Who trades bitcoin futures and why?

【Author】 Ferko, Alex; Moin, Amani; Onur, Esen; Penick, Michael

【Source】GLOBAL FINANCE JOURNAL

【影响因子】2.853

【Abstract】Using regulatory data with identifiers, we analyze the traders active in the Bit-coin futures (BTC) contracts traded on the Chicago Mercantile Exchange (CME). We find two primary trader types, those who hold almost exclusively BTC (con-centrated traders) and those who hold BTC to diversify a broader futures portfolio (diversified traders). The prevalence of these two types changes over time. We also study how BTC markets are connected to other futures markets through common holdings of BTC traders. Finally, we analyze the micro BTC contract and find that the trader composition is different than that of the full-size contract.

【Keywords】Bitcoin; Bitcoin futures; Cryptocurrency; Concentrated traders; Diversified traders; Micro bitcoin futures

【发表时间】2023 FEB

【收录时间】2023-03-22

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币