The Singapore Exchange (SGX) has received approval from the US Commodity Futures Trading Commission (CFTC) to offer its Bitcoin and Ethereum perpetual futures directly to American institutional investors. This regulatory clearance falls under Regulation 48.10, which recognizes foreign exchanges and allows them to grant US market participants direct access to their order books without establishing a local US entity.
SGX connects US traders with Asian liquidity pools
SGX introduced its Bitcoin and Ether perpetual futures contracts in November 2025. Since their launch, these products have generated $5.8 billion in cumulative trading volume. With CFTC approval now secured, US clearing members are preparing to onboard clients, a process expected to unfold over the next one to two months.
Regulation 48.10 enables a registered Foreign Board of Trade like SGX to open access for US participants, expanding global liquidity and the breadth of institutional trading opportunity. SGX, qualified under this framework, now facilitates interaction between US institutional desks and Asia-based liquidity providers.
KC Lam, head of crypto derivatives at SGX Group, characterized the CFTC approval as a key step, stating it gives US institutions access to contracts previously unavailable to them. He emphasized that this connection not only bridges traditional finance with Asia’s crypto markets, but also supports the recognition of crypto derivatives as regulated financial instruments.
The CFTC’s decision means US trading desks can now participate directly in SGX’s crypto derivatives markets, a shift that is expected to “legitimize crypto derivatives as a regulated asset class” by connecting US and Asian institutional capital pools.
SGX requires new US clients to complete standard onboarding checks. Clearing members will conduct due diligence, including KYC, manage deposits, and establish API connectivity. These steps ordinarily take two to four weeks. Lam confirmed that SGX’s FIS-enabled back-office integration is in place, streamlining client onboarding for US clearing members in the near term.
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Trading activity and future product plans
SGX’s Bitcoin and Ether perpetual futures have seen approximately 400,000 lots traded since their debut. By the end of August, open interest stood at 1,300 lots, equivalent to $19 million. Bitcoin contracts comprise 66% of current open interest and 83% of daily average trading volume. The most active trading day recorded 11,500 lots, reaching $145 million in notional value.
Market participants utilize these perpetual contracts for directional positions and arbitrage, often reflecting broader macroeconomic views or exploiting funding-rate differentials between venues. Lam noted that fully integrating exchange infrastructure comes first, after which expansion to dated futures, options, and additional major cryptocurrencies is expected to proceed in a measured, stepwise fashion.
“The heavy infrastructure work comes first,” Lam explained, and after onboarding more US clearing members, there could be a more routine process for listing new digital asset derivatives.
SGX aims to gradually broaden its product coverage and market footprint rather than pursuing rapid, simultaneous launches.
BTC and ETH price ranges remain in focus
At the time of reporting, Bitcoin traded at $77,907.04, down 1.80% over the previous day but recording a 0.40% increase on the week. Ethereum held at $2,461.05, reflecting a 1.52% daily decline yet a 3% gain over seven days.
Analyst Daan Crypto Trades described both BTC and ETH as consolidating within well-defined ranges. Ethereum maintained a narrow band around its $2,460 support, while Bitcoin showed greater volatility at its $77,800 support mark.
A decisive move outside these ranges, according to Daan, could trigger strong liquidations for traders positioned on the wrong side. Other analysts added longer-term perspectives, including Gerla, who compared the current cycle to a previous period where September market weakness led to a year-end rebound and projected the possibility of $150,000 to $170,000 for Bitcoin by 2029 if a similar pattern repeats.
Focusing on Ethereum, analyst Nehal identified $2,550 as a breakout threshold; a clear move above that could set up targets between $2,800 and $3,000, with $2,350 marked as critical support to hold.
For now, Bitcoin and Ethereum are trading within established ranges as market participants monitor the early effects of expanded US access to SGX’s crypto derivatives suite.
