Bitcoin has reached record volumes on Wall Street’s CME where $1.4 billion worth of 125,000 bitcoin contracts exchanged hands this Monday.
As of 5PM London time today, 60,000 bitcoins exchanged hands worth $700 million in trading volumes.
For the first time that we can recall, these volumes have been reached while bitcoin’s price has been rising even on the futures expiry day which was today at 4PM London time.
Previously bitcoin fell by about 5% to 10% on the week of futures expiry, usually on the Wednesday before the last Friday of the month.
This time however, not only has bitcoin not fallen, but it has been rising to now just about take $11,400 at the time of writing.
CME futures are a synthetic which just track bitcoin’s price on spot exchanges like Coinbase with futures themselves not directly affecting the price.
They could potentially indirectly affect it however if traders hedge the dollar futures with actual bitcoin.
That could allow for half long half short shenanigans, but bitcoin longs currently are some 7x those of shorts.
So now even bankers on Wall Street are seemingly betting on bullcoin, presumably because those trillions being printed will have to go somewhere.
Traditional markets in addition are significantly being affected by central banks with bitcoin and cryptos a ‘safer’ platform for traders as central bankers won’t just reck their position as they please.
For now that is, sooner or later central bankers too will probably need to diversify especially if they’re in countries where they might want to bypass the banking system.
Making bitcoin and cryptos in general an up and coming asset class that is gaining in value.