Chicago-Based Exchange Cboe to Work on Crypto Offerings as Demand Continues to Rise

Cboe Global Markets, a Chicago-based exchange that provides trading and investment solutions, is ready to get back into the crypto space after previous failed attempts.

Not giving up

According to Cboe CEO Ed Tilly:

“We’re still interested in the space; we haven’t given up on it. We’re keen on building out the entire platform. There’s a lot of demand from retail and institutions, and we need to be there.”

The American company stopped offering Bitcoin Futures some years back, and its attempts to list a BTC exchange-traded product has been unsuccessful. 

As the demand for crypto products skyrocket, Cboe Global Markets does not want to miss this bandwagon based on its unrelenting efforts to avail crypto offerings. 

An overwhelming appetite by institutional investors in the crypto market has made the demand go through the roof. For instance, Elon Musk, the CEO of American electric vehicle manufacturer Tesla, has disclosed that clients will have the liberty to purchase vehicles using Bitcoin. 

Bitcoin has joined the big leagues

Cboe Global Markets has, therefore, set its eyes on the crypto space because this market is entering the early stages of mainstream adoption, as acknowledged by Kraken CEO Jesse Powell. 

For instance, veteran trader Peter Brandt recently disclosed that Bitcoin has joined the big leagues as its market capitalization stands at $1 trillion, whereas the US dollars in circulation are estimated to be nearly $2.1 trillion and gold reserves are at $2.2 trillion.


With BTC options worth $6 billion expected to expire tomorrow, Bitcoin price expectations for April are high as most investors are placing their new bets on $80k, as alluded to by Glassnode co-founders Jan & Yann. 


The crypto market is, therefore emerging and gaining mainstream attention in the financial sector based on its rising popularity – as its market capitalization inches closer to the $2 trillion mark.

Image source: Shutterstock


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Some institutional investors taking profit as Bitcoin retraces

A new report from crypto fund provider CoinShares has indicated that some institutional investors have been realizing profits during BTC’s recent consolidation.

CoinShares’ weekly digital asset flows report identifies $85 million in outflows from institutional crypto products this past week, asserting the data suggests “some investors are continuing to take profits after [BTC’s] strong price appreciation.”

The report noted the rising (trade-weighted) U.S. dollar, stating the USD index “is typically inversely correlated to Bitcoin prices,” and could explain why some investors are taking profits at the current levels.

The firm also identified modest outflows from Ethereum-derived investment products, with $3 million leaving the markets.

Despite the profit-taking, institutional inflows remain strong, with $359 million flooded into crypto investment products this week. Institutions still appear almost single-mindedly focused on BTC, with Bitcoin products representing all but 1% of the week’s total capital flows.

CoinShares notes that crypto inflows have returned to their pre-Christmas levels, following the 97% drop over three weeks seen after the holiday break. Daily volumes are currently up more than 450% year-over-year.

Institutional products currently represent 6% of combined Bitcoin volume — down from 14% at the start of the month.

Much has been lately of the growing institutional appetites for crypto, with major global companies recently filling their treasuries with BTC.

After hosting more than 11 million BTC worth of futures trade in 2020, Chicago Mercantile Exchange announced last month that it plans to launch cash-settled Ethereum futures contracts in early February, pending regulatory approval.

On Jan. 20, Ninepoint Partners filed its final prospectus for a Bitcoin Trust conditionally approved by the Toronto Stock Exchange.


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Bitcoin (BTC) $ 27,149.27 0.95%
Ethereum (ETH) $ 1,896.35 1.87%
Litecoin (LTC) $ 95.13 2.96%
Bitcoin Cash (BCH) $ 114.54 1.38%