Wall Street appears to be bullish on bitcoin with a premium developing on the only regulated crypto futures exchange within the United States.
A bitcoin equivalent in CME futures is now between $50 to $100 more expensive than buying an actual bitcoin on a spot exchange.
Bitcoin premium on futures, June 2019
Wall Street is clearly betting that bitcoin will rise, with their conviction the stronger time goes on as September settled contracts have the highest premium.
They are effectively locking the current price by buying bitcoin futures in a bet price will be higher in September when they have to close the position.
As it stands however, and if we account for bitcoin’s volatility, the cryptocurrency is generally sidewaying, so explaining a considerable fall in futures volumes from…