$572 Million Worth of Bitcoin Futures Traded by Wall Street Actors on This Tuesday

$572 Million Worth of Bitcoin Futures Traded by Wall Street Actors on This Tuesdays Bull Run

The recent surge in the price of Bitcoin has not gone unnoticed by the cryptocurrency community, and now it seems as if Wall Street has also paid it some attention. This has been revealed by trading data on Bitcoin futures from two Chicago-based derivatives exchanges.

More specifically, the exchanges were the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME), which are the only regulated exchanges that list Bitcoin futures in the US.

Mati Greenspan, a senior market analyst at the social investment network eToro, noted that this played a part in the latest Bitcoin rally.

Moreover, CME Group tweeted that Bitcoin futures had reached a record volume this Tuesday, with 12,787 contracts exchanged worth approximately 64,390 Bitcoin, or a whopping $530 million. In addition to this, Tuesday’s trading volume on CBOE is to have reached 7,138 contracts, in turn, worth 7,138 Bitcoin.

All in all, this brought the total volume of US Bitcoin futures to 71,528 Bitcoin, or around $572 million – an undoubtedly substantial amount.

In the grand scheme of things, however, this is still a comparatively minuscule amount. In fact, CoinMarketCap reports that the global Bitcoin market saw a total trading volume in excess of $7.7 billion this Tuesday.

Mati Greenspan also suggested that the recent Bitcoin rally has primarily been fueled by traders in Japan and South Korea, stating that ”it seems clear that the rally is being led by East Asia”.

Nonetheless, the mere fact that the trade of US Bitcoin futures is increasing could suggest that institutional investors are beginning to make a substantial entry into the cryptocurrency industry.

It has previously been widely believed that institutional investors are awaiting an official go-ahead for Bitcoin exchange-traded funds from the US Securities and Exchange Commission before taking a more active investing role in relation to the cryptocurrency.

However, these significant volumes of traded Bitcoin futures indicate that some institutional investors are getting into the cryptocurrency sooner rather than later.

Nevertheless, increased volumes of Bitcoin futures contracts should not come as a surprise to avid readers of Toshi Times. We have previously reported on how the CME has seen a massive increase in the volume of Bitcoin futures this year.

These latest reports from the CBO and CME indicate that this trend is continuing, in all probability further fueled by the current positive market sentiment. Although significant, however, these volumes should only be an inkling compared to the potential influx of institutional capital that Bitcoin ETFs could unleash.

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