New crypto trading products are exploding across U.S. markets, but analysts say the surge is also exposing a growing identity crisis for digital assets.

Perpetual Bitcoin Futures

Prediction market platform Kalshi launched regulated perpetual Bitcoin (CRYPTO: BTC) futures last week after receiving approval from the Commodity Futures Trading Commission.                 

Perpetual futures, or “perps,” are futures contracts with no expiration date, allowing traders to maintain leveraged long or short exposure indefinitely.

Kalshi CEO Tarek Mansour called perpetuals “the purest form of trading,” saying traders only need a directional view on Bitcoin and can hold positions if they…

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