All articles tagged with #crypto futures
Robinhood has expanded its crypto futures offerings in the US by launching micro futures contracts for Bitcoin, Solana, and XRP, allowing traders to take smaller, more flexible positions. This move is part of its broader growth in crypto services following recent acquisitions and a significant increase in crypto trading volumes, reaching $11.7 billion in May.
Bitcoin is trading around $66,000 as rising Treasury yields and the possibility of delayed rate cuts by the Fed impact investor sentiment. The CoinDesk 20 Index indicates broader market weakness, with crypto futures rates and open interest decreasing. The 10-year Treasury note yield reached a two-week high, leading to an outflow of money from risk assets. This has resulted in a retracement of bitcoin prices and the liquidation of over $245 million in long positions in the last 24 hours. The market is also reacting to the uncertainty surrounding potential rate cuts, with bettors ruling out a cut by May and split on whether one will happen in June.
Crypto-tracked futures experienced over $550 million in losses in the past 24 hours, with leveraged bets on crypto futures increasing to over $66 billion in the past week. Bitcoin and ether saw volatile price action, briefly reaching historic highs before a sharp drop. Meme coins like dogecoin and shiba inu contributed to the losses, with bullish bets on dogecoin reaching a lifetime high. Traders expect bitcoin to surpass its all-time highs soon, with leverage likely to increase as it approaches $69,000. Funding rates on some tokens have surged to over 100% annualized, while the large moves in meme coins are seen as a potentially bearish signal.
BlackRock has argued that the U.S. Securities and Exchange Commission (SEC) lacks legitimate grounds to treat spot-crypto and crypto-futures exchange-traded fund (ETF) applications differently. The SEC has approved several crypto futures ETFs but has yet to greenlight a single spot-crypto ETF. BlackRock questions the SEC's preference for the 1940 Act, which oversees futures ETFs, arguing that it lacks relevance in this context. The asset management firm believes that the SEC's distinction between futures and spot ETFs is without a difference and that the agency has no justifiable reason to reject spot-crypto ETF applications. Analysts predict that the first SEC approval of a spot crypto ETF, possibly Bitcoin-related, is imminent.
Coinbase has received approval from the National Futures Association (NFA) to operate as a Futures Commission Merchant (FCM), allowing the cryptocurrency exchange to list crypto futures in the US. This makes Coinbase the first US platform to offer regulated and leveraged crypto futures alongside traditional spot trading. The approval is seen as a significant step in unlocking growth and broader participation in the crypto economy for US investors.