importantly—whether you own anything beyond price exposure.
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