CFTC releases BTC perpetual | This market cycle may be completely rewritten The approval of the US compliant BTC perpetual contract by the CFTC this time is not a short-term positive sentiment, but a structural turning point in the new bull bear cycle of the cryptocurrency industry. Prior to this, the global perpetual trillion dollar trading volume of cryptocurrencies was completely controlled by offshore markets, relying on high leverage from retail investors, offshore funds, and exchange controlled operations, creating a speculative cycle of short bull and short bear periods, sharp rises and falls, and frequent insertion and liquidation. And this compliance implementation directly reconstructs the underlying logic of the market. Firstly, the financial structure has undergone a complete overhaul. US institutions officially have compliant derivative channels, combined with spot ETFs, completing a complete allocation loop of "spot holdings+perpetual hedging". The future market will no longer be dominated by individual investor leverage sentiment, but by macro interest rates and institutional positions, resulting in significantly improved market stability and trend continuity. Secondly, reshaping the periodic attribute. The old cycle was characterized by rapid rise and fall, as well as rapid rotation; The new cycle has entered a stage of low volatility, long trend, and slow bull growth. The extreme insertion and chain liquidation market will normalize and decrease, BTC's bottom resilience will continue to rise, and the valuation center will move upward in the long term. Thirdly, pricing power returns to the US market. The liquidity premium of the US stock market during the trading period has increased, the price difference has converged, and the market trend is more rational. The operating space for artificially controlling and maliciously smashing the market has been greatly compressed. This news does not support short-term violent buying, and belongs to a typical cycle level bottoming out positive trend. In the short term, the main focus is on oscillating and accumulating strength, washing the market and grinding the bottom. Funds will be extremely siphoned from BTC, mainstream currencies will follow suit and rebound, while the vast majority of counterfeit currencies will continue to differentiate into weak markets due to fund diversion. Short term volatility is gaining momentum, medium-term institutional bull market is confirmed, and long-term complete detachment from niche speculative attributes. 2026 is the true year of BTC's institutionalized long cycle. This round is indeed different from the past, at least the influx of institutions will not have the same deep bear as before. If Q3 sees a second round of exploration as scheduled, it will be a great opportunity. I actually prefer the long bull and slow bull in the future