Bitwise Research Director Ryan Rasmussen Points Out Market Preference for Perps Products
Ryan Rasmussen, Director of Research at Bitwise, commented briefly, "People like perps," in response to the explosive growth of Kalshi's Perps product, which reached $1 billion in trading volume within a week of its launch.
This statement highlights the high acceptance of perpetual contracts among retail and institutional investors. Perps meet the demand for event-driven trading with their high-frequency leverage characteristics, far exceeding the growth rate of traditional prediction markets.
Mechanically, investors prefer to concentrate funds from spot and low-frequency betting into Perps, leading to a rapid increase in platform trading volume and liquidity. Beneficiaries include innovative derivatives providers like Kalshi, while traditional slow-growing prediction markets face pressure.
Source: Public Information
ABAB AI Insight
Ryan Rasmussen, as the Director of Research at Bitwise, has been tracking trends in crypto derivatives and institutional adoption for a long time. This brief comment continues his path of using data to gain insights into market behavior, having previously analyzed the impact of Bitcoin ETFs and derivatives on mainstream capital.
In terms of capital flow, research institutions like Bitwise amplify the appeal of Perps through public opinions, guiding institutional and retail funds towards more efficient products. This move not only enhances the valuation and revenue of platforms like Kalshi but also provides narrative support for a broader ecosystem of predictive derivatives.
Similar to early crypto perpetual contract platforms that achieved explosive growth through product simplicity, Kalshi Perps is currently in an expansion phase, transitioning from a compliant event market to a high-frequency derivatives dominance, solidifying its leading position by leveraging market preferences.
Essentially, this represents a technological replacement and capital concentration: Perps products directly replace traditional low-frequency prediction mechanisms, accelerating capital concentration towards efficient trading platforms through leverage and immediacy, strengthening pricing power in event-driven markets and reshaping the flow of funds in the prediction and derivatives industry.
ABAB News · Law of Cognition
The simpler and more efficient the product, the less education capital preference requires.
When leverage and liquidity coexist, speed of adoption becomes a barrier.
People like Perps because time is money leverage.