Bitcoin Futures Demand Surges in Brazil: Over 7,400 Contracts Traded on Launch Day
The launch of bitcoin futures contracts on Brazil’s stock exchange, B3, has seen a tremendous response from investors. On the first day of trading, a total of 7,400 contracts were exchanged, with the instrument reaching a peak of 111,000 orders displayed on the screen. B3, which already offers bitcoin ETF contracts, introduced bitcoin futures as part of its strategy to attract a wider range of investors.
The surge in demand for the bitcoin futures contracts has been notable. B3’s stock operator revealed that the instrument peaked with 111,000 buy or sell orders on April 17, indicating a significant interest from investors. As a result, a total of 7,400 bitcoin futures contracts were traded on that same day.
Marcos Skistymas, the Listed Products Director at B3, emphasized the importance of offering this type of product to Brazilian investors. He stated that the futures contracts provide a suitable tool for investors to protect themselves or speculate on price variations. Skistymas acknowledged the market’s high demand for B3’s bitcoin futures contract and attributed it to being the first derivative linked to a cryptocurrency on the stock exchange.
B3 received approval from the Brazilian Securities and Exchange Commission (CVM) in March to list these bitcoin derivatives contracts. While the stock exchange already offers 14 cryptocurrency ETF products, the introduction of native bitcoin futures contracts is part of a diversification strategy. Felipe Gonçalves, the superintendent of interest and currency products, explained that the move aims to expand the range of investment options for investors.
Each bitcoin futures contract holds a value of 0.1 BTC and uses the Nasdaq Bitcoin Reference Price (NQBTC) index for settlement. The contracts are traded in Brazilian reais and are financially settled, meaning that no actual buying or selling of cryptocurrency occurs. Settling occurs on a monthly basis.