According to @rovercrc, Bitcoin (BTC) funding rates turned negative on perpetual futures, meaning shorts are paying longs, a condition tied to net short pressure in derivatives markets (source: @rovercrc on X, Oct 17, 2025; source: Binance Futures Funding Rate guide). Negative funding has been associated with contrarian, squeeze-prone conditions when open interest is elevated and liquidity is thin, based on prior market studies (source: Binance Research; source: Glassnode Insights). For trade execution, monitor venue-weighted funding rates, aggregated open interest, and spot–futures basis to confirm momentum shifts and reduce false signals (source: Coinglass data; source: CME Group education).

According to @rovercrc, the U.S. SEC and CFTC plan to bring crypto perpetual contracts onshore for U.S. traders, with a joint roundtable scheduled for September 29. Source: @rovercrc on X https://twitter.com/rovercrc/status/1963959890365370871. For trading impact, market participants should watch for official notices and agenda details to gauge potential shifts in liquidity from offshore venues to U.S.-compliant platforms and monitor basis spreads and funding rates on BTC and ETH perpetuals once confirmed. Source: @rovercrc on X https://twitter.com/rovercrc/status/1963959890365370871.

According to @0xRyze, new crypto “games” and metas drive status and capital rotation, with perps as the leading financial innovation and DeFi’s prior pool2 phase as a precedent, so traders should proactively watch for the next meta and its early distribution channels such as TikTok and offline fads like pickleball (source: @0xRyze on X, Aug 16, 2025). This view aligns with market structure data showing derivatives consistently dominate exchange activity, making perp-specific metrics critical for timing rotations (source: CCData 2024 derivatives market reviews). Actionable signals include: funding rate inflections that flag one‑sided positioning and potential reversals (source: Binance Academy, Funding Rate explainer); open interest momentum and OI relative to market cap to confirm trend strength and leverage build‑up (source: CME Group education, Futures and OI basics; Binance Academy, Open Interest); rising perp versus spot volume share and basis as leverage intensifies into a new narrative (source: CCData 2024 derivatives share analyses); DeFi TVL spikes and incentive/emission schedules that typically accompany new protocol “games,” echoing the pool2 era (source: DefiLlama aggregated TVL data); social momentum and creator adoption velocity on platforms like TikTok as early distribution vectors for emerging metas (source: @0xRyze on X, Aug 16, 2025).