Q1 2025, the regulatory pilot kicks off—BTC and ETH are stepping into the $10 trillion derivatives arena as legitimate collateral. CME's already laying the groundwork for this infrastructure shift. Here's what matters: this isn't about fleeting trading volumes that surge and vanish. We're talking about collateral that gets posted, locked in, and stays there. Initial haircuts? They're sitting at 50%, sure. But as DCOs (Derivatives Clearing Organizations) refine their risk models and confidence builds, those discounts tighten. The implication? Crypto isn't just dancing on the edges of traditional finance anymore—it's becoming structural plumbing. Institutional players now have a regulatory pathway to park digital assets in derivatives markets that dwarf current crypto markets by orders of magnitude. The liquidity dynamics shift when your collateral doesn't just trade—it anchors positions.