The News of CBOE Delisting Bitcoin Futures Could Spark a Time for a BTC Uptrend: Here’s Why

The Chicago Board Options Exchange (CBOE) has announced that it will not be adding any new Bitcoin futures this month.

“CFE is not adding a Cboe Bitcoin (USD) (“XBT”) futures contract for trading in March 2019. CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading,”

reads the official announcement.

While new contracts are being added to many other categories including Volatility Index futures, Cboe Bitcoin (USD) Futures (XBT) among a few others won’t be seeing any new additions.

However, the currently listed Bitcoin futures contracts will remain available for trading, said Cboe. These contracts XBTM19 will be expiring in June at a settlement price of $3,847. From there onwards, it could be said there will be no Bitcoin futures contract on Cboe exchange, at least for now.

The Bitcoin futures by Chicago exchange are cash settled that means when the contract expires, one party pays the difference between the spot and futures price of bitcoin in US dollar to the other party. In contrast to this, the upcoming Bakkt will be offering physically settled futures contracts that mean real bitcoin is delivered to the buyer.

>Bitcoin topped when BTC futures were added
>BTC has been going down ever since
>CBOE is delisting BTC
>???????
>Profit https://t.co/wVDROTcKXy

— DonAlt (@CryptoDonAlt) March 14, 2019

In mid-December, Bitcoin hit its all-time high at about $20,000 which was exactly when CME launched its bitcoin futures trading product. Since then Bitcoin has been down more than 80 percent.

“I sure hope CBOE, with USD settled Bitcoin futures, does not think that mild crypto winter may be coming to an end. Need it colder! Lately, all-time high Bitcoin volume. Consequently, gift of cheap BTC to HODLers of Last Resort,”

said Bitcoin proponent, Trace Mayer.

That's cause Cboe bitcoin futures trading volumes have been getting crushed by CME. pic.twitter.com/4dpi9Tfuwg

— John Todaro (@JohnTodaro1) March 14, 2019

Some crypto enthusiasts think that it in some way indicates that institutional interest in Bitcoin is low which isn’t the case as CME recently registered the highest volume, it has been even doubling its volume every month this year. Moreover, Cboe will be re-evaluating different aspects such as price and settlement of it.

The news didn’t trigger any moves in the market as at the time of writing, Bitcoin has been trading at $3,913 with 24-hours gains of 0.09 percent while managing the daily trading volume of $10.4 billion, as per the data provided by Coinmarketcap.

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