After discovering that Tesla now owns $ 1.5 billion worth of Bitcoin, spot crypto markets soared across the board. Data shows that crypto derivatives markets also saw significant demand as open positions in bitcoin futures hit $ 15 billion on Monday. Additionally, this week marked the start of Ethereum futures on the CME Group exchange, and ether-based futures were valued at $ 33 million on the first day of launch.
Bitcoin futures open interest jumps to $ 15 billion
Bitcoin derivatives (BTC) markets are in high demand these days, as are other cryptocurrencies such as Ethereum (ETH) and Bitcoin cash derivative products (BCH). Just recently, news.Bitcoin.com reported on Bit.com’s launch of BCH options, which have doubled in volume every day since launch.
Then, on February 8, 2021, it was found that Tesla had purchased $ 1.5 billion worth of BTC and the crypto asset saw its largest daily candle to date. In addition, the action also caused massive demand for BTC futures, and crypto derivatives analysts at skew.com tweeted the topic on Tuesday.
Skew tweeted:
Bitcoin futures opened a new all-time high> USD 15 billion yesterday.
The Open Interest is an aggregate of all futures exchanges that offer Bitcoin futures, including Kraken, Bybit, CME, Bitfinex, Bitmex and many others. On Monday, Skew also stated that “short positions will be liquidated by leveraged funds on CME Bitcoin futures”.
Skew also discussed the recently launched ETH-based futures on CME. ETH / BTC sold out tweeted the following day on Tuesday. “ETH / BTC implied the vol spread collapsed,” Skew added.
CME Group’s Ether-Based Futures see contracts valued at $ 33 million on day one
CME Group Inc (NASDAQ: CME) Exchange also launched its ETH-based futures product on Monday. Contracts are referred to as ETH1. With the opening of the market, contracts were entered into immediately, and by the closing bell 388 contracts worth over 19,400 ETH had been registered.
After the introduction of the Ether Futures on CME, the ETH spot markets reached a high of over USD 1,800 per token in 2021. The price of Ethereum has withdrawn from this area and is just above the USD 1,700 handle.
Michael Moro, CEO of Genesis Global Trading, discussed the launch of CME on Monday and said the CME Group had helped bring digital currencies into a new asset class. “The CME Group has been instrumental in further institutionalizing this asset class, and the introduction of Ether Futures is another milestone,” said Moro.
“Genesis is pleased to continue to work closely with CME in this effort,” added the managing director.
What do you think of the increased demand for crypto derivatives products and markets? Let us know what you think on this matter in the comments section below.
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Photo credit: Shutterstock, Pixabay, Wiki Commons, CME Group ETH1 statistics, Skew.com, Twitter,
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