Amid declining interest, the Chicago Board Options Exchange, or CBOE, has announced it will no longer offer bitcoin futures contracts once current contracts expire in June.
The Chicago Board Options Exchange (CBOE) will no longer offer bitcoin futures contracts once current contracts expire in June, it has announced.
The CBOE was the first of the major US exchanges to offer bitcoin futures, the introduction of which coincided with the market peak of $19,900 in December 2017.
Over the past 15 months, prices for bitcoin and other cryptocurrencies have collapsed—bitcoin is down 80 percent to $4,060—and so too have trading volumes, leading the CBOE to “reassess its approach” to digital derivative offerings, particularly as its own bitcoin volumes are far lower than those on rival exchange, the CME.
The CBOE’s contracts—ticker XBT—were introduced with much fanfare at the time of their launch. Their adoption by US exchanges was supposed to “legitimize the cryptocurrency” and was “a step towards the development of the digital currency as a more established asset class,” commentators said.
Because the release of XBT came just one week prior to the market top, superstitious folk are now anticipating the emergence of a new bull market.
“The CBOE capitulating is one of the most trend-reversal things I’ve ever heard, and if it hasn’t happened already the bottom is very close to in,” one bitcoin enthusiast tweeted.