In Deep, Too
“Today, we can negotiate and submit bitcoin futures and options block trades for clearing via CME Clearing, which represents a critical step in bitcoin’s advancement with institutional investors.”
Speeding Big AdoptionMany in the crypto community are hoping to spur continued attention for bitcoin in mainstream finance and institutions. Recently, large public corporations have been purchasing bitcoin for their treasuries. One advantage of deeper liquidity on the CME is that it theoretically legitimizes bitcoin to naysayers. Because prices will be based on the CME CF Bitcoin Reference Rate, investors may feel like they are getting a “more correct” price that has not been manipulated. Also, CME futures expirations are often used as a predictor or indicator of bitcoin’s financial health. A filled gap in futures is often seen as bullish for the BTC price. Open interest in the CME’s bitcoin futures has been growing, according to Skew research. broker giant Fidelity Investments. Meanwhile, Binance, one of the largest crypto exchanges, was accused of trying to dodge regulators after an internal document was leaked online. Binance later defended itself against the allegations. While many are still resistant, some on Wall Street are cozying up to crypto. Even mammoth bank JPMorgan has started using its own digital currency. Cryptocurrency evangelist and billionaire investor Mike Novogratz has said “the herd is coming.” If the herd includes Wall Street (well, Chicago) investors, this is another step in that direction.
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