On Thursday, Bybit announced that it would launch its quarterly BTC / USD contract on November 30. At launch, two contracts will be offered: BTCUSD1225 scheduled for December 25, 2020 and BTCUSD0326 scheduled for March 26, 2021.

Bybit says that the new futures contracts have no financing fees, which means that traders can have a position without commission while the contracts remain in force.

Like traditional futures contracts, bitcoin futures contracts (BTC) allow traders to buy and sell digital currency at a predetermined price on a specific date in the future.

Bybit is not the first cryptocurrency trading platform to offer quarterly bitcoin futures. Binance, the Maltese stock exchange with the highest daily volume, launched its quarterly BTC futures contracts in January.

Demand for cryptocurrency derivatives is growing as more institutional investors enter it. The latest data from Wilshire Phoenix shows that CME bitcoin futures have a significant impact on the price of the digital currency.

The report stated:

“CME Bitcoin futures have risen and become significant, and this is demonstrated not only by trading volume and open interest, but also by the influence on the formation of spot prices.”
CME Bitcoin Futures was launched in December 2017 and is now the second largest BTC futures exchange of open interest. OKEx ranks first, according to Skew analytics firm.

Institutions are increasingly seeing Bitcoin as a long-term investment opportunity. People like Paul Theodore Jones and Stanley Druckenmiller also supported the groundbreaking digital currency, indicating a shift in thinking.

Source: CoinTelegraph