Will CME's BTC trading debut boost Bitcoin to $70K?


A great candle following US April CPI data lifted bitcoin beyond $65,500 on Wednesday.

Daily RSI lows are rising, indicating bullish momentum.

Launching Bitcoin trading on CME might enhance mainstream acceptance.

After Wednesday's macroeconomic tailwinds, Bitcoin (BTC) may have another trigger. Based on the January acceptance of spot BTC ETFs, the world's biggest futures exchange may commence Bitcoin trading.

Financial Times says that CME Group, the world's biggest futures market, will provide Bitcoin trading.

The Chicago-based financial services startup hopes to capitalize on Wall Street institutions' growing BTC demand this year. Money managers are increasingly using newly permitted exchange-traded funds to obtain bitcoin exposure.


The CME Group has been in negotiations with traders seeking a regulated Bitcoin marketplace, according to sources.

Crypto would benefit from the plan's implementation, which would boost mainstream usage. Other benefits include easy basis transactions for investors.


This method involves profiting on the price differential between a cryptocurrency and its futures contract. CME Group already trades BTC futures. Thus, basis trading entails borrowing money to sell futures and purchasing the underlying asset to profit from the little difference.

ETFs have turned some of the world's top financial organizations into Bitcoin supporters. They include:

Wells Fargo currently has Grayscale's Bitcoin ETF slot, after institutional acceptance.

Susquehanna International Group owns $1.8 billion in Bitcoin ETFs.
The State of Wisconsin Investment Board (SWIB) was the first state entity to go public with spot BTC ETF holdings, investing $162 million.

JPMorgan, the biggest US bank, revealed its Bitcoin ETF holdings in an SEC filing.

Millennium Management reports $2 billion spot Bitcoin ETF.
According to 13F reports, BlackRock's IBIT holders established a record. There are 414 institutional holdings.

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