TLDR:

• Kalshi secured approval for the first regulated bitcoin perpetual futures contract in the U.S.
• Coinbase received CFTC relief to route clients into offshore crypto perpetual futures markets.
• The CFTC classified certain crypto perpetuals as foreign futures under Regulation 30.1.
• Regulators introduced leverage safeguards while expanding crypto derivatives market access.

CFTC crypto perpetual futures entered a new regulatory era after the agency approved Kalshi’s bitcoin perpetual contract and cleared Coinbase’s foreign derivatives structure.

The decisions establish the first workable framework for regulated crypto perpetual trading in the United States. This will help in expanding institutional access to offshore markets.

CFTC Opens Door for Regulated Bitcoin Perpetual Futures

CFTC crypto perpetual futures moved into the spotlight after regulators approved Kalshi’s BTCPERP contract on Friday.

The approval creates the first regulated pathway for bitcoin perpetual futures trading inside the United States. Until now, most crypto perpetual activity operated through offshore platforms beyond direct U.S. oversight.

The Commodity Futures Trading Commission confirmed that Kalshi’s contract must comply with the Commodity Exchange Act and existing market standards.

The agency described the move as part of a broader effort to create a workable structure for digital asset derivatives products.

Bitcoin perpetual futures differ from traditional futures because they carry no expiration date. Traders can maintain positions indefinitely while speculating on future crypto price movements.

These contracts have become one of the most actively traded products across global crypto exchanges because they offer constant market exposure.

Kalshi CEO Tarek Mansour said the approval represents the company’s expansion beyond prediction markets into regulated derivatives trading.

In a company statement, Mansour noted that regulated perpetual contracts could improve capital allocation and strengthen risk management for U.S. businesses seeking crypto exposure.

CFTC Chairman Mike Selig also backed the development, describing perpetual futures as an important tool for risk management and price discovery across crypto markets.

He added that bringing crypto perps onshore aligns with broader efforts to position the United States as a major digital asset hub.

Coinbase Gains Access to Offshore Crypto Perpetual Markets

Alongside the Kalshi approval, the CFTC issued a no-action letter involving Coinbase Financial Markets and Deribit FZE.

The guidance allows Coinbase’s registered futures commission merchant subsidiary to connect customers with foreign perpetual futures and options products through Coinbase Bermuda.

The agency confirmed that the perpetual contracts referenced in the letter qualify as foreign futures under Commission Regulation 30.1.

The arrangement also permits certain customer-owned crypto assets, including bitcoin, ether, and payment stablecoins, to serve as margin collateral under specific conditions.

Coinbase Chief Legal Officer Paul Grewal called the decision a major step for the crypto industry. The guidance gives U.S.-linked clients broader access to offshore perpetual markets while operating within a defined regulatory framework.

The announcements arrived shortly after President Donald Trump criticized previous U.S. crypto policies for pushing perpetual trading activity offshore.

Trump argued that earlier regulatory pressure weakened domestic innovation while global crypto derivatives markets continued expanding outside the country.

Despite the approvals, the CFTC’s current position remains guidance-based rather than fully codified under permanent rules.

Still, the latest actions establish a clearer framework for crypto derivatives firms seeking regulated access to perpetual futures markets in the United States.

Key Highlights

• First-quarter FY2027 product revenue reached $1.334 billion, marking a 33.9% year-over-year increase and exceeding consensus by 5.3%
• Cortex Code (CoCo), Snowflake’s AI-powered product, expanded to more than 7,100 customer accounts following its February 2026 launch
• HSBC elevated its rating to Buy with a price target increase from $176 to $289
• Analyst price targets climbed across the board, with Monness, Crespi, Hardt establishing the highest at $320
• The company strengthened collaborations with AWS and OpenAI while revealing acquisition plans for AI company Natoma

Shares of Snowflake (SNOW) climbed approximately 3.6% to the $239.20 level following the cloud data company’s first-quarter fiscal 2027 earnings release, which exceeded analyst projections for both top-line and bottom-line performance. The advance comes on top of a 39% rally during the week preceding the earnings announcement.

