Bitcoin hits a two-month high as the price trades above $8,500

JPMorgan sees 'high anticipation' for bitcoin options

An options contract represents a right, but not an obligation, to purchase one Bitcoin futures contract, which represents 5 BTC or approximately US$2.3 million at its current value. However, trading volume on January 7 was not far behind, with 4,823 contracts traded worth a total of $40.75 million.

CME Group, a US-based derivatives exchange, has kicked off trading for its Bitcoin option by beating its rival, the Intercontinental Exchange-owned Bakkt. "This unusually strong activity over the past few days likely reflects the high anticipation among market participants of the option contract". Bakkt has traded slightly more than United States dollars 1 million of Bitcoin for its options contract since its December 9, 2019 launch.

As of the 2:40 EST interview, CME's Bitcoin options had already posted 15 contracts on Globex, CME's "electronic trading system", McCourt said. McGlone added that options are only launched and tradable on a "liquid underlying and the trend In BTC futures on the CME is increasing volume and open interest".

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Chris Zuehlke, the global head of Cumberland, a subsidiary of DRW and market maker for CME Bitcoin markets, is optimistic about the institutionalization of cryptocurrency derivatives. The ICE-backed cryptocurrency exchange today will face a few serious competition in the growing market niche. Interestingly, all of the trades on CME were calls - in other words, traders are speculating on Bitcoin's price rising. Simultaneously, open interest was up 7% to nearly $9.58 million. Speculators with significant capital to deploy still prefer to do so over regulated exchanges, giving CME and Bakkt an edge. Focusing mostly on weekly or monthly charts, many fail to see the big picture of the market, especially when it comes to Bitcoin. Since then, futures have exerted dominance in trade volume.

Furthermore, back in December, the Binance Futures platform introduced BCH futures with 75x leverage. Trading started as scheduled and the first day saw an impressive 55 contracts change hands.

On the same day, data from market intelligence firm Skew also showed a massive spike on BTC futures trading platforms across the board.

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