Europe prepares for first Bitcoin futures launch amid US ETF stalemate
Europe’s first ever Bitcoin (BTC) futures will launch subsequent month on the continent’s largest derivatives market, Eurex, an announcement confirms.
In a press release issued Aug. 24, digital asset-backed securities supplier ETC Group mentioned that its Bitcoin ETN Futures product will begin buying and selling Sep. 13.
Europe highlights “growing institutional demand”
ETC Group already operates the world’s first centrally-cleared Bitcoin exchange-traded product (ETP), often called BTCetc Physical Bitcoin (BTCE).
Launched in June 2020 on Deutsche Boerse, there are actually a number of crypto ETPs from the agency, three of which will even start buying and selling on the Wiener Boerse — Vienna’s inventory exchange — in future, Cointelegraph reported.
The strikes come amid elevated investor demand for institutional merchandise tied to Bitcoin and altcoins, with Europe historically offering a friendlier atmosphere than the United States, which is dragging its heels over approval of a Bitcoin exchange-traded fund (ETF).
Eurex will thus host the primary European futures contract primarily based on a crypto ETP from subsequent month.
“Given the growing institutional demand for secure exposure to Bitcoin, we are delighted to begin listing these Bitcoin ETN futures on our regulated trading and clearing infrastructure at Eurex,” Eurex govt board member Randolf Rolf commented.
“This move will allow a greater number of market participants to trade and hedge Bitcoin, with this new future being treated in the same way as any other derivatives contract in terms of central clearing, netting, and risk management.”
Bitcoin traded at $49,700 on the time of writing, down round 1% on the day after briefly passing the $50,000 mark.
Mixed institutional sentiment lingers
As Cointelegraph famous, institutional investor sentiment is slowly returning to favor crypto portfolio publicity.
Related: Pro merchants are mildly skeptical about Bitcoin’s latest return to $50K
That mentioned, institutional devices such because the Grayscale Bitcoin Trust (GBTC) have lagged behind surging spot costs, signalling that uptake will not be but again at bull market ranges seen earlier than Bitcoin’s all-time highs in April.
The GBTC premium — the extra price of the Trust’s shares in comparison with BTC spot worth — continues to hover in unfavorable territory, equating to the shares buying and selling at a reduction.