THELOGICALINDIAN - Everyone knows that bitcoin and cryptocurrency prices accept been on a abiding abatement back the aftermost ages of 2024 While agenda asset atom prices accept been absolutely airy bitcoin futures articles provided by two of the worlds better derivatives exchanges Cboe and CME Group accept apparent a abiding access in barter aggregate and added clamminess aural these markets Furthermore Cboe is acquisitive to barrage a bitcoinbased exchangetradedfund ETF and the US Securities Exchange Commission will adjudge on the fate of this new artefact on August 16
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While Spot Prices Decline Bitcoin-Based Futures Contracts Have Been Steadily Increasing
Cryptocurrency atom prices accept been in a slump over the accomplished two abode of 2018 but rumor on the artery is institutional absorption in cryptocurrency aegis and adapted advance cartage is picking up speed. Even admitting bazaar affect has been bearish, futures affairs awash by Cboe and CME Group accept added decidedly during the additional division of 2018. Right now, on July 12, there accept been 1199 contracts abounding so far and articles for the ages of August are abacus up today as well. Cboe has been affairs amid 2500-18,000 bitcoin futures contracts per day.
CME Group’s bitcoin futures volumes are usually beneath than Cboe’s barter aggregate but affairs awash on Globex accept additionally spiked. Today CME has 2634 affairs awash for July and articles for August and September are seeing a baby accession of sales. CME Group’s affairs jumped to 6739 on July 5, appearance a new almanac for CME’s bitcoin derivatives market. However, it’s still not alike abutting to the record-setting 18,000 contracts Cboe recorded on April 25. With the abiding trend of investors accepting into bitcoin-based futures products, Cboe hopes these derivatives markets will pave the way appear a bitcoin ETF.
The Fate of the Cboe Bitcoin ETF Will be Decided August 16 — Will the Futures Markets Launch Affect the SEC’s Decision?
On July 9, Cboe announced it has filed an appliance with the US Securities and Exchange Commission (SEC) so it can advertise a bitcoin-based ETF backed by the Vaneck Solidx Bitcoin Trust. The SEC is gluttonous accessible assessment apropos the ETF appliance in adjustment to advice adviser their accommodation on whether or not they will accept a bitcoin ETF this time around. Since the aboriginal advertisement this accomplished Monday, the SEC has appear the fate of the ETF will be absitively on August 16.
“We accept that collectively, we will body article that may be bigger than added constructs currently authoritative their way through the authoritative process,” explained the Vaneck CEO Jan van Eck this week.
The SEC may additionally attending into how able-bodied the accepted bitcoin futures markets accept done so far, and if there were any issues during the barrage of those derivatives products. With the bitcoin futures aggregate spikes, there’s been a lot of activity aural these adapted bazaar settings and investors assume to appetite these articles — And some bodies anticipate a bitcoin ETF should artlessly follow.
What do you anticipate about the bitcoin futures barter volumes and accepted absorption in these products? Do you anticipate that the SEC will accept Cboe’s ETF appliance based on their above-mentioned acquaintance with these futures markets? Let us apperceive your thoughts on this accountable in the animadversion area below.
*This commodity has been adapted to reflect the date of the SEC accommodation this August which is not 100% confirmed.
Images via Shutterstock, Cboe, and CME Group.
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