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Bitcoin futures contracts, the first ever bitcoin investment product to hit the legacy market. Both futures went live just before bitcoin peaked at its $ 20,000 all-time high. Out-the-gate trading for the derivatives reflected 2017's market mania, and Cboe's futures alone traded over 800 contracts (roughly $ 12,000,000 at the time) within the first two hours of their launch.
With the creation of these markets, the euphoric anticipation of Bitcoin's debut on Wall Street conjured up delusions of grandeur. The seemingly unstoppable asset, which had transcended all-time high after all the time in the year holiday season, was on the cusp of receiving its largest flush of capital yet.
Cue 2018 and the bear.
Now, bitcoin is about 80% from its all-time high. In fact, it seems to be the case for the future.
2018 was not the year of institutionalization that some bitcoin investors hoped that it would be. Instead, it's been to Sisyphean struggling to give Wall Street an easier, and to be an ETF approved by the United States Securities and Exchange Commission (SEC).
The actual year that bitcoin makes headway in the institutional investment scene. Includes two futures offerings and VanEck's long-anticipated bitcoin ETF.
For these products, here are some dates to look out for and a brief explanation of how they work.
ICE's Bakkt: January 24, 2019
The Intercontinental Exchange (ICE), the New York Stock Exchange's parent company, first announced by Bakkt in August of this year. Described as "a scalable on-ramp for institutional" by its CEO Kelly Loefller, the platform was pitched as a crypto payment solution with an added bonus: physically delivered futures contracts.
Unlike current futures products offered by the CBOE and CME, which are not physically delivered and settled in cash. Originally anticipated to launch in November of 2018, the platform has been delayed until the tentative date of January 24, 2019.
Bakkt 's team delayed the launch to hammer out onboarding customer and work with regulators on approval. Bakkt has not received the approval from the United States Commodities and the Futures Trade Commission (CFTC) to list the futures.
VanEck / SolidX Bitcoin ETF: February 27, 2019
Fewer institutional grade investment products (ETF).
Bitcoin is the only bitcoin ETF introduced in 2018 whose filing has not been decided on by the SEC. Unlike most of its 2018 predecessors, the ETF would source its prices from the bitcoin spot market – not the Cboe and CME futures markets.
The SEC has delayed its decision on the VanEck SolidX ETF twice, but as February 27, 2018, it will be able to make a decision, although in reality one could come sooner than this.
In addition to this, the SEC will also be No reasons have been disclosed for when this decision might take place.
Nasdaq's Bitcoin Futures: Q1 of 2019
Nasdaq teased the prospect of launching its own bitcoins futures throughout 2018, and as we head into 2019, the exchange is looking to make good on its promises.
But these promises are still a bit nebulous. The exchange has not released many details on how the futures will operate, nor has it given much information on the launch date. Q. of 2019, and Nasdaq has partnered with VanEck to source prices with VanEck's MVIS Bitcoin Index.
Like Bakkt's own futures, Nasdaq has yet to receive the greenlight from the CFTC to list the futures.
Photo by Scott Webb on Unsplash
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