Cryptocurrency brokerage firm announced a trading method to trade Bitcoin futures


Genesis Global Capital, a
cryptocurrency trading firm, has completed a one-of-a-kind trade that will pave
the way for new institutional crypto futures products.
Genesis announced the execution
of the first OTC trade of a BTIC (Basis Trade at Index Close) transaction on
CME Bitcoin futures. Akuna Capital, a premier options market maker specializing
in derivatives market-making and sophisticated markets, executed this trade,
according to a news statement issued on September 26.
BTICs have never been used in
the cryptocurrency market previously. They are more commonly employed in the
stock market. Institutional investors can now trade Bitcoin futures contracts
depending on their closing price at the end of the day.
The Global Head of Equity Index
and Alternative Investment Products at CME Group, TIM McCOURT, stated that the
new product is the next step for CME to offer broader exposure to products from
their Bitcoin derivatives and Ethereum futures.
He further adds, “BTIC enables
market participants to more efficiently trade the basis while providing a
regulated marketplace for real-time price discovery and enhanced trading
precision for institutional participants who want to optimize holdings between
the futures and spot markets.”
According to the Genesis Q2 2021
Market Observations Report, the Genesis counterparty base rose by 15% in the
second quarter of 2021, with the noticeable inclusion of major institutional
investors eager to enter the crypto derivatives market for the first
time.
Genesis is a full-service digital
currency prime brokerage that offers qualified individuals and global
institutional investors a single point of access. It traded $29 billion in spot
volume, up 487 percent year over year, and $8.5 billion in derivatives volume.
The firm provides the full array of digital asset portfolio management services
that global investors require.

Pavan A
CBW - External Analyst
INDIA