Bitcoin Cash: 81 futures contracts, none with a term
Bitcoin Cash (BCH) is trading at $294.31, up 4.4% in 24 hours and 3.9% in a week. It has a market cap of $5.92 billion. All 81 BCH futures contracts are perpetual, with no expiry date, and are traded on 63 venues. The CME's regulated BCH futures, launched on October 19, are not included in these statistics. Open interest in these perpetual contracts totals $1.066 billion, with daily turnover of $825.3 million.
How this was made
The 30-second read
Why it matters
The article uncovers a data gap in CME futures reporting, affecting how traders assess open interest.
Market read
New insight into the structure of Bitcoin Cash futures markets and the missing CME data may influence trader risk assessment.
What to watch
Potential regulatory scrutiny on perpetual contracts as CFDs in Europe may alter market participation.
Background
Bitcoin Cash price moves modestly higher while futures markets are dominated by perpetual contracts.
Ticker impact
Article reveals that all 81 Bitcoin Cash futures contracts are perpetuals, with no dated contracts listed, highlighting missing CME data.
likely modest upside as funding rates are mostly positive, but limited directional pressure.
Positive funding rates suggest longs are paying shorts, supporting current price gains; however, the market is dominated by a single venue, limiting broader impact.
Market effects
Highlights concentration risk in crypto futures markets, especially for Bitcoin Cash.
US futures market (CME) data omission may affect US traders relying on standard futures data.
Provides insight for global crypto traders on the dominance of perpetual contracts.
Counterpoint
The dominance of perpetuals could lead to over-leverage and sudden price drops if funding rates shift.
Key entities
- cryptocurrencyBitcoin Cash
A major cryptocurrency with ticker BCH-USD.
- exchangeCME Group
Regulated US futures exchange offering dated Bitcoin Cash contracts.
