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CBOE Futures exchange halting Bitcoin futures trading

The CBOE and the CME started Bitcoin futures trading on their respective exchanges in late 2017 when Bitcoin was enthusiastically covered by the largest news agencies. Unfortunately, these financial products were launched at the peak of euphoria and any investors who were long on the initial contracts suffered major losses.

Since the launch of the Bitcoin futures, the CME had significantly higher volume than the CBOE. This may be a factor behind why they no longer will renew the Bitcoin futures contracts as of March 2019. That means that as of June 19th, the CBOE Futures Exchange will have zero open interest on any of their Bitcoin futures contracts.

Their official announcement reads: “CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading.” Another possible reason behind this action might be related to the recently postponed ETF application, as the SEC was concerned about market manipulation in the futures market as expressed in the second point of their filing on May 20th 2019.

On the other hand, the CME has recorded record-high volumes for their Bitcoin futures trading. A volume of $1.35 Billion. As a result, they have no intentions of making any changes to their contract offerings.

Image licensed via Shutterstock

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    June 12, 2019

    It’s less easy to read 🙂

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