$320m CME trade just happened – the biggest ever. Bitcoin futures jump $500 – the bulls are back in town
On 18th February at around 01:00 UTC, somebody placed the biggest ever trade in the history of CME futures. Approximately 16,000 contracts were exchanged representing 80,000 BTC – or a notional value of around $320 million.
This caused all the CME Bitcoin Futures contracts to jump in price. The April 2019 Bitcoin Futures rose from around 3500-3600 USD to almost 4000 USD:
This massive bet means that if Bitcoin stays above approximately $3,950 in the coming months, the trader(s) will make money.
It’s the biggest bet yet that Bitcoin will rise in price over the coming months. Someone believes the bear market is over – and is putting $100s of millions behind that belief.
There is a definite shift towards bullish market sentiment. Bitcoin mining difficulty has been steadily increasing over time, indicating that Bitcoin miners are backing a market recovery. The founder of the mining pool Poolin just 10 days ago said that he thought we had reached the bottom of the bear market.
It seems the bulls are back in town.