Who Trades Bitcoin Futures and Why?

Date Author Names Title

Date	Author Names	Title
November 2021	Ferko, Alex, Moin, Amani, Onur, Esen, Penick, Michael	Who Trades Bitcoin Futures and Why?
Global Finance Journal, Volume 55, February 2023 https://doi.org/10.1016/j.gfj.2022.100778 We analyze the traders active in the Bitcoin futures (BTC) contracts traded on the Chicago Mercantile Exchange (CME) There are two primary trader types, those who hold almost exclusively BTC (concentrated traders) and those who hold BTC to diversify a broader futures portfolio (diversified traders). The prevalence of concentrated vs diversified traders changes over time. Diversified traders connect BTC markets to other futures markets through common holdings. Trader composition in the micro contract is different than that of the full-size contract.

November 2021

Ferko, Alex, Moin, Amani, Onur, Esen, Penick, Michael

Global Finance Journal, Volume 55, February 2023
https://doi.org/10.1016/j.gfj.2022.100778

We analyze the traders active in the Bitcoin futures (BTC) contracts traded on the Chicago Mercantile Exchange (CME)
There are two primary trader types, those who hold almost exclusively BTC (concentrated traders) and those who hold BTC to diversify a broader futures portfolio (diversified traders).
The prevalence of concentrated vs diversified traders changes over time.
Diversified traders connect BTC markets to other futures markets through common holdings.
Trader composition in the micro contract is different than that of the full-size contract.