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CME Bitcoin Futures Expiring Today While BTC Price Takes A Drop to $9,250

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#1
  • Bitcoin futures trading at $9,550 while current spot prices hovering around $9,250

  • Meanwhile, two CME gaps present at $8,540 and $8,935

  • CME has traded more than $100 billion in total notional value since its launch

  • Today is the day of Bitcoin Futures expiration.
CME Group launched the cash-settled Bitcoin futures during the peak of Bitcoin price in December 2017, where one CME contract involves five BTC.
Currently, the price of Bitcoin futures is trading at $9,550, up from the current spot price of around $9,250.
Now, it’s to be seen how these futures expiry will affect the price of the flagship cryptocurrency which today went as high as $9,529 on Bitstamp.
“HUGE move coming up (…) I’m generally bullish on this one but won’t let my guard down, said analyst BitBit.
Currently, there are two gaps present at $8,540 that occurred during the bullish break-out last weekend and then at $8,935 earlier this week during the closing hours on CME.
As we reported, the latest study found that over 95% of the CME gaps are filled with “odds are always in favor of a close, but drawdowns if you only play the gap close can be painful and costly.”
OTHER SHORT AND LONG-DATED CONTRACTS AS WELL
DEC 16TH CONTRACTS +32% FROM OPEN
IMMA B PISSED IF I HAVE TO EDIT THIS IF PRICE > 14K PIC.TWITTER.COM/E4LXHSK58S
— JOSH OLSZEWICZ (@CARPENOCTOM) JANUARY 30, 2020
Volume on the rise
Meanwhile, volume continues to rise on spot exchanges, with more than a billion worth of BTC exchanging hands on top ten exchanges with real volume. CME has also been seeing heightened activity.
Since its launch, CME has actually traded more than $100 billion in total notional value, according to Tim McCourt, CME Group Managing Director.
“Our Bitcoin futures have evolved over the last two years and are now one of the most liquid, listed bitcoin derivatives available globally,” McCourt told a media outlet.
While CME continues to see growth, the Chicago Board Options Exchange (CBOE) launched a similar cash-settled Bitcoin trading product a week after CME discontinued its product in March 2019 after going through the lengthy bear market of 2018 where BTC lost 84% of its value.
Earlier this month, CME also launched Bitcoin options on the back of strong demand.
Meanwhile, crypto derivatives exchange BitMEX is hitting new highs in open interest with “March and June futs respectively trading at a 2.7% and 4.2% premium.”
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