JP Morgan calculated the real share of bitcoin futures trading.
The largest American Bank, JP Morgan, presented a report to the public on the situation on the cryptocurrency market. The managing Director of the Bank, responsible for developing the global market strategy of the credit institution, Nikolos Panizhirtsoglow, said that the team of analysts JP Morgan paid attention to two studies of Bitwise, and agreed that the significant volumes of bitcoin trading, reported by some crypto-exchanges, are not true.
So, according to estimates by JPMorgan, the volume of real trade bitcoins made at the end of may reached $ 36 billion. At the same time, the amount of transactions on bitcoin futures this month reached a historic high of $ 12 billion, rising by 118% compared to April. Comparing the two absolute figures, the authors of the study concluded that the share of futures in the market of purchase and sale of bitcoins is 33%. Even taking into account the fact that these fixed-term contracts do not lead to the direct purchase or sale of the largest cryptocurrency by capitalization, such a share of these instruments shows that players from wall street, that is, participants in the classical financial market, have already actively started working with the cryptocurrency.
The Bank believes that this factor influenced the current rise in the price of bitcoin for the level of 9 thousand dollars. Curiously, futures continue to be in high demand, even despite the fact that the Chicago stock exchange CBOE from July stops working with such instruments — a decision that was not unexpected, as the appetite of investors for bitcoin futures became fully realized on the CME Group platform.