{"id":54523,"date":"2021-02-10T09:02:31","date_gmt":"2021-02-10T09:02:31","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=54523"},"modified":"2021-02-10T09:02:31","modified_gmt":"2021-02-10T09:02:31","slug":"bitcoin-futures-open-interest-smashes-15-billion-cme-registers-over-33-million-in-eth-contracts","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=54523","title":{"rendered":"Bitcoin Futures Open Interest Smashes $15 Billion, CME Registers Over $33 Million in ETH Contracts"},"content":{"rendered":"

\"\"<\/p>\n

Following the revelation that Tesla now owns $1.5 billion in bitcoin, crypto spot markets across the board skyrocketed. Data shows that crypto derivatives markets also saw significant demand as bitcoin futures open interest tapped $15 billion on Monday. Moreover, this week was the start of ethereum futures on CME Group\u2019s exchange, and ether-based futures registered $33 million worth on the first day of launch. <\/strong><\/p>\n

Bitcoin Futures Open Interest Jumps to $15 Billion<\/h2>\n

Bitcoin (BTC)<\/a> derivatives markets are in high demand these days and other cryptocurrencies like ethereum (ETH)<\/a> and bitcoin cash (BCH)<\/a> derivative products are as well. Just recently, news.Bitcoin.com reported<\/a> on Bit.com\u2019s introduction of BCH<\/a> options which saw volumes double every day since the launch.<\/p>\n

Then on February 8, 2021, it was discovered that Tesla had purchased<\/a> $1.5 billion worth of BTC<\/a>, and the crypto asset saw its largest daily candle<\/a> to date. Moreover, the action also caused massive demand for BTC<\/a> futures and the crypto derivatives analysts over at skew.com<\/a> tweeted about the subject on Tuesday.<\/p>\n

Skew tweeted<\/a>:<\/p>\n

\n

Bitcoin futures open interest new all-time-high yesterday >$15bln.<\/strong><\/em><\/p>\n<\/blockquote>\n

\"Bitcoin<\/p>\n

The open interest is an aggregate from all the derivatives exchanges that offer bitcoin futures including Kraken, Bybit, CME, Bitfinex, Bitmex, and many others. On Monday Skew also noted<\/a> that \u201cshort positions are being unwound by leveraged funds on CME bitcoin futures.\u201d<\/p>\n

\"Bitcoin<\/p>\n

Skew has also has been discussing the recently launched ETH-based futures on CME as well. ETH<\/a>\/BTC<\/a> sold off tweeted the following day on Tuesday. \u201cETH<\/a>\/BTC<\/a> implied vol spread collapsed,\u201d Skew added<\/a>.<\/p>\n

<\/ins> <\/ins> <\/p>\n

CME Group\u2019s Ether-Based Futures Sees $33 Million Contracts on Day One<\/h2>\n

CME Group Inc (NASDAQ: CME) Exchange also launched its ETH-based futures product on Monday and contracts are dubbed ETH1. Contracts started to be initiated right away as soon as the market opened and by the closing bell, 388 contracts worth over 19,400 ETH<\/a> were registered.<\/p>\n

\"Bitcoin<\/p>\n

Following the ether futures introduction on CME, ETH<\/a> spot markets reached a 2021 high at over $1,800 per token. Ethereum\u2019s price has retreated from that range and hovers just above the $1,700 handle.<\/p>\n

Michael Moro, CEO of Genesis Global Trading discussed the CME launch on Monday and said CME Group has helped bolster digital currencies into a new asset class. \u201cCME Group has been an integral participant in the continued institutionalization of this asset class, and the launch of Ether futures is yet another milestone,\u201d Moro said.<\/p>\n

\u201cGenesis is excited to continue to work closely with CME in this effort,\u201d the executive added.<\/p>\n

What do you think about the increased demand for crypto derivatives products and markets? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Following the revelation that Tesla now owns $1.5 billion in bitcoin, crypto spot markets across the board skyrocketed. Data shows that crypto derivatives markets also saw significant demand as bitcoin futures open interest tapped $15 billion on Monday. Moreover, this week was the start of ethereum futures on CME Group\u2019s exchange, and ether-based futures registered […]<\/p>\n","protected":false},"author":2,"featured_media":54524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-54523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/54523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54523"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/54523\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/54524"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}