Cryptocurrency Derivatives Series: Quick Run Through On Bitcoin Price And CME BTC F&O Volumes Resurgence
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Institutions Boost-up Swiss Crypto-Volumes Capitalizing on Prevailing Downtrend
Switzerland now seems to be enduringly constructive on the crypto-space whether its functioning well within the gamut of Crypto Valley or the present ETF.
We reported that a renowned FinTech venture, had recently announced “Amun Crypto ETP” that has been backed by Amun, which is branded as altcoin friendly.
While two market makers, Jane Street and Flow Traders, divulged that they financed the seed funding for this ETP.
Unlike other ETP proposals, the most recent investment vehicle will captivatingly facilitate investors to gain exposure to some major digital asset classes, namely, Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), and Litecoin (LTC).
The prevailing downtrend in the cryptocurrencies may have caused blood bath for some traders in the recent past, while Bitcoin price has coincided with the record volumes simultaneously in the Bitcoin ETP trades on some Swiss Stock Exchanges, implying that institutional investors’ “buying the dip” approach.
Spiking volume in Swiss Bitcoin ETP:Bitcoin exchange-traded product (ETP) with the HODL ticker offered by Amun Crypto was all set to begin trading on Switzerland’s SIX Exchange.
While the ETP represents an abundantly collateralized and non-interest-paying bearer debt security, which is issued as a security and traded and redeemed in the same structure.
Nevertheless, notably, there has been a difference between an ETP and an ETF. The former is not subjected to the Collective Investment Schemes Act (CISA) and is, therefore, not supervised by FINMA.
The HODL ETP is underlined by an index comprised of four major cryptocurrencies, namely BTC, ETH, XRP, and LTC.
The ETP has now shown a record trading volumes with 53,233 shares and 62,986 shares traded during last weekend. Well, this appears to be remarkable spike in volumes from the one-month average volume that saw around 20,000 shares traded per day and coincides with a steep decline in Bitcoin price at the end of last week.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -81 levels (which is bearish), hourly USD spot index was at 110 (bullish), while articulating (at 12:51 GMT). For more details on the index, please refer below weblink: