In about a week’s time, Bitcoin futures at CBOE will cease operations after almost a year and a half. After its last futures contract expires on 16 June 2019, it will close indefinitely.
CBOE spokeswoman Suzanne Cosgrove explained to Bloomberg that there were no plans at all by the company to introduce any new crypto trading products, after confirming its decision to close, announced earlier in March. She said:
“[CBOE] is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading, but we have nothing new to announce at this time.”
Although Bitcoin futures markets have had some sway over the price of Bitcoin ever since their introduction — it is sometimes credited for helping bring on the bull market in 2017 — analysts do not believe that this closure will have any impact on the price movements this time around. This will all be thanks to the success of CBOE’s rival in Bitcoin futures, CME Group.
Just last month, CME Group recorded its highest ever volume for Bitcoin contracts: 33,700 individual contracts worth over USD 1 billion on a single day on 13 May 2019.
Markets analyst Alex Krüger also said that Bitcoin was CME’s second highest traded asset in May and that demand was not diminishing from institutions and accredited investors:
“Bitcoin is the second most heavily traded asset at the CME when measured by the volume / open interest ratio. In other words, bitcoin is an asset very actively traded throughout the day… Volume is the number of contracts traded in a day, while open interest is the number of outstanding contracts held (unsettled) at the end of the day. A high ratio points towards market participants actively trading intraday for whatever reason (hft, arbitrage, etc).”
And with Fidelity and Bakkt also scheduled to come later this year, it doesn’t seem like the bulls will stop their pace.
Follow BitcoinNews.com on Twitter: @BitcoinNewsCom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