Snowflake Inc., SNOW

The company reported product revenue of $1.334 billion for the quarter, representing a 33.9% gain from the same period last year. This figure surpassed the FactSet consensus estimate by 5.3%. Operating income exceeded expectations by 35.2%.

Management increased full-year projections and enhanced operating margin guidance by 100 basis points. The company maintained its FY2027 product gross margin outlook at 75%.

Much of the quarter’s outperformance stems from robust adoption of Snowflake’s artificial intelligence offerings, particularly Cortex Code, known internally as CoCo. Since becoming generally available in February 2026, the solution has expanded to over 7,100 client accounts.

Executives identified CoCo as the primary catalyst for upgrading FY2027 guidance. The rapid adoption trajectory is notable given the product has been widely available for less than half a year.

The company’s foundational data platform consumption has also accelerated. Enterprises are migrating workloads to Snowflake more aggressively to enable governed AI revenue applications, which simultaneously boosts direct AI-related revenue and overall platform utilization.

Wave of Bullish Analyst Revisions

HSBC delivered the most significant rating change, elevating SNOW from Hold to Buy while raising its price objective from $176 to $289. Analyst Stephen Bersey highlighted CoCo as the most tangible evidence of Snowflake’s capacity to generate revenue from artificial intelligence.

Monness, Crespi, Hardt established an even more ambitious target of $320. Benchmark increased its forecast to $270, pointing to unprecedented sequential dollar expansion. Cantor Fitzgerald set a $282 target. Truist Securities positioned its estimate at $275, while Freedom Broker projected $300.

This coordinated wave of upgrades signals a fundamental reassessment of Snowflake’s growth potential across the analyst community.

Strategic Partnerships and M&A Activity

The company unveiled expanded strategic relationships with AWS and OpenAI, strengthening its footprint within the enterprise artificial intelligence infrastructure. Snowflake also disclosed intentions to purchase Natoma, an emerging AI firm, though financial details remain undisclosed.

These strategic initiatives broaden Snowflake’s presence throughout the AI landscape — spanning both cloud computing infrastructure and practical AI application development.

During the earnings call, leadership acknowledged potential headwinds. Escalating AI infrastructure costs and execution risks related to scaling recently launched products were identified as areas requiring close monitoring.

Snowflake continues to operate at a loss on a trailing twelve-month basis. Nevertheless, analysts currently project the company will achieve profitability during the current fiscal year, with consensus EPS estimates of $2.83 for FY2027.

InvestingPro noted that the stock may be trading above fair value at present levels, despite the strong earnings performance and elevated guidance.

Year-to-date, SNOW shares have advanced 9.04%, with the company’s market capitalization standing at approximately $60.75 billion based on recent trading data.

TLDR:

• TRX price dropped from $0.375 to $0.346, resetting the daily RSI from above 74 down to nearly 43.
• SunPump Token Create Events collapsed nearly 70% vs. its three-month baseline, signaling fading meme-coin hype.
• TRON active addresses rose 17% month-over-month, holding a strong daily average of roughly 6 million users.
• Tron Inc. bought 141,433 TRX at $0.3535, pushing total treasury holdings past 698 million TRX tokens.

TRX, the native token of the TRON blockchain, has retreated sharply over the past 48 hours. The price has slid from a local high near $0.375 to around $0.346.

Alongside this drop, the RSI on the daily chart has reset from overbought levels above 74 to approximately 43.

On-chain data, however, tells a more nuanced story — one where base utility continues to hold even as speculative activity cools.

SunPump Activity Collapses as Meme-Coin Hype Retreats

The most telling signal behind this TRX correction is the steep decline in meme-coin creation on the TRON ecosystem.

SunPump Token Create Event Count has fallen by 58% compared to last month. Against its three-month baseline, the drop is even steeper — nearly 70%, with near-zero events recorded in recent days.

