JPMorgan Says Importance of Bitcoin Futures Has Been Understated
- Market structure ‘has likely changed considerably’: strategist
- Futures share of volumes is up sharply, Panigirtzoglou says
This article is for subscribers only.
Bitcoin futures may be more important than many in the market appreciate, according to JPMorgan Chase & Co.
Recent reports from cryptocurrency asset manager Bitwise and the Blockchain Transparency Institute indicate that only a small percentage of reported trading may be authentic. If only around 5% of reported May trading of $725 billion is genuine, it would imply that the actual volume of Bitcoin trading on cryptocurrency exchanges in the month was around $36 billion, JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a report Friday, working with data from Coinmarketcap.com.