Will the CME Bitcoin futures gap buyers at $9,600 be left in tears?

The recent week has been relatively dull on the price movements of Bitcoin (BTC), as a slow upward trend was established after Bitcoin’s price found a footing at above $10,000. This rally then continued toward $11,000 on Sep. 18 but was pushed back by some short-term resistance levels.  The previous week has been focused solely around Uniswap (UNI) and the airdrop of its token, combined with several listings on high-end exchanges. At the same time, let’s take a look at the price of Bitcoin and its charts to gauge where…

Bakkt Bitcoin futures smashes daily volume record by 36%

Bakkt, a regulated platform for crypto asset custody and trading owned by Intercontinental Exchange, has reported record daily trading volumes for its physically-settled Bitcoin (BTC) futures contracts. On September 16, Bakkt announced that more than $200 million worth of BTC contracts had been traded over a single day — breaking its previous record by 36%. According to crypto market data aggregator Skew, the record figure is roughly double the average daily volumes posted throughout September so far. Bakkt daily Bitcoin futures volume: Skew Despite being touted as the likely catalyst…

Futures traders are short Bitcoin — 3 reasons it won’t stop the rally

Since Sep. 5, many trades in the Bitcoin (BTC) futures market have been seemingly net short. As the majority of placed bets against BTC, the funding rate of BTC futures contracts turned negative. But in the last 30 hours, the price of Bitcoin increased from $10,211 to as high as $10,878 on Coinbase. The large amounts of shorts in the market are fueling the recovery of BTC for three reasons. The three factors are low funding rates, the likelihood of a short squeeze, and the implications of defending the $10,000…

LedgerX exchange launches physically settled Bitcoin mini futures

LedgerX, a regulated futures exchange in the U.S., has introduced physically-settled Bitcoin (BTC) futures contracts. This allows investors to receive physical delivery of BTC and some analysts believe this will amplify the impact on the price of BTC. XBT/USD daily chart. Source: TradingView.com How physical delivery may impact Bitcoin price? When Bakkt first launched with the backing of its NYSE parent company ICE, it received significant hype. Most of the interest around the platform surrounded its physical delivery of BTC, meaning, if institutions desired, they could actually hold BTC via…

Bitcoin price hits $9.8K as quest to fill futures gap sees 6-week lows

Bitcoin (BTC) hit fresh lows on Sep. 7 as renewed selling pressure saw the largest cryptocurrency return to the $9,800 range. Cryptocurrency market daily snapshot, Sep. 7. Source: Coin360 Analyst eyes BTC price bottom at futures gap Data from Coin360 and Cointelegraph Markets showed more trouble for BTC/USD on Monday, the pair hitting $9,880 — its lowest since July 26. BTC/USD 1-day price chart. Source: Coin360 After mixed performance over the weekend, $10,000 looked increasingly shaky support, something that analysts warn could be pivotal in the short-term. Discussing the current…

Bitcoin price risks losing $10,000 zone toward the CME futures gap

The past week has seen a significant sell-off across the markets with Bitcoin (BTC) losing more than 10% of its value. Other cryptocurrencies have been showing even more weakness as Ether (ETH) dropped by 30%. In addition, the commodity and equity markets have also slid as the Nasdaq had a significant red week as well. The next step for the markets right now would be finding a bottom structure. Let’s look at the charts. Crypto market daily performance snapshot. Source: Coin360 Bitcoin seeks CME gap while holding psychological support of…

BitMEX Plans to Add Futures Contracts for Chainlink and Tezos

Share this article Leading crypto derivatives exchange, BitMEX announced that it would soon be launching four new “Quanto” futures contracts for Cardano (ADA), Chainlink (LINK), EOS (EOS), and Tezos (XTZ). The contracts will be paired with Tether’s USDT.  BitMEX Launches More Altcoin Futures The Quanto feature of the altcoin contracts is exclusive to BitMEX. As a Bitcoin-only exchange, margins and settlements on BitMEX are denoted in Bitcoin, rather than USD or the underlying asset. The perpetual swap contract is the most popular product from the Seychelles-based exchange, which comes without…

Yearn.finance Enters Price Discovery Following Binance Futures Listing

Yearn.finance (YFI) has been making headlines throughout the past few weeks, with the DeFi protocol going from being relatively unknown just a couple of months ago to now having the fourth-highest total value locked (TVL) in the entire ecosystem. This growth has had major implications for the YFI governance token’s price, which has been rocketing higher in recent weeks. The token just set fresh all-time highs earlier today, with it currently being worth well-over 3 BTC per YFI. Analysts are now noting that the crypto may soon enter price discovery,…

Bitcoin price shakes off $157M BTC futures expiry — Is $12,000 next?

Today’s Bitcoin (BTC) futures expiry was lackluster both in terms of price impact and volume. Open interest dropped by a mere $157 million, barely moving from its $5 billion mark.  As CoinTelegraph correctly predicted yesterday, this most recent CME Bitcoin futures expiry was irrelevant. Some $125 million worth of August contracts were set to liquidate today, although preliminary data indicates less than $40 million were not rolled over for the upcoming months. Total open interest, USD million. Source: Bybt.com & CoinTelegraph The chart above shows the total open interest change…

Non event? Why Friday’s $272M CME Bitcoin futures expiry is irrelevant

Chicago Mercantile Exchange (CME) Bitcoin futures and options markets are set to mature this Friday, leading some traders to fear that the most recent BTC dump is a presage of weakening markets. According to a September 2019 Cointelegraph and Arcane Research report, there is typically a 2.3% drop ahead of each monthly CME expiry. Given the size of the upcoming expiry, it’s worth taking a moment to evaluate new data to evaluate if these ‘CME drop’ ghosts continue to spook the markets. The 2019 study mulls “deliberate manipulation” as a…