According to Mati Greenspan, the senior market analyst for eToro, the recent rise of bitcoin futures trading means one thing, Wall Street now holds a “significant part" within the bitcoin market…
Bitcoin’s pump at the start of April has positively affected many attributes of the crypto industry, price, and sentiment, being chief among them; the trickledown effect has also seen a rise in altcoins and now, according to the Chicago Mercantile Exchange (CME) Bitcoin (BTC) futures is on the rise as well…
As reported, the CME recently released a report upon the record levels of trading volume within its BTC futures contracts, relaying that:
“CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing the previous record of over 18.3K (64.3K equivalent bitcoin) on February 19.”
Now, as Greenspan points out, Wall Street and its many investors now hold a significant part of the BTC market.
Greenspan notes a report from Messari Crypto which communicates that across the top 10 crypto exchanges $685 million in Bitcoin was traded on the 4th April; in comparison, the CME reported a massive $563 million in BTC futures trades.
Effectively this means that the CME alone cites a massive 82% of the trading volume of the top 10 crypto exchanges combine.
As Greenspan points out CME contracts are settled using cash, not BTC, however, despite this, the involvement of Wall Street still plays an extremely significant part, in both the legitimacy of BTC and its overall growing sentiment.