Bitcoin Futures Take Off in Brazil: 7,400 Contracts Traded on Debut Day B3, the Brazilian stock exchange, witnessed a
surge in demand for its bitcoin futures contracts as it recorded a staggering 111,000 orders on April 17. This
robust interest from investors translated into an impressive 7,400 contracts being exchanged on the very first day.
Marcos Skistymas, the Director of Listed Products at B3, emphasized the
significance of this new offering for Brazilian investors. With these futures contracts, traders now have a powerful tool to
hedge or speculate on bitcoin's price movements.
"The market's response to our bitcoin futures has been overwhelming," said Skistymas. The launch of this
pioneering derivative reflects B3's commitment to diversification and innovation.
In March, B3 received the green light from the Brazilian Securities and Exchange Commission (CVM) to introduce these bitcoin derivatives. While the exchange already boasts 14 cryptocurrency ETFs, this move represents a strategic step towards expanding its product portfolio.
Each contract is valued at 0.1 BTC and settles monthly using the Nasdaq Bitcoin Reference Price (NQBTC) index. It's important to note that these contracts are settled in Brazilian reais and do not involve any actual buying or selling of cryptocurrencