[2017-12-26] ET: Bitcoin is ready to lose more weight, reveals Cboe data

Bitcoin is ready to lose more weight, reveals Cboe data

https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-is-ready-to-lose-more-weight-reveals-cboe-data/articleshow/62247536.cms

Indian investors in bitcoin, beware. Early trends on Cboe Futures Exchange (CFE) show that the crypto currency could be in for further correction since hitting a new high last Monday. CFE, home to volatility futures Cboe Vix, launched trading in bitcoin futures on December 10.

The near month contract expiring on January 17, 2018, witnessed a steady rise in open interest (OI) accompanied by a price correction of almost 27 per cent to $13960 a contract (1 contract equals one bitcoin) last week. A rise in OI along with steep price correction is indicative of traders mounting huge bearish bets on a traded contract.

Though refraining to comment on the bitcoin itself, Rajesh Palviya, derivatives head at Axis Securities, said, "The signs (jump in OI and price fall) point to a corrective trend."