CFTC approval of bitcoin perpetual futures hits exchange stocks

Shares of major exchange operators fell after the CFTC approved bitcoin perpetual futures, a move that raised concerns about new trading products competing with traditional market venues. CME Group, Cboe Global Markets, Intercontinental Exchange, and Nasdaq all declined in Tuesday trading, with Cboe and CME posting the sharpest losses. Investors are worried that perpetual futures could eventually expand beyond bitcoin and pressure existing exchange products. Analysts were split on the impact. Some said the market may be overreacting, noting that regulatory limits and structural differences could reduce the competitive threat. Others said the approval could accelerate interest in prediction markets and other platforms that aim to offer similar products in the U.S.