OpenMarkets Roundtable: Institutional Interest Drives Crypto

Contents

CME Bitcoin Futures Signal Bullish Market Growth

CME Bitcoin Futures Signal Bullish Market Growth
CONTENT

  • CME June Bitcoin Futures Premium Starts To Rise

  • BitMEX Loses Leadership Among Futures-Supported Crypto Exchanges

  • The market remains skeptical about the future of bitcoin

International consortium of news organizations, developing transparency standards.

The cryptocurrency market seems to still have a chance of salvation, but for success it will have to work hard before the May halving.

Cryptocurrency analyst firm Arcane Research has released a new report for the past week, in which the Bitcoin futures market is recovering after the May turbulence.

While some cryptocurrency platforms such as BitMEX, Deribit, FTX and Kraken are still not entirely sure about Bitcoin’s near-term fate, futures are trading significantly higher on the Chicago Mercantile Exchange (CME)..

CME Bitcoin Futures Signal Bullish Market Growth

The premium for June contracts on CME increased from ~ 5.5% to 7.39% per annum, while on other sites the premium is only 0.19%.

The rise in premiums signals optimism among participants in the trading markets regarding the further development of the bitcoin price in the medium term..

Optimism comes right after the monthly collapse, when, starting in mid-February bitcoin trading volume-futures began to fall steadily.

Then it was reported that the collapse of trading on the CME is associated precisely with the pandemic of the Chinese coronavirus, which on moment of writing over 1 million people have already been infected worldwide.

Leader change

Meanwhile, cryptocurrency exchange BitMEX struggled to maintain its position in the futures market after a long cycle of squeezes and liquidations..

CME Bitcoin Futures Signal Bullish Market Growth

If on March 12, BitMEX held 34.21% of the total open positions in January, then last week this percentage decreased to 27.04%.

As a result of the decline, another cryptocurrency exchange OKEx has become the largest futures platform in terms of the amount of open positions.

It is not yet known whether the shift in positions caused the curious events associated with BitMEX, a short-term anomaly due to the strong market reaction after the events of March 12, or it indicates a long-term shift in the futures market..

Genuine moods

However, positive expectations had no effect on the fear and greed index, which has been in the “extreme fear” phase for more than a month..

The last time the cryptocurrency market was in this position was back in December 2018. At the same time, Bitcoin started giving price recovery signals.

At the time of writing, BTC / USD is trading at $ 6,881.

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CME Bitcoin Futures Signal Bullish Market Growth

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