One of the indicators that signal a possible change in the price of bitcoin is the number of open futures positions on the Chicago SME exchange.
In October 2019, institutional investors doubled the cost of long positions in BTC futures contracts , the Cointelegraph reports.
Institutional Investors Interested in BTC
According to a study conducted by analysts on October 22, the estimated value of the long positions of institutional investors rose to a value above 1000 bitcoins, compared with data on October 1, when this value fell below 500 BTC.
Data on long-term futures on the CME exchange indicate a turning point in the downward interest of the institutional, outlined in September 2019. The sharp collapse coincided with the launch date of physically delivered bitcoin futures from the Bakkt platform , when interest fell from 1300 VTC to below 500 bitcoins.
Analysts at Skew Markets have additionally indicated that institutional investors include:
"… pension funds, insurance companies, mutual funds and investment portfolio managers."
Long positions held by institutional accounts at the CME have been rising again in October.
For reference, institutions include pension funds, endowments, insurance companies, mutual funds & portfolio / investment managers whose clients are predominantly institutional. pic.twitter.com/96N2XZwo9e
– skew (@skew_markets) October 20, 2019
Such analytical data may indicate the continuing desire of large investors to enter the cryptocurrency market.
Recall, the head of CFTC believes that next year, the market may begin to trade futures on Ethereum (ETH) . He also noted that in addition to Bitcoin and Ethereum, other cryptocurrencies can also be classified as goods.
Publication date 10/23/2019
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