Who trades bitcoin futures and why?

Alex Ferko, Amani Moin, Esen Onur and Michael Penick

Global Finance Journal, 2023, vol. 55, issue C

Abstract: Using regulatory data with identifiers, we analyze the traders active in the Bit- coin futures (BTC) contracts traded on the Chicago Mercantile Exchange (CME). We find two primary trader types, those who hold almost exclusively BTC (con- centrated traders) and those who hold BTC to diversify a broader futures portfolio (diversified traders). The prevalence of these two types changes over time. We also study how BTC markets are connected to other futures markets through common holdings of BTC traders. Finally, we analyze the micro BTC contract and find that the trader composition is different than that of the full-size contract.

Keywords: Bitcoin; Bitcoin futures; Cryptocurrency; Concentrated traders; Diversified traders; Micro bitcoin futures (search for similar items in EconPapers)
JEL-codes: G12 G19 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:55:y:2023:i:c:s1044028322000801

DOI: 10.1016/j.gfj.2022.100778

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