- Estimated notional value of CFTC regulated bitcoin futures (combined CME and CBOE historical values) has surged more than 270% since 1Q19, vs. a 150% increase in the price of bitcoin
- Total reportable CFTC bitcoin futures traders is almost half the number of total traders a year ago (due to CBOE unwind), and sits below 50 in total; CME traders hit an all time high last week
- Currently there are ~4 asset managers/institutions with active positions on the product on a quarterly basis, with hedge-funds, prop-trading shops, and other traders making up the bulk of active traders
- The concentration of the largest bitcoin futures traders as a percentage of the total open interest notional value doesn’t paint a better picture. In fact, this past week the top four largest short traders made up 75% of the total outstanding notional value, an all-time high.
- In 2Q19 hedge funds have been relatively net neutral, while asset managers and non-reportable traders have skewed heavily long (>80%); meanwhile, Other traders have been largely net short ( >70%)
According to CME Group, its bitcoin futures product cracked yet another all-time record in both volumes and open interest, with more than $1.7 billion in notional value traded on Friday, June 26 (surpassing the previous record by more than 30%). While CME Group finished the update with a proclamation that “institutional interest continues to build,” for its bitcoin futures product, weekly CFTC COT report data actually tells a more nuanced story: less institutional interest, and higher concentration of notional value (both long and short) within the largest bitcoin futures traders.
Enter The Block Genesis
Information your competitors wish they had.
The Block Genesis consists of our most in-depth, timely and impactful pieces, giving you an informational edge over the entire financial and technology industry. Genesis members get exclusive access to the stories that the mainstream media doesn’t understand and that remains undiscovered and buried amid the noise of social media. On a daily basis, The Block Genesis will feature the best research, investigative reporting, analysis, company digests, op-eds, and interviews. The Block Genesis is the first and last word on the world of digital assets, cryptocurrencies, and blockchain.
Below you’ll find a selection of articles exclusively for Genesis members.
- Research: MimbleWimble: History, Technology, and the Mining Industry
- Industry Overview: Block by Block – Crypto Lending
- Investigative Reporting: Blockchain Terminal
- Project Analysis: The growth of the Lightning Network
- Company Digests: The inside story of Coinbase internal power struggle
- Op-ed: Money 2.0 Stuff
- Token Analysis: So, is Binance Coin actually worth anything
- Profiles: Cathie Wood on The Block
Additionally, as a Genesis member, you’ll get exclusive access to:
- In-depth project, protocol, personal and company reports
- Crypto commentary by leading experts to review the week’s key happenings
- [ANNUAL MEMBERS] A unique community Slack conversation, led by The Block team, which is better than Crypto Twitter, Telegram or Slack
- No trolls and less noise than Crypto Twitter
- Less groupthink than your Telegram or Slack
- Special events and deals involving crypto’s best products and people
If you would like to learn more, please reach out to [email protected].