According to @HenriArslanian, Tether plans to launch a US regulated stablecoin called USAT, introducing another on chain USD instrument that could influence exchange and DeFi liquidity, source: @HenriArslanian. According to @HenriArslanian, Cboe is preparing to launch Bitcoin perpetual swaps, signaling expanded access to regulated BTC derivatives for market participants, source: @HenriArslanian. Historically, new regulated BTC derivatives listings can shift funding rates and futures basis as liquidity migrates across venues, source: CME Group research on BTC futures market dynamics and Kaiko derivatives market reports. Stablecoin product changes and regulatory status have been linked to shifts in stablecoin market share and trading pairs’ depth, which can impact spreads and execution quality, source: Chainalysis stablecoin market studies and Coin Metrics State of the Network analyses.

According to glassnode, open interest in Bitcoin perpetual swaps has climbed to 281,000 BTC, reflecting a 15.6% increase since early March. This sharp rise indicates a significant build-up of leverage in the crypto derivatives market as Bitcoin prices rebound. Traders should be aware that higher leverage often leads to amplified volatility, with increased risks of liquidations and forced stop-outs, which could result in rapid price swings (source: glassnode, April 25, 2025). Monitoring funding rates and liquidation levels is essential for risk management in this environment.

According to glassnode, the 7-day moving average (7DMA) of long-side funding premiums in Bitcoin perpetual swaps has dropped to $88,000 per hour and continues to trend lower, signaling a notable decrease in traders' appetite for long BTC exposure. This trend confirms that short bias currently dominates perpetual swap positioning, which is an important signal for traders assessing near-term BTC price momentum and market sentiment (source: glassnode, April 25, 2025).