Bitcoin futures and short ETFs have an enormous increase in volume on Tuesday
Bitcoin futures and short ETFs have an enormous increase in volume on Tuesday
The derivate exchange of Coinbase and the Bitcoin ETFs from Proshares achieved record trade volumes on Tuesday, as the cryptovolatility, both before and after the announcement of Binance, to buy the FTX competition.
The price of Bitcoin fell on Tuesday and was around $ 16,750 on Wednesday at 1:30 p.m. ET - a decrease of 12 % in the last 24 hours. At that time Ethereum was below $ 1,200, a decline of about 17 % compared to the previous day.
In the middle of the drop in the price, Coinbase saw 588,451 contracts between his nano-bitcoin and ether futures offers on Tuesday. The sum has been the highest of the appointment exchange since June 27 of this year.The volumes were far greater than the second highest total volume recorded by coinbase derivatives-361,304 contracts on October 13th.
The Coinbase shares have fell in the last 24 hours, which reflects a trend that could be observed in the stocks of the sector when FTX stopped the withdrawals in the middle of a liquidity crisis. The price of Coin, which has fallen by more than 80 % in 2022, fell by 10 % on Wednesday at 1:30 p.m.
The trading volume of Bitcoin ETFs from ProShares increases in a leap in
The largest Bitcoin futures ETF and Short-Bitcoin ETF in the USA also recorded record volumes on Tuesday.
About 49 million shares of the ProShares Bitcoin Strategy ETF (Bito) were traded on Tuesday - 64 % more volume than on any other day since it was introduced in October 2021, according to the company.
The Bito trading volume exceeded the $ 1 billion mark about four hours after the market launch. The ETF, which has fallen by around 65 % since the beginning of the year, had slipped by 9 % on Wednesday at 1:30 p.m.
Bito invests in Bitcoin futures contracts of the CME Group in the front month. Volume and open interest for the Bitcoin futures of the CME Group achieved around 49,000 contracts or 14,500 contracts, compared to volume of almost 7,000 contracts and open interest of 12,800 contracts the previous day.
The shares of the Proshares Short Bitcoin Strategy ETF (BITI) amounted to a total of 7.2 million, which corresponds to a volume of 366 % compared to the next day.
The fund, which aims to benefit from Bitcoin's price drop by making the reverse daily price movements of an index of CME-Bitcoin futures of the front month, was published in June. Biti acted around 870,000 shares on June 22, his second trading day.
The course of Biti rose by about 9.2 %on Wednesday at 1:30 p.m. It has increased by about 9.6 % since the beginning of the year.
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