By CCN: After nearly 18 months of operation, the Cboe bitcoin futures market is closing for good, or at least for the foreseeable future, with the expiration of its last bitcoin futures contract on June 16.
Speaking to Bloomberg, Cboe spokeswoman Suzanne Cosgrove revealed that the company does not have plans to release a new product for cryptocurrency trading at this time, reaffirming the closure of its bitcoin futures market that was announced in March.
“[Cboe] is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading, but we have nothing new to announce at this time,” Cosgrove said.
But, the closure of the Cboe bitcoin futures market is unlikely to have a major impact on the price trend of the dominant cryptocurrency because of the wild success of crosstown rival CME Group.
CME Posts Record-High Bitcoin Trading Volumes
On May 13, CME Group reached a record high volume of 33,700 contracts for bitcoin, processing more than a billion dollars in a single day.
As reported by global markets analyst Alex Krüger, bitcoin has been the second most heavily traded asset at CME based on volume/open interest earlier this month, indicating that the demand for the asset by accredited investors and institutions remains high.
“Bitcoin is the second most heavily traded asset at the CME when measured by the volume / open interest ratio. In other words, bitcoin is an asset very actively traded throughout the day.”
“Volume is the number of contracts traded in a day, while open interest is the number of outstanding contracts held (unsettled) at the end of the day. A high ratio points towards market participants actively trading intraday for whatever reason…