Bitcoin Futures Volumes Level Off as Wall Street Keeps Its DistanceBy
The great Wall Street bitcoin rush will have to wait.
Trading volume in the first futures contracts that track the cryptocurrency has leveled off during U.S. daylight hours Monday, with fewer than 100 contracts changing hands in all but one 10-minute period since 8 a.m. in New York.
Futures began trading Sunday at 6 p.m. on Cboe Global Markets Inc. Initial demand exceeded dealers’ expectations, with more than 2,700 contracts changing hands in the first six hours. The total as of 2:40 p.m. stood at 3,686. The price has leveled off around $17,900 after approaching $19,000 overnight.
Cboe’s futures exchange is a niche player in the U.S. derivatives industry. The company’s vastly bigger rival, CME Group Inc., introduces its bitcoin futures in a week.
— With assistance by Andrew Dunn