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What the bitcoin derivative markets are telling us

Ryan Todd
Macro UpdateEarlier this week our research highlighted institutional flows into the Grayscale Bitcoin Trust (only qualified accredited investors can invest directly in GBTC with a minimum investment of $50,000) reaching an all-time high.The post What the bitcoin derivative markets are telling us appeared first on The Block.

Macro Update

Earlier this week our research highlighted institutional flows into the Grayscale Bitcoin Trust (only qualified accredited investors can invest directly in GBTC with a minimum investment of $50,000) reaching an all-time high. New data from both the CME Group and bitcoin ETP provider Coinshares (Bitcoin XBTE – Euro) reaffirms outsized demand from institutional/accredited investors for bitcoin financial products.

Elsewhere, synthetic-options platform Deribit also registered its highest volume day this week, as the implied probability of bitcoin prices ending the year at or above $10,000 shifted to 50%, up from 20% at the end of April.

GBTC trading volumes reach 13-month high, with 99% of total Grayscale inflows directed towards BTC in 1Q

Grayscale, the world’s largest cryptoasset manager with now more than $1.8 billion in AUM, saw its GBTC trading volume reach a 13-month high yesterday, almost double Y/Y highs set in May 2018.

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