Open interest in CME Bitcoin futures fell by about 24% after the spot Bitcoin ETF began trading
According to data compiled by Bloomberg, 10 spot Bitcoin ETFs that began trading three weeks ago have led to a decrease of about 24% in open contracts for CME Bitcoin futures as of January 30th. Last year, Bitcoin saw a historic high in open contracts after a 157% surge due to ETF expectations. Vetle Lunde, senior analyst at K33 Research, suggests that investors turning to US ETFs and a cooling off of Bitcoin's rise may lead to a decrease in activity for CME Bitcoin futures, but they still remain a key source of liquidity in the cryptocurrency market. He notes their potential role as hedging tools for authorized participants creating and redeeming ETF units.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Analytics Company Announces Critical Level Required for Bitcoin Price to “Jump to $142,000 or $233,000”
ARK Invest CEO Cathie Wood Shares New Predictions for Bitcoin Price After Record Highs
Famous investor Cathie Wood talked about new records in Bitcoin prices in her live interview.
Famous Analyst Made a Crazy Prediction for Cardano (ADA) Price: Sets a Date
Cryptocurrency analyst Ali Martinez made an unbelievable prediction for the Cardano (ADA) price in his statement.
Unbelievable Cryptocurrency Scam in Ankara! One Person's 38 Million TL Vanished!
According to AA, a businessman in Ankara was defrauded of 38 million liras with spyware by fraudsters who introduced themselves as cryptocurrency exchange officials.
Trending news
MoreCrypto prices
More