This kind of speculative pullback is not unusual following a sharp price run-up. Markets often attract short-term participants drawn by momentum rather than fundamentals. When that momentum fades, token creation activity tends to dry up alongside it.

Source: Cryptoquant

What makes this particular data point relevant is that SunPump activity had been one of the visible drivers of elevated TRX sentiment. As that layer of hype deflates, the price naturally adjusts to reflect a lower speculative premium on the asset.

The sharp decline in meme-coin events does not mean the TRON network is losing users or transaction volume. It simply removes a layer of froth that had been priced into TRX during the run-up phase.

Active Addresses and Transaction Volume Remain on Solid Ground

Despite the retreat in speculative metrics, TRON’s core usage data has held firm. Active addresses have actually grown by 17% over the past month. The network continues to process a strong daily average of roughly 6 million active addresses.

Total daily transaction counts are also stable, maintaining more than 12 million transactions per day. This level of consistent on-chain activity points to a network that is still in active use beyond the meme-coin cycle.

Adding another layer to the picture, Tron Inc. (NASDAQ: TRON) disclosed a fresh treasury purchase. The company acquired 141,433 TRX tokens at an average price of $0.3535, bringing its total TRX treasury holdings to over 698 million TRX. The move reflects ongoing institutional conviction in the token even through the price correction.

This structural divergence — collapsing speculative activity alongside stable core usage — sets up a potential reset toward sustainable pricing.

Traders are now watching whether the $0.34 zone can establish itself as a fundamental support level rather than a temporary liquidity flush.

• Bitcoin held near $73,000 but risks crashing lower as risks linger.
• Spot Bitcoin ETFs saw net outflows of $229 million for a nine-day negative streak.
• On-chain metrics show whale balances flat for months, signaling reduced accumulation.

Bitcoin traded near $73,200 on Thursday after failing to sustain a rebound amid broader cryptocurrency selling.

While BTC struggled, US stock futures edged slightly higher following reports of a potential US-Iran agreement to reopen the Strait of Hormuz, easing some geopolitical risk and supporting broader risk assets outside the crypto market.

Bitcoin’s ETF outflows extend negative streak

Spot Bitcoin exchange-traded funds continued to see withdrawals, extending a record nine-day streak of net outflows.

US spot Bitcoin ETFs recorded net redemptions of $229 million on May 28, bringing weekly net outflows to roughly $1.3 billion.

According to SoSoValue data, this would mark the third consecutive week of capital leaving BTC investment products.

Notably, the sustained outflows have coincided with price pressure on Bitcoin, undermining short-term liquidity and market sentiment.

On-chain analytics add further nuance to the picture. CryptoQuant data indicates that major Bitcoin holders have halted accumulation.

Dolphin balances, representing mid-sized holders, have printed successive lower highs since September 2025, while whale balances have remained largely flat since February 2026.

Historically, when both cohorts simultaneously pause or reduce accumulation, the market often experiences prolonged weakness as demand at higher price levels fades.

What next for Bitcoin price?

Analysts continue pointing to a mix of technical, options-market, and on-chain signals to assess Bitcoin’s near-term direction.

Glassnode observed that Bitcoin recently retested the $75,000 “strike,” a high gamma zone where options positioning can amplify price moves. This contributed to the pullback below $73,000, with BTC briefly falling near $72,500.

According to Greeks.live, the selloff occurred ahead of a major options expiry.

May 29 Options Expiration Data

84,000 BTC options expired, with a put-call ratio of 0.88, a maxpain point of $75,000, and a notional value of $6.2 billion.
639,000 ETH options expired, with a put-call ratio of 0.81, a maxpain point of $2,200, and a notional value of $1.28… pic.twitter.com/NNnFMy3tgx

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— Greeks.live (@GreeksLive) May 29, 2026

Analysts continue pointing to a mix of technical, options-market, and on-chain signals to assess Bitcoin’s near-term direction.

