The channel has been opened to U.S. customers; the money sitting on the shelf is still under $2 million.
Everyone is talking about how the derivatives channel on this chain finally opened up to U.S. customers—what’s actually moving, though, is on the other end: the compliant funds attached to this token are currently still under $2 million.
On September 16, the parent company of a major trading platform announced that it plans to offer regulated perpetual contracts to U.S. customers using an unlicensed framework on this chain. The exchange and the account-opening functions would be split between a regulated derivatives exchange and a clearing organization, but approvals have not been granted. U.S. customers have previously been kept out of the door—this is the first compliant pathway.
Another set of readings is over there on the shelf. On September 17, a physically backed exchange-traded product was listed on the Warsaw Stock Exchange in Poland, with an annual fee of 0.95%. Each share is about 0.0996 tokens—around 200,000 shares total, with net assets of about $1.56 million. It had already been listed in Germany.
What holders receive is securities; they don’t get extractable tokens, nor can they use this token in the ecosystem of this chain.
I put the two sides together and cross-checked. If you stretch the timeline: over the past 30 days, this platform’s perpetuals saw成交约 $239.2 billion, cumulative over $5.3 trillion, with 30-day fees of about $78.7 million. In this upswing, there’s a slice that came from forced liquidations of short positions; in 24 hours, about $3.85 million was cleared. Also, in mid-September, reports about alleged insider trading by a former employee caused the token to drop by about 7.5%.
The two sides differ by five orders of magnitude. Treating them as one thing leads to a wrong interpretation.
The conclusion is laid out here first: what this round of pricing is buying is the expectation that the channel will open, not the money that is already sitting on the channel. What connects the two ends is the flow of trading fees into buybacks. Make the falsification conditions narrower: if, in the next two quarters, the product’s combined net assets at the Germany-listed location are raised to the level of hundreds of millions of dollars, and the U.S. line is approved and implemented, then it means I narrowed my view too much. If the listing location continues to add, but net assets remain at the level of millions of dollars, and the U.S. line is still pending approval, then the interpretation stays the same.
On Binance, mainstream assets are tradable and usable for wealth management; the platform token BNB is listed alongside them in the same quotation category. Discussions about on-chain derivatives on the Square have also not stopped.
This article is a record of opinions and does not constitute investment advice.$HYPE
$GENIUS
$NEAR
#hype涨超11%
Everyone is talking about how the derivatives channel on this chain finally opened up to U.S. customers—what’s actually moving, though, is on the other end: the compliant funds attached to this token are currently still under $2 million.
On September 16, the parent company of a major trading platform announced that it plans to offer regulated perpetual contracts to U.S. customers using an unlicensed framework on this chain. The exchange and the account-opening functions would be split between a regulated derivatives exchange and a clearing organization, but approvals have not been granted. U.S. customers have previously been kept out of the door—this is the first compliant pathway.
Another set of readings is over there on the shelf. On September 17, a physically backed exchange-traded product was listed on the Warsaw Stock Exchange in Poland, with an annual fee of 0.95%. Each share is about 0.0996 tokens—around 200,000 shares total, with net assets of about $1.56 million. It had already been listed in Germany.
What holders receive is securities; they don’t get extractable tokens, nor can they use this token in the ecosystem of this chain.
I put the two sides together and cross-checked. If you stretch the timeline: over the past 30 days, this platform’s perpetuals saw成交约 $239.2 billion, cumulative over $5.3 trillion, with 30-day fees of about $78.7 million. In this upswing, there’s a slice that came from forced liquidations of short positions; in 24 hours, about $3.85 million was cleared. Also, in mid-September, reports about alleged insider trading by a former employee caused the token to drop by about 7.5%.
The two sides differ by five orders of magnitude. Treating them as one thing leads to a wrong interpretation.
The conclusion is laid out here first: what this round of pricing is buying is the expectation that the channel will open, not the money that is already sitting on the channel. What connects the two ends is the flow of trading fees into buybacks. Make the falsification conditions narrower: if, in the next two quarters, the product’s combined net assets at the Germany-listed location are raised to the level of hundreds of millions of dollars, and the U.S. line is approved and implemented, then it means I narrowed my view too much. If the listing location continues to add, but net assets remain at the level of millions of dollars, and the U.S. line is still pending approval, then the interpretation stays the same.
On Binance, mainstream assets are tradable and usable for wealth management; the platform token BNB is listed alongside them in the same quotation category. Discussions about on-chain derivatives on the Square have also not stopped.
This article is a record of opinions and does not constitute investment advice.$HYPE
$GENIUS
$NEAR
#hype涨超11%
