Coinmarketcap civilization1/4/2024 ![]() While futures contracts would enable easier and safer access to both long and short positions, Dusaniwsky noted, futures trading would also carry premium costs for all GBTC ETF investors, stating: In the note, Managing Director of Predictive Analytics at S3, Ihor Dusaniwsky, suggested that bitcoin as an asset would be “ripe for a pullback once the CBOE futures contracts go live” but also cautioned that the fees for shorting the GBTC ETF will be extremely high. S3 Partners, a data research and analytics firm, sent this note to investors on GBTC ETF, the only ETF which trades bitcoin. Not surprisingly, the CBOE’s usage of the exchange platform Gemini, owned by the Winklevoss twins, may allow the newly minted “Bitcoin Billionaires” to further capitalize on the successes of the cryptocurrencies.Ī Natixis Investment Managers Survey of 500 global investors managing more than $19 trillion of assets has found that “nearly two-thirds said Bitcoin was in a bubble, and this was a month before the cryptocurrency surged above $10,000 last week.”Īlso bearish on bitcoin was Stephen Roach, a Yale University economist who told CNBC’s “The Rundown” that exchange legitimization makes bitcoin “somewhat dangerous ,” citing a “lack of intrinsic underlying economic value to the concept.” December 6 This move was seen as a manoever to beat the earlier announcement from the competing CME that they would allow futures trading in bitcoin beginning December 18, 2017. The CBOE announced it would launch futures trading in bitcoin under the symbol “XBT” on Sunday night, December 10, 2017, at 6 p.m. Christopher Giancarlo stated in a press release:īitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past…s a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets. The exchanges assured the CFTC that the new products were compliant with the self-certification process rules, and the CFTC refrained from halting the self-certification. Regulators gave bitcoin futures the green light for the CME Group as well as for self-certification by the CBOE Futures Exchange (CFE) as well as for the Cantor Exchange’s new contract for bitcoin binary options.
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