Glassnode observed that Bitcoin recently retested the $75,000 “strike,” a high gamma zone where options positioning can amplify price moves. This contributed to the pullback below $73,000, with BTC briefly falling near $72,500.

According to Greeks.live, the selloff occurred ahead of a major options expiry.

The on-chain analytics provider noted that the decline failed to fully extend after at-the-money implied volatility (ATM IV) briefly spiked during the drop, while longer-dated implied volatilities eased. This suggests many market participants still view the move as contained rather than the beginning of a broader structural trend reversal.

Despite this, risks remain asymmetric. Options markets continue implying the potential for larger moves than spot markets have so far produced, leaving room for renewed volatility around expiries and macroeconomic developments.

“The market’s next focus is on whether capital will flow back in, and whether BTC can reclaim $75,000 and ETH can retake $2,100. The settlement appears more like a “bearish unwinding”—large positions have expired—but the fact that both BTC and ETH are trading below their key resistance levels indicates that the dominant force this week has not been chasing rallies, but rather risk aversion and a retreat by longs. The market’s bullish sentiment is currently very fragile,” analysts at Greeks.live noted.

Technically, analysts have identified $70,000 as a key downside level.

A break below that zone could trigger deeper weakness and accelerate outflows. Meanwhile, a sustained recovery above $80,000 would likely signal renewed conviction and could attract fresh inflows into both spot products and derivatives markets.

Market analysts say Ether (ETH) still faces “downside pressure” that could trigger another ETH price sell-off as traders shift their focus to support at $1,800. 

Key takeaways:

• Ether faces downside pressure as elevated leverage and positive funding rates amid falling prices signal fragile market conditions.
• Analysts say ETH must hold the $1,800-$1,750 support zone to avoid a deeper correction.

Ether price metrics suggest downside risks remain

Analysts have highlighted several reasons for Ether’s potential to drop lower, including an elevated estimated leveraged ratio and positive funding rates amid a “weakening price structure,” according to CryptoQuant analyst PelinayPA. 

The chart below shows that Ether’s estimated leverage ratio (yellow line) remains relatively elevated at around 0.74.

Related: Ether bears at risk of $2B squeeze as short positions build around $2K

The funding rate (blue line) has remained mostly in positive territory since mid-April, meaning long positions still dominate the market. Meanwhile, the RSI (purple line) is closer to the oversold zone at 31 and has not yet “produced a convincing recovery signal,” the analyst said in a Friday QuickTake analysis.

“Leverage remains elevated and long positioning is still dominant, yet price continues to struggle as the RSI reflects weakening momentum,” the analyst said, adding:

“Overall this combination suggests that short term downside pressure in the ETH market still remains the dominant structure.”

ETH: Funding rates and leveraged ratio

Under normal market conditions, rising leverage and increasing funding rates are usually supported by strong price expansion. However, in this case, leverage remains high while price continues to record lower lows.

“But the key signal is that this leverage build-up came alongside heavy sell-side pressure,” fellow analyst Amr Taha said in another QuickTake note. 

The chart below shows that the Binance cumulative net taker volume fell to around -$744 million, its deepest negative reading since April 6, 2026.

Amr Taha added:

“This means new leverage entered the market while aggressive sellers were still in control, making the setup more fragile than a clean bullish open-interest expansion.”

ETH: Cumulative net taker volume on Binance. Source: CryptoQuant

This suggests that the market structure is driven by derivative positioning instead of spot demand, which creates a weaker overall setup.

Waning demand is also seen in US-based spot Ethereum exchange-traded funds (ETFs), which continue to post heavy outflows, indicating declining institutional interest. These ETFs have recorded outflows for thirteen consecutive days, totaling $695 million. The $121 million in net outflows recorded on Thursday marked the largest withdrawal in two weeks.

