An incredible $1.7 billion worth of bitcoin contracts exchanged hands on CME this Thursday, breaking all records for futures. That’s the highest level it has ever been both in terms of the number of contracts exchanged, 29,225, as well as in term of value traded. The high volatility on Wednesday led to 26,491 contracts exchanging hands, worth $1.5 billion, with Thursday toping it further. Today the June futures contract expires with the price usually falling on the Wednesday or Thursday prior to then usually slowly rise on expiry Friday. The numbered daily candles above are all the Thursday before expiry Friday. On the 25th of April, we have one of the biggest red candle during that period, with bitcoin falling the day before too, Wednesday the 24th of April. In May, we likewise have a pretty big red candle on the 30th of May, followed by a recovery with price then rising or falling based on other factors. Then yesterday there was the biggest red candle probably since early 2018, with it appearing to recover today. This clear pattern is…
The Intercontinental Exchange’s pending bitcoin platform Bakkt plans to begin testing its two futures contracts on July 22 of this year.
Ever since the Chicago Board Options Exchange (Cboe) announced it was ending its bitcoin futures products back in March, the Chicago Mercantile Exchange (CME Group) has seen a huge influx of bitcoin derivatives volumes. During the second week of May, CME’s bitcoin futures touched a milestone when it surpassed 33,000 contracts ($1.3 billion notional value) in one day. In another instance, CME’s open interest for its bitcoin derivatives positions smashed an all-time record high of 5,190 contracts on May 28. CME Group’s Bitcoin Futures Markets Break Records Throughout April and May There’s been a lot of action happening with bitcoin futures products specifically stemming from CME Group. Last March, Cboe decided to announce the end of its bitcoin futures markets, stating that the product saw low trade volumes. Although Cboe said at the time that it would ponder offering cryptocurrency derivatives products in the future. The last contract for bitcoin futures on the CBOE exchange will be settled on June 19th and according to an email response from Cboe’s Suzanne Cosgrove, the exchange is still assessing the situation. “Cboe is assessing its approach with…