BitMEX CEO Stephan Lutz highlighted the growing significance of perpetual swap contracts in determining the value of altcoins as the cryptocurrency market matures. These contracts enable traders to speculate on coin prices without owning them, mirroring futures contracts but without an expiration date. Lutz explained that the launch of new perpetual swaps allows traders to short altcoins for the first time, marking a pivotal point for price discovery. He noted that movements in perpetual swaps can influence spot prices, advising traders to monitor swap data closely. A report from BitMEX revealed that from January to March 2025, 70% of new perpetual contracts on OKX reached new all-time highs on their first day, compared to 41% on Bybit and BitMEX, and 50% on Binance. Lutz emphasized the importance of selecting the right exchange for perpetual contracts to enhance ROI and mitigate pump-and-dump risks.

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