Here’s what happened in crypto today

Today in crypto, the US Commodity Futures Trading Commission (CFTC) approved a Bitcoin perpetual futures contract for prediction markets platform Kalshi, spot Bitcoin ETFs logged a record nine-day outflow streak totaling $2.84 billion, and the US Securities and Exchange Commission (SEC) approved Paxos as a clearing agency.

CFTC gives green light to Bitcoin perpetual futures

The CFTC approved a new Bitcoin perpetual futures contract from the prediction-markets platform Kalshi, marking a notable step forward for crypto derivatives in the US.

Unlike traditional futures contracts, perpetual futures don't have an expiration date and are designed to closely track the spot price of an asset. They're among the most popular trading products in global crypto markets but have faced regulatory hurdles in the United States.

In its approval order, the CFTC said Kalshi demonstrated that the contract complies with the Commodity Exchange Act and relevant regulations. The agency also suggested that crypto markets may be particularly well-suited to around-the-clock trading, clearing, and settlement — a potential sign that regulators are becoming more comfortable with market structures built for 24/7 digital assets.

Source: CFTC

Bitcoin ETFs bleed $2.8 billion in record nine-day outflow streak

US-listed spot Bitcoin exchange-traded funds (ETFs) posted their longest outflow streak since launch, extending withdrawals as institutional demand for Bitcoin exposure weakened.

Spot Bitcoin ETFs recorded another $223 million in net outflows on Thursday, marking the record nine-day outflow streak since the funds launched in 2024, according to data from Farside Investors.

The latest streak surpassed the previous record eight-session outflow run recorded in February 2025, though its roughly $2.84 billion in cumulative withdrawals remains below the $3.2 billion lost during the earlier selloff.

US spot Bitcoin ETF outflows in May 2026 versus February 2025. Source: SoSoValue

The outflows suggest institutional demand for Bitcoin exposure is weakening through the ETF channel, and come as major corporate holders such as Strategy face renewed pressure even as some new altcoin products like Hyperliquid (HYPE) ETFs continue attracting investor interest.

SEC approves Paxos as clearing agency

The US Securities and Exchange Commission on Thursday granted registration to the blockchain infrastructure platform and stablecoin issuer Paxos as a clearing agency.

Paxos said its subsidiary, Paxos Securities Settlement Company, became “the only blockchain-native firm” that the SEC approved to provide clearing and settlement services as a central securities depository in the US.

The approval represents a “critical piece of financial market infrastructure” as blockchain technology and traditional capital markets continue to converge, the company said. 

Clearing agencies ensure securities trades are executed cleanly. Stock buyers and sellers do not trade directly and need clearing and settlement providers that verify the trade, match the buyer and seller, and then ensure the actual exchange of money and securities happens correctly.