[Michael Selig: Cryptocurrency Perpetual Contracts Are Unsuitable for the Agricultural Market] According to Cointelegraph, Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated at the American Cotton Shippers Association annual meeting that the 24/7 trading model of cryptocurrency perpetual contracts is not suitable for traditional commodity markets like agriculture, as the agricultural market relies on limited trading hours and physical delivery mechanisms. Previously, the CFTC approved Bitcoin perpetual contracts for the prediction market platform Kalshi and issued a no-action position for similar products by Coinbase. Kraken also launched perpetual trading for U.S. users through the CFTC-regulated platform Bitnomial. Last week, the Chicago Mercantile Exchange (CME) filed a lawsuit against the CFTC, alleging that the approval of perpetual contracts violated the Commodity Exchange Act.

According to Lookonchain monitoring, the a16z associated address withdrew 25560 ETH worth approximately $42.62 million from Binance 9 hours ago.

According to data from alternative.me, the cryptocurrency panic and greed index dropped to 17 today, compared to 23 yesterday, and the market is in a state of extreme panic.

Whale Alert monitoring shows that at 08:24 (UTC+8), USDC Treasury issued 250 million USDC on the Solana chain.

According to Onchain Lens monitoring, a giant whale withdrew 96930 HYPEs, approximately 6.01 million US dollars, from BitGo. The wallet currently holds 139206 HYPEs, approximately 8.6 million US dollars.