Everyone knows that since the last month of 2017, the prices of Bitcoin and digital cryptocurrencies have been steadily falling. Although the spot price of digital assets fluctuates greatly, the trading volume and liquidity of Bitcoin futures provided by the two largest derivatives exchanges in the world, Cboe and CME, are steadily increasing. In addition, Cboe hopes to launch a Bitcoin-based exchange traded fund (ETF), and the US Securities and Exchange Commission will give the application result on August 10.
Although spot prices have fallen, Bitcoin futures trading has been steadily increasing
In the past two quarters of 2018, the spot price of digital cryptocurrency has been falling, but there are rumors that institutions are interested in cryptocurrency custody services and regulated trading tools. Although the market sentiment has been bearish, but in the second quarter of 2018, the futures contract trading volume of Cboe and CME set increased significantly. As of July 12, 1199 contracts have expired, and the trading volume in August is now increasing. Cboe sells 2500-18,000 Bitcoin futures contracts every day.
CME's Bitcoin futures trading volume is generally lower than Cboe's trading volume, but the contracts sold on Globex have also seen substantial growth. CME has sold 2,634 contracts in July, and product sales in August and September increased slightly. On July 5, CME contract trading volume jumped to 6,739, setting a new record in the CME Bitcoin derivatives market. However, compared with the more than 18,000 contracts set by Cboe on April 25, this number is still far behind. As investors are steadily entering the Bitcoin futures market, Cboe hopes that these derivatives markets will pave the way for it to apply for Bitcoin ETFs.
Cboe Bitcoin ETF application results will be announced on August 10
On July 9, Cboe announced that it had submitted an application to the US Securities and Exchange Commission (SEC) to list the Bitcoin ETF endorsed by the Vaneck Solidx Bitcoin Trust Fund. The U.S. Securities and Exchange Commission (SEC) is seeking public comment on ETF applications to help them decide whether to approve a Bitcoin ETF. The SEC issued an announcement last week, revealing that it will announce the results of the ETF application on August 10.
Vaneck CEO Jan van Eck said this week: "I believe that together we will create something better than other products that are seeking regulation."
The Bitcoin ETF with reasonable combination and physical support aims to reflect the price of Bitcoin. In addition, we will add an insurance clause to protect holders from potential risks when buying and holding Bitcoin.
The United States Securities and Exchange Commission (SEC) may also investigate the performance of the Bitcoin futures market so far and whether there are any problems during the launch of these derivatives. With the surge in the volume of Bitcoin futures, active in these regulated markets, investors are also interested in these products-some people believe that Bitcoin ETFs should be launched.
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