Spot Bitcoin Ether flows chart. Source: SoSoValue

As Cointelegraph reported, a break below the crucial $2,000 support and increased selling by whales indicate additional downside risk for ETH price in the near term.

Ether price must hold above $1,800

Ether’s 7% drop over the last three days has seen it lose the crucial $2,000 support, as the bears gained momentum.

Traders are now watching key levels on the downside, including the $1,800 demand zone.

“A good spot buy would be around $1,700-$1,800 key area,” analyst Suraj Jha said in a Friday post on X, adding:

“A confirmed breakdown below this level could shift the structure bearish and open up continuation to the downside.”

Fellow analyst Crypto Patel said Ether’s technical structure remains “bearish until we reclaim $3050.”

The ETH/USD pair “needs to hold $1,750 to keep the long-term bullish case alive,” the analyst said, adding:

“If $1,750 breaks, accumulation zone 2 sits at $,1500-$,1400, a massive discount for long-term holders.”

ETH/USD two-day chart. Source: X/CryptoPatel

A daily candlestick drop below $1,750 could trigger another sell-off episode, first toward the April 2026 low at $1,550 and later to the 2022 macro low around $1,000, as shown on the daily chart below. This would bring the total losses to 47% from the current price.

ETH/USD weekly chart. Source: Cointelegraph/TradingView

As Cointelegraph reported, after losing the psychological support at $2,000, the ETH/USD pair may then descend toward the $1,900-$1,750 zone, which buyers are expected to defend aggressively. 

As global trading trends race toward 24-hour, no-days-off markets, the U.S. Commodity Futures Trading Commission argued that it may be fine for the new blockchain-native players, but that expanded hours might not be appropriate for some of the traditional markets, the derivatives watchdog said in a Friday letter issued to the wide waterfront of firms it regulates.

The advisory — coming on the same day that the agency gave a consequential green light to native crypto platforms offering perpetual futures contracts — marks what may be a growing divide between the traditional firms and the new entrants.

“Because of inherent differences between underlying markets, switching to 24/7 trading and clearing may not currently be suitable for all asset classes,” the agency wrote to its regulated exchanges and clearing operations.

“The ability to engage in, and maintain, markets on a 24/7 basis has been, in part, paralleled by evolutions in market technologies, such as blockchain networks and decentralized infrastructure, alternate forms of collateral, including stablecoins and crypto assets, and market accessibility through smartphones and associated software applications,” the CFTC noted. “With this evolution, an increasing number of platforms, with a growing list of tradeable products, are providing 24/7 access to retail and institutional participants.”However, it said, “other derivatives markets, such as in agricultural products, may be less

suited for 24/7 trading due to their unique customer bases, regional nature, and the specialized

trading and hedging practices in those markets.”

The derivatives watchdog’s primary concern is the potential for market abuse in less-observed, off-peak activity, contending that “extending trading hours to a 24/7 schedule for certain markets or products could potentially result in reduced liquidity, increased volatility, widened bid/ask spreads, and, as a result, create greater opportunities for market manipulation.”

The platforms are responsible for policing themselves as the first line of defense and “should implement additional compliance measures designed to address the unique challenges associated with expanded trading hours.”

The advisory was meant to lay out the considerations for firms looking to expand trading hours, and the CFTC urged them to communicate their plans to the agency.

The current chief of the agency, Chairman Mike Selig, has made it one of his leading priorities to embrace new technologies including crypto and prediction markets. His enthusiasm for the advances — tracking the orders and encouragement from President Donald Trump — has led to a surge in crypto policy work meant to clear a regulatory path for the industry.

One of the crypto-native firms supervised by the CFTC, Coinbase, said in a blog post on its website on Friday that it’s trying to rebuild traditional financial services atop crypto infrastructure.

“Equities, futures, and prediction markets all operate 24/7 on our platform,” the company said, noting the agency’s new allowance of global options and perps through one of its CFTC-regulated affiliates. “Today’s announcement adds the largest and most liquid category of global crypto trading to that lineup.”