CBOE and CME Bitcoin Futures Expirations, More ETH locked – COIN360
DAILY
March 18  |  1 min read

Level Playing Field

BeQuant Analytics, a daily cryptocurrency market analysis contributor

The Chicago Board Options Exchange (CBOE) announced that it will not add a new Bitcoin (BTC) futures market in March. The crypto media was abuzz with excitement and also plenty of confusion. Now, it is worth remembering that these futures contracts are cash settled and do not require participants to actually hold BTC at any point in time.

However, the main point to note is that CME and CBOE BTC futures do not expire on the same day and this discrepancy resulted in plenty of confusion for a retail-driven market not well-versed in financial protocols.

CBOE Bitcoin futures expiration date

As a guide, CBOE futures expire on Wednesday around mid-month, while CME futures expire at the end of the month on Friday. The charts above highlight the number of days Ethereum and Bitcoin ended the day in positive or negative territory. Interestingly, Ethereum underperforms on Wednesdays and out of 52 Wednesdays observed last year, only 17 saw the crypto asset settle in positive territory. On the other hand, the same statistic for Bitcoin shows that over the course of 2018, just over half of the total days for the year saw the largest crypto asset by market cap finish the day in the green (27 days positive vs 25 negative). So much for a highly correlated asset class.

In other news, as reported by Cointelegraph, Ethereum core devs once again discussed the proposed Application Specific Integrated Circuit (ASIC)-resistant Proof of Work (PoW) algorithm ProgPoW. The devs again reached an overall consensus that the algorithm should be implemented, while the timeline for its implementation remains unclear.

Finally, the % of ETH locked in the credit ecosystem of MakerDAO has risen to 2.10% vs 2.06% at the time of the recent stability fee hike by MakerDAO. The increasing demand should be seen as a positive for ETH and the broader crypto market in general.

Note:

  • CME Bitcoin futures will expire on 29.03.19

Thank you for reading,

The BeQuant’s Analytics team