Europe’s first ever Bitcoin (BTC) futures will launch subsequent month on the continent’s largest derivatives market, Eurex, an announcement confirms.
In a press release issued Aug. 24, digital asset-backed securities supplier ETC Group stated that its Bitcoin ETN Futures product will start buying and selling Sep. 13.
Europe highlights “rising institutional demand”
ETC Group already operates the world’s first centrally-cleared Bitcoin exchange-traded product (ETP), referred to as BTCetc Bodily Bitcoin (BTCE).
Launched in June 2020 on Deutsche Boerse, there are actually a number of crypto ETPs from the agency, three of which can even start buying and selling on the Wiener Boerse — Vienna’s inventory alternate — in future, Cointelegraph reported.
The strikes come amid elevated investor demand for institutional merchandise tied to Bitcoin and altcoins, with Europe historically offering a friendlier surroundings than america, which is dragging its heels over approval of a Bitcoin exchange-traded fund (ETF).
Eurex will thus host the primary European futures contract based mostly on a crypto ETP from subsequent month.
“Given the rising institutional demand for safe publicity to Bitcoin, we’re delighted to start itemizing these Bitcoin ETN futures on our regulated buying and selling and clearing infrastructure at Eurex,” Eurex govt board member Randolf Rolf commented.
“This transfer will enable a higher variety of market individuals to commerce and hedge Bitcoin, with this new future being handled in the identical manner as every other derivatives contract when it comes to central clearing, netting, and danger administration.”
Bitcoin traded at $49,700 on the time of writing, down round 1% on the day after briefly passing the $50,000 mark.
Blended institutional sentiment lingers
As Cointelegraph noted, institutional investor sentiment is slowly returning to favor crypto portfolio publicity.
That stated, institutional devices such because the Grayscale Bitcoin Belief (GBTC) have lagged behind surging spot costs, signalling that uptake will not be but again at bull market ranges seen earlier than Bitcoin’s all-time highs in April.
The GBTC premium — the extra price of the Belief’s shares in comparison with BTC spot value — continues to hover in destructive territory, equating to the shares trading at a discount.