An incredible $1.7 billion worth of bitcoin contracts exchanged hands on CME this Thursday, breaking all records for futures.
That’s the highest level it has ever been both in terms of the number of contracts exchanged, 29,225, as well as in term of value traded.
The high volatility on Wednesday led to 26,491 contracts exchanging hands, worth $1.5 billion, with Thursday toping it further.
Today the June futures contract expires with the price usually falling on the Wednesday or Thursday prior to then usually slowly rise on expiry Friday.
The numbered daily candles above are all the Thursday before expiry Friday.
On the 25th of April, we have one of the biggest red candle during that period, with bitcoin falling the day before too, Wednesday the 24th of April.
In May, we likewise have a pretty big red candle on the 30th of May, followed by a recovery with price then rising or falling based on other factors.
Then yesterday there was the biggest red candle probably since early 2018, with it appearing to recover today.
This clear pattern is due to how futures are designed with an index determining price between 3PM to 4PM London time each day. Read More at TrustNodes...