Bitcoin [BTC] market would be significantly driven by Wall Street, says eToro’s Mati Greenspan
Bitcoin’s [BTC] recent bullish march had triggered price hikes for multiples tokens in the market. The Bitcoin price surge seemed to have a domino effect on Bitcoin futures trading and according to data released by Chicago Mercantile Exchange’s [CME], Bitcoin futures traded over $560 million over the last week.
Mati Greenspan, an eToro Analyst, pointed out that the involvement of Wall Street could have a significant impact on the Bitcoin Market now.
“Even though Wall Street’s contracts are only paper, and not settled in Bitcoin, they are still a significant part of this market now.”
The recorded trade by CME’s Bitcoin [BTC] futures came close to match the combined volume of the top ten exchanges, which garnered about $685 million. The CME Bitcoin futures also witnessed a record trading day when the exchange reached an all-time high of over 22,000 contracts, which is roughly equivalent to about 112K Bitcoin.
This meant that even though the CME’s contracts were always settled using cash, and Bitcoin did not necessarily change hands, the involvement of Wall Street could be seen as a significant part of the Bitcoin market.
The traded Bitcoin future contracts would be ready for trading as early as next month. According to the report released by See it Market, the markets available for trading would be the S&P 500, NASDAQ 100, Russell 2000 and the Dow.
The involvement of a major stock exchange in digital asset-derivatives like Bitcoin futures indicates the growth of crypto industry in terms of liquidity and comprehensive legitimization of the sphere.