“Serious” global interest in futures is accompanying the launch of two options products, as open interest also extends higher.
Bitcoin (BTC) futures traders generated at least $20 billion in daily volume last week as two new options products prepared to hit the market.
According to data released by futures provider CME Group on Jan. 9, its futures contracts alone saw open interest almost 70% higher than at the end of 2019.
“Serious” volume precedes options debut
Open interest was the among the highest ever last week, only noticeably lagging behind the peak seen at the end of June.
At the time, BTC/USD was circling its local highs of $13,800, while the past seven days likewise saw a price uptick up to $8,400.
Bitcoin futures open interest and volume. Source: CME/ Twitter
As Cointelegraph reported, interest has surged in the run-up to CME releasing its Bitcoin futures options. A launch could come as soon as Monday subject to “regulatory approval,” officials claimed, with the data already set for release on the company’s website.
On Saturday, meanwhile, Bitcoin derivatives exchange FTX quietly rolled out its own Bitcoin options product.
According to aggregate volume data for Bitcoin futures products by analyst Skew Markets, global futures trading volume crossed the $20 billion mark on Jan. 8 alone.
Options traders bet on $12K BTC
Skew added that its figures were not exhaustive, suggesting the actual total may be slightly higher. Currently, exchanges Huobi and OKEx dominate in terms of volume, along with market stalwart BitMEX.
FTX meanwhile is seeing calls for Bitcoin trading at $12,000 one month after its block reward halving in May. The calls are priced at $430. In other words, for every $430 above the $12,000 threshold, investor returns double.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.