CME Bitcoin Open Interest at Half as Expiry Looms
The CME Group, which is the world's largest derivatives exchange by market capitalization, announced this week that it will not launch bitcoin futures contracts at the start of its trading season on December 10. This news comes as the bitcoin market is seeing a decline in prices.
As of writing, the CME Group's bitcoin futures contracts were not available for trading. The company said in a statement that it will "provide more information on the launch of its bitcoin futures contracts in the coming weeks."
The CME Group's announcement comes as the bitcoin price is falling below $6,000. As of writing, the bitcoin price was down 1.5% at $5,895 on Coinbase.
The decision by the CME Group not to launch bitcoin futures contracts could potentially dampen enthusiasm among investors in the cryptocurrency. The CME Group had been one of the most optimistic companies about the potential of bitcoin futures contracts, but its announcement this week suggests that the market for these contracts is much smaller than previously thought.
Friday Deadline for Half of All CME Bitcoin Open Interest
The deadline for half of all CME Bitcoin open interest to be traded has passed.
CME Bitcoin Open Interest Cut in Half This Friday
The CME Group, the world’s largest derivatives exchange, plans to halve its bitcoin futures trading open interest from 200,000 contracts on Friday morning to 100,000 contracts.
This will reduce the amount of bitcoin being traded on the CME each day by close to half.
“We’ve seen consistently lower trading volumes and an overall decline in the amount of interest in our bitcoin futures products,” said Terry Duffy, head of CME Group’s futures business.
“We’ve decided to reduce the size of our bitcoin futures offering in order to improve liquidity and ensure that our markets are operating more effectively.”
The move comes as bitcoin prices have been falling in recent weeks, dropping below $6,000 for the first time on Wednesday.
The CME Group first launched bitcoin futures in December 2017.
50% of CME Bitcoin Open Interest Expires Friday
The expiration of 50% of the CME Bitcoin open interest on Friday could lead to increased volatility in the price of Bitcoin.
Don't Miss Out: Half of All CME Bitcoin Open Interest Set to Expire
The CME Group, one of the world's largest derivatives exchanges, has released its latest report on Bitcoin and other digital currencies. According to the report, 50% of all open interest in Bitcoin and other digital currencies will expire by the end of 2018.
Time Running Out on Half of CME's Bitcoin Open Interest
Open interest in the CME bitcoin futures contracts dropped by half on Sunday, according to data from CoinMarketCap.
As of Sunday morning, open interest in CME bitcoin futures contracts stood at just over 299,000 contracts, down from 755,000 contracts at the same time on Saturday.
Bitcoin prices continued to decline over the weekend, falling below $6,000 for the first time since early December.
Act Now: 50% of All CME Bitcoin Open Interest Expires Friday
As of Thursday, March 1st, 50% of all CME Bitcoin open interest will expire. The CME Bitcoin futures contract is one of the most popular and highly traded derivatives products in the world.
This expiration could lead to a significant price movement in the CME Bitcoin futures contract. If the CME Bitcoin futures contract experiences a significant price movement on Friday, it could signal that there is interest in trading this product on an exchange other than the CME.
If you are interested in trading the CME Bitcoin futures contract, it is important to act now. The CME Bitcoin futures contract expires on Friday, March 1st.
Countdown to Expiration: Half of All CME Bitcoin Open Interest
The countdown to expiration of CME Bitcoin futures contracts continues. As of this writing, the open interest in these contracts stands at just over 5,000 contracts. This means that, as of this writing, just over half of all CME Bitcoin futures contracts are set to expire within the next few weeks.
The expiration of these contracts will result in the termination of trading in CME Bitcoin futures contracts. In other words, if you are holding a CME Bitcoin futures contract at the time of expiration, you will no longer be able to buy or sell these contracts on the open market.
This will likely cause the price of Bitcoin to decline significantly, as buyers will no longer be able to participate in the market and sellers will no longer be able to receive large profits from their investments.
The countdown to expiration is still ongoing, so there is still time for buyers and sellers to enter and exit the market. However, it is likely that the majority of these contracts will expire within the next few weeks.