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US regulatory approval under the Trump administration now allows high-leverage perpetual futures to trade onshore, a structural shift that could pull derivatives volume away from offshore venues like Binance, Bybit, and OKX. Onshore perps deepen regulated liquidity and open the door to institutional participation, but they also concentrate leverage among US retail traders, raising the odds of sharper liquidation cascades and higher BTC/ETH volatility. Watch which US exchanges list these products, their approved leverage caps, and whether open interest migrates from offshore books — that flow shift will determine how much market structure actually changes.
As a Policy signal, watch whether it changes price action, volatility, or flows around BTC, ETH, COIN.
Original Source: 토큰포스트
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