CME Bitcoin Futures Supported by Paul Tudor Jones Bet on Bitcoin

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  • Paul Tudor Jones was considered the greatest investor for Bitcoin’s future market.
  • This indicated that Jones’ fund may have been put on the CME bitcoin futures market.
  • It indicates large traders and whales pouring their wealth into the Bitcoin contract at historic levels. 

Paul Tudor Jones was considered the greatest investor for the Bitcoin futures market. The news of Jones’ funds being allocated to the bitcoin futures, flooded the newspapers last week. After digging deep into the matter, we found that the news coincided with the trading activity in Chicago Mercantile Exchange CME’s bitcoin futures market. This indicated that Jones’ fund may have been put on the market. People are still not sure about what to make out of the data from the derivatives giants and whether it indicates large traders pouring their wealth into the contract at historic levels. 

According to the latest CFTC Commitment of Traders, more than 25 bitcoins (approx $217,000) “large open interest” holders, especially traders with future positions, hit a fresh all-time high of 66 traders. 

What are the sources of these funds?

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This all started when CME’s bitcoin future got its hot streak when their firm saw more than 560 active trading accounts in the first quarter. Which oversees the number of new accounts for the first quarter of 2019.  

Along with that, the open interest in the contract also increased to $368 million. 

In the light of Jones buying bitcoins:

On March 30th, Renaissance Technologies said that its Medallion funds have been permitted to enter into the bitcoin futures transactions. It must be duly noted that RT is the best company for pioneering quantitative-based investing. It has about 75 billion dollar hedge funds. The firm also confirmed that it would start limiting its trading activities to contracts trades on the CME.

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According to data compiled by The Block, the long open interest from hedge funds has surged to 10 month high. It hit $150 million on May 5th. 

There is about 50% growth in open interest from other traders and smaller accounts. This data indicated that it is not that just the funds are pouring into the product. There are sources which confirm that there has been a significant increase in bitcoin among wealthy clients. 

So, seeing that bitcoins are the future. The day doesn’t seem to be that far when the world will change the course of trading. 

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Akhilesh Agnihotri
Akhilesh is an engineer and research subordinate working with as a part of the research team and do research work on Cryptocurrency and Blockchain. His curiosity in research and writing brings him to, He believes writing is all about expressing the thoughts with words and spread information backed by well-researched work.

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