#KalshiBTCPerps Kalshi just launched the first US-regulated BTC perpetual futures contract. CFTC approved it May 29 🏛️ Spot-referenced. No expiry. Funding rates every 8 hours. Everything you'd expect from a perp — except now it's inside the US regulatory framework for the first time 📋 Offshore perp markets process over $92T annually. That capital has been running outside US oversight for years. This is the first legal on-ramp to bring it back 👀 But here's what I keep thinking about: Kalshi is a prediction market platform, not a traditional exchange. The CFTC greenlit perps through that structure. If CME or Nasdaq follows with their own perp products now, the entire competitive dynamic shifts 💀 Compliant = stricter margin requirements and risk controls. Will offshore capital actually reflow, or just stay where the rules are looser? 🤔 Either way — crypto perps entering the US regulatory framework is a milestone that doesn't get walked back. The question is how fast the liquidity follows 📈