First Bitcoin Futures Contract Expires At $10,900, ‘Win for Bears’

The Chicago Board Options Exchange (CBOE)’s first Bitcoin futures contract closed Wednesday, Jan. 16, at $10,900 after a relatively turbulent week in the crypto market had briefly brought Bitcoin’s (BTC) price below $10,000.

By Jan. 9, there were 1,907 short position contracts for Bitcoin futures on CBOE. When the futures closed on Jan. 16, BTC had gone down about 36 percent.

Reuters reported on the futures contract closing as a “win for bitcoin bears over the bulls.”

CBOE chief executive Ed Tilly told the Financial Times:

“[The] market experienced a smooth operational close and the settlement process worked as designed.”

CBOE launched the BTC futures trading on Dec. 11, attracting so much trading volume to their site that it temporarily went down. The day of the launch, BTC prices remained between around $16,500 and $17,500.

Looking back to before their launch, a Nov. 2017 CBOE blog post by CFA Russell Rhoads speculating on the unknown potential of Bitcoin futures reads: […]

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