Crypto Exchange Binance has launched a new Bitcoin (BTC) futures product, despite institutional investors showing new uncertainties about the future.
In a blog post from June 11th Binance announced that its quarterly futures contracts had entered into force and that the settlement was due in September.
The quarterly Binance futures begin
The move marks Binance’s recent adventure in Bitcoin derivatives, a market currently dominated by the OKEx and Huobi exchanges.
Users can leverage up to 125x, first on the desktop version before the mobile version goes online.
Speaking to Bloomberg, CEO Changpeng Zhao said that user demand prompted the decision.
“We have an eternal future, so we wanted to move from long-term to short-term,” he told the publication.
“We have a lot of users who trade futures on other platforms with delivery futures and they ask us to start delivery futures so that they can trade in one place. We introduce products related to user demand. “
The timing of the launch underscores Binance’s confidence in the potential of the Bitcoin derivatives market, as analysts warn of declining signs at the institutions.
Overall volume declined in the weeks after the third halving, despite open interest in Bitcoin options, which hit a record high of $ 1.5 billion this week.
1 month bitcoin futures volume chart. Source: Skew
filbfilb warns of a “bearish” institutional mood
The reduced volume coincides with a similar calm in the markets, with the BTC / USD pair remaining in a corridor of less than USD 10,000 and an indicator of population sentiment, the Crypto Fear and Greed Index, which is in the ” neutral “zone remains for several days.
Cointelegraph Contributor Filbfilb suggests that in the meantime Only the growth in Tether’s market cap (USDT) could offset the impression that the trading environment is “all bearish”.
“At the moment, the most optimistic thing that can be said after the institutions have become bearish is the implicit demand for idle tapes.”he said in private comments.
Tether demand tends to correlate with Bitcoin’s price strength. This week, stablecoins’ market cap is on track to cross the $ 10 billion mark for the first time.