Chicago Board Options Exchange (CBOE)’s first Bitcoin futures contract expired Wednesday, January 17, at $10,900. The auction price for Cboe’s contracts was $17,285.89, on December 11, the first full day of trading.
Why is it important
Bitcoin futures were supposed to add liquidity and stability to the industry to get cryptocurrency to the big investor league. Now it looks like Bitcoin futures’ market is also prone to speculations – by January 9, there were 1907 short position contracts on Cboe.
What can we learn from it
- At the start, bitcoin futures trading favored bears over bulls.
- However, the market is still in its early days. The next milestone would be the expiration of the CME’s first Bitcoin contracts on January 26.