Each day commerce quantity for Chicago Mercantile Change (CME)’s bitcoin (BTC) futures produced a brand new low for 2020 on Feb. 21, with $118 million price of contracts altering palms on Friday.
The file low got here simply three days after CME every day quantity exceeded $1 billion for simply the third time available in the market’s historical past, with CME bitcoin futures producing over 23,000 contracts or $1.1 billion price of commerce on Feb. 18.
Each day commerce quantity for CME bitcoin futures. Supply: Skew
Regardless of the near-record spike in commerce exercise, CME bitcoin futures quantity rapidly light, plummeting by practically 55 p.c the following day. Feb. 20 noticed an nearly 58% drop, with every day quantity falling from $499 million to $211 million.
On Feb. 21, CME bitcoin quantity fell by roughly half for the fourth day in a row, with an additional 44% contraction. In complete, CME bitcoin quantity dropped by 89% in half every week.
The one strongest day of commerce on file for CME’s BTC futures befell on Could 13, 2019, with $1.three billion price of contracts exchanged as BTC examined $8,000 for the primary time in 10 months. Each day commerce for the contract exceeded $1 billion for the second time on June 27, 2019 – when BTC rallied by $1,500 intraday to publish 2019’s excessive of practically $13,800.
SEC to rule on Wilshire Phoenix Bitcoin ETF
The U.S. Securities and Change Fee (SEC) scheduled to make a ruling on Wilshire Phoenix’s proposed Bitcoin exchange-traded fund (ETF) on Feb. 26, the only lively software for a bitcoin ETF at the moment underneath SEC consideration.
Regardless of many crypto analysts dismissing the prospects of Wilshire Phoenix’s Bitcoin and Treasury Funding Belief being accepted, the agency’s founder, Invoice Herrmann, just lately told Cointelegraph that the corporate has “continued to have considerate and significant discussions with the fee.”
Wilshire Phoenix first submitted a proposal for the bitcoin ETF on June 12, 2019. On Sep. 24, 2019, the SEC initiated proceedings pertaining to the ETF, nevertheless, the agency up to date its submitting the next month in partnership with NYSE Arca, with Coinbase listed because the product’s custodian. On the finish of 2019, the SEC extended proceedings till Feb. 26.
On Feb. 14, Wilshire Phoenix up to date its submitting, together with the agency’s charges – $2,437, the variety of shares it initially intends to register – 8,040, and its most share worth – $2,500.