Someone revealed that after Tesla now owns $1.5 billion in Bitcoin, the cryptocurrency spot market has soared. The data shows that with the open position of Bitcoin futures reaching $15 billion on Monday, the crypto derivatives market also sees huge demand. In addition, this week is the beginning of Ethereum futures on the CME Group. Ethereum futures registered $33 million worth of shares on the first day of launch.
Open interest in Bitcoin futures jumps to $15 billion
Today, Bitcoin (BTC) derivatives market is in high demand, as are other cryptocurrencies such as Ethereum (ETH) and Bitcoin Cash (BCH) derivatives. Just recently, news.Bitcoin.com reported on the BCH option launched by Bit.com, which has doubled the daily trading volume since its launch.
Then on February 8, 2021, it was discovered that Tesla had purchased $1.5 billion worth of BTC, and the crypto asset set the largest daily chart so far. In addition, this move has also caused a lot of demand for BTC futures, and cryptocurrency derivatives analysts on skew.com tweeted on the subject on Tuesday.
Yesterday, Bitcoin futures opened a record high, exceeding $15 billion.
Open positions are the sum of all derivatives exchanges that offer Bitcoin futures, including Kraken, Bybit, CME, Bitfinex, Bitmex, etc.On Monday, Skew also Noticed “The leveraged funds of CME Bitcoin futures have lifted their short positions.”
Skew has also been discussing the ETH-based futures recently launched on CME. ETH/BTC was sold on Twitter on the second day of Tuesday. “The implied spread of ETH/BTC collapses,” Skew Add to.
Chicago Mercantile Exchange Group’s ether-based futures will receive $33 million in contracts on the first day
The CME Group (NASDAQ: CME) exchange also launched an ETH-based futures product on Monday. The contract is called ETH1. The contract started immediately after the market opened, and 388 contracts with a value of more than 19,400 ETH were registered at the close.
After CME launched Ethereum futures, the ETH spot market reached a high in 2021, with more than $1,800 per token. The price of Ethereum has fallen from this range, hovering at a level slightly above $1,700.
Genesis Global Trading CEO Michael Moro discussed the launch of CME on Monday and said that CME Group helped push digital currencies into new asset classes. Moreau said: “The CME Group has always been an indispensable participant in the continued institutionalization of this asset class, and the launch of ether futures is another milestone.”
The executive added: “Genesis is pleased to continue working closely with CME,”.
How do you see the growth in demand for encrypted derivatives and the market? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, CME Group ETH1 statistics, Skew.com, Twitter,
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.