As Pomp recently tweeted: We are inching closer to a scenario where fiduciaries are going to receive pressure and tough questions if they have 0% exposure to Bitcoin.
Those fiduciaries are institutions like pensions, hedge funds, family offices, etc.
And while we’ve seen some institutional money flow into crypto, it’s just getting started.
The Chicago Mercantile Exchange (CME) recently announced it did a record $1.7 billion in volume for its cash-settled BTC futures product.
Institutions will soon have more options to enter the crypto space.
For example, the Commodity Futures Trading Commission (CFTC) cleared bitcoin derivatives provider LedgerX to offer physically settled bitcoin futures contracts.
Unlike cash-settled futures, these are physically settled, meaning the buyer receives the underlying commodity when a contract expires.
Then a few days later the CFTC approved ErisX, which is backed by TD Ameritrade, for the same thing.
ErisX contracts will be physically settled as well.
Neither announced when their product will be launched, but you have to figure it’s as soon as possible.
Bakkt can’t be far behind.
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