Home Cryptocurrency News Bitcoin CBOE Bitcoin Futures get Settled Through $6.7m Gemini Auction

CBOE Bitcoin Futures get Settled Through $6.7m Gemini Auction

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The first CBOE Bitcoin Futures contracts have been settled according to the recent Gemini auction. As one would expect, the interest in this auction was somewhat limited. Although over 616 BTC was traded, it only amounts to $6.72m. With an individual price of $10,900. The outcome is very different from what most people expected. How all of this will affect the future Bitcoin price, remains to be determined. It’s not a promising sign so far, though.

A lot of enthusiasts had high hopes for the CBOE futures settlement. More specifically,  there seems to be a genuine lack of interest in the associated Gemini Bitcoin auction. The $6.72m traded is somewhat impressive. At the same time, it’s also a  lot lower than people had expected or hoped for. After all, this seems to indicate people expect further bearish pressure on the Bitcoin market for the next few weeks. It’s always difficult to read people’s minds in this regard.

Little Auction Interest for CBOE Futures

After all, the $6.7m auction will determine the future of a $197bn market. It is evident the impact of these futures has been far less severe than most people would expect. Whether or not this is a good sign, remains to be seen. It is likely there will be plenty of Bitcoin price manipulation in the coming weeks. This current “bounce” may be another bull trap, for all we know. There’s a real chance the Bitcoin price will go a lot lower from here on out. Only time will tell how this plays out.

It is difficult to gauge whether or not CBOE Bitcoin futures are popular right now. More specifically, it seems there’s far less interest than one would like. At the same time, this new “market” has not made any major waves so far. Things may look very different in a few months from now, though. For now, we will have to wait and see what the future holds for Bitcoin. Right now, anything remains possible as there’s sufficient volatility to cause violent swings.

In the end, one has to wonder if these new products offer any value. More specifically, exposing intestinal investors to the Bitcoin price was considered to be a big development. Unfortunately, there has been no positive impact to speak of so far. In fact, the markets have been bearish ever since such futures contracts came to market. This situation can still change at any given moment, though. For now, it seems the impact is minimal, but no one should jump to conclusions either.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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