When it involves trading Bitcoin futures, traders possess alternatives all the most effective draw thru assorted exchanges. On the opposite hand, the two major exchanges providing Bitcoin futures contracts are the Chicago Mercantile Exchange (CME) and ICE/US.
ICE/US gives Bitcoin Coinbase contracts with a better contract dimension of 1 Bitcoin. While the tick dimension is 1 point ($2.50 per contract), margin/repairs requirements are no longer specified. Trading hours depart from 7:00 p.m. to 5:00 p.m. (5:00 p.m. open on Sunday) CST.
On the opposite hand, the CME gives Bitcoin Micro contracts with a contract dimension of 0.1 Bitcoin and margin/repairs requirements of $1,232/$1,120. These contracts provide traders with flexibility and liquidity, with trading hours extending from 5:00 p.m. to 4:00 p.m. (Solar-Fri) CST. The closest expiring Bitcoin Micro contracts are the Bitcoin Micro (Feb ’24) (BAG24) expiring on February 23, 2024, and the Bitcoin Micro (Mar ’24) (BMC) expiring on March 28, 2024.
Bitcoin Micro (Feb ’24) contracts steal a hit
On the morning of February Twenty third, 2024, the Bitcoin Micro (BAG24) futures on CME witnessed a prime descend, reaching $50,955, down by 2.08% or $1,085 from the day prior to this’s shut. This downturn came about because the futures approached their expiration date, signalling elevated volatility and doubtlessly influencing traders’ decisions.
The decline became fundamental within the 5-day trading window, with the contract experiencing a kind between $50,575 and $fifty three,205. The 5-day percentage alternate stood at -1.83%, reflecting the bearish sentiment leading up to the expiration.
CME vs. ICE/US: Bitcoin futures change wrestle
A look on the futures change landscape unearths a aggressive inform of affairs between the Chicago Mercantile Exchange (CME) and Intercontinental Exchange (ICE/US). While CME’s Bitcoin Micro (BAG24) recorded a final impress of $50,955 with a quantity of 1,293 contracts and open hobby of 13,973, ICE/US’s Bitcoin Coinbase (DNG24) stood at $51,262.50 with a trading quantity of seven contracts and no open hobby.
The 5-day average quantity for CME’s Bitcoin Micro futures reached 14,698, highlighting the contract’s liquidity and consistent trading process. On the opposite hand, ICE/US’s Bitcoin Coinbase futures displayed a 5-day average quantity of 505 contracts.
The wrestle between CME and ICE/US continues, with clear contract sizes, tick values, and trading hours. CME’s 0.1 Bitcoin contract, with a tick dimension of 5 aspects ($0.50 per contract), competes in opposition to ICE/US’s 1 Bitcoin contract with a tick dimension of 1 point ($2.50 per contract).
Because the expiration date for Bitcoin Micro futures approaches, market contributors remain vigilant, navigating the dynamic landscape of cryptocurrency futures trading. The fluctuations witnessed on February Twenty third underscore the influence of expiration events on each futures and role markets, providing precious insights for traders and analysts alike.
Bitcoin role costs echo downtrend
Concurrently, the Bitcoin role market, represented by BTCUSD, echoed the downward movement, hitting $50,853.27 with a 5-day low of $50,722.76. This decline of 1.96% additional underlines the market-huge influence of the drawing shut futures expiration.
Comparing the two, Bitcoin Micro futures and Bitcoin role costs on CME confirmed a parallel movement, emphasizing the interconnectedness of the futures and role markets.
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