US Cboe Exchange plans to launch a 10-year BTC contract starting December 15, 2025, with the following features: 1. 10-year expiration, no need for traditional quarterly futures rollovers 2. Contract multiplier of 0.01 BTC 3. Pure cash settlement, no physical delivery involved 4. Funding fee mechanism anchored to spot price, settled daily iBit's trading volume has already surpassed Binance's daily BTC spot trading volume. Looks like Cboe's 10-year quasi-perpetual contract might also siphon off some of the contract trading volume from CEX. CEX is nearing its growth ceiling in the crypto space. The next growth drivers we might see are tokenized US stocks and perpetual contracts for US stocks. BTC HYPE MSTR