Crypto Technicals: LTC/USD trades weaker amid crypto market correction, finds strong support at 75.33 (200H MA)
Cryptocurrency Derivatives Series: Deribit Unveils Ether Options To Expand Crypto-Derivatives Marketplace
FxWirePro: Mexican Peso Likely To Be Vulnerable On Baxico’s Monetary Policy Cycle – Bid 3M Skews And Hedge USD/MXN Upside Risks
FxWirePro: China Attempts To Regain Momentum But In Snail’s Pace – Bid 3m USD/CNH Skews And Hedge Via Optionality
Digital Currency/Stablecoin/Tokenization Series: Tokenized Assets Or Cryptos? Central Bank Of Russia Caught Between Two Stools
CME Group Surpasses Bakkt In Bitcoin Options Race
Besides the series of fundamental developments revolving around crypto-industry across the globe, be it regulatory aspects or be it technicalities or be it commercial aspects, the underlying price of bitcoin has consequently been responding to such news flows.
The market veterans reckoned and gave the credit to the launch of CME BTC options likely contributed to the surge in an evolving cryptocurrency derivatives markets.
On 14th of this January, the pair (at Coinbase exchange) has shown a single day price jump of about 8.78%.
As a result, the bitcoin derivatives trading flashes with its highest trading volumes on that day, while open interest in Bitcoin futures, for example, has soared to $3.5 million, as per the data compiled by Skew.
Bitcoin options market has been evolving ever since Bakkt introduced options trading mechanism. The launch at CME has intensified the momentum, CME’s option trading volumes surpass Bakkt’s volumes, ended with $2.2 million traded on launching day which happens to be considerably more than Bakkt (shy above $0.52 million, refer 1st chart).
Over the past few days, ahead of the CME bitcoin option launch, there has been a step increase in the activity of the underlying CME futures contract with the open interest growing by 2,214 contracts to 5,400 contracts, a 69% increase from year-end (refer 2nd chart).
On a fresh long build-up (rising price) coupled with the rising open interest ( 3rd chart) and rising volumes is conducive factor for the contract holders.
BTC premium rates continue up – CME traders most bullish
Option prices now indicate volatility in the BTC price around the halving.