Wall Street Traded $572 Million in Bitcoin Futures During Tuesday’s Bull Run

davis196

hero member

Activity: 2968

Merit: 913

CME and CBOE are not Wall Street.I guess this is another clickbait title. Grin

572 Million USD daily volume in bitcoin futures doesn`t seem that much.I was expecting the bitcoin futures trading volume to be a few billions USD per day.There`s room for more growth,I guess.
In many of my previous posts,I`ve stated that I hate bitcoin futures trading.This news haven`t changed my mind.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

It just goes to show that the main trading activity right now isn't only confined in the West unlike a few years ago, with the East contributing to these rises significantly than their Western pals. Also, the volume recorded @ CME just shows us that even institutional investors are trying to gauge the market and see whether a confined futures trading be sufficient to affect the cryptomarkets. The market is not limited to a few traders anymore and more and more people are wanting a piece of the cake. Trading volumes suggest that the market is booming albeit in a slow and steady approach. Hopefully this continues and not just an overnight show of dominance, which usually happens if the bulls can't sustain the pressure from people trying to cash out.

alyssa85

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http://cryptocoinjunky.com/wall-street-traded-572-million-in-bitcoin-futures-during-tuesdays-bull-run/

Quote

As noted by Mati Greenspan, a senior market analyst at eToro, this rally was fueled in the spot markets by the usual suspects — traders in Japan and South Korea — who provided a surge of volume to help push the bitcoin price past key levels.

“According to the volume on exchanges, it seems clear that the rally is being led by East Asia,” Greenspan wrote, “The US Dollar had a spike as well but it was much more focused. Meaning that the Americans only participated during the extreme part of the surge and less in the before and after party.”

That’s not to say that the U.S. was absent from the rally. In fact, Greenspan said, trading data from Chicago-based. derivatives exchanges CME and CBOE — the only two regulated U.S. exchanges to list bitcoin futures — suggests that Wall Street wants a piece of the action.

Tuesday trading volume on CME reached 12,878 contracts across all expiration dates, worth an equivalent 64,390 BTC (each contract represents 5 BTC). CBOE traders exchanged 7,138 contracts, each equivalent to 1 BTC, bringing total U.S. bitcoin futures volume to 71,528 BTC. At $8,000 per coin — the mean of Tuesday’s opening and settlement price in CME’s August futures market — this translates into a daily volume of $572.2 million.

Topic: Wall Street Traded $572 Million in Bitcoin Futures During Tuesday’s Bull Run (Read 117 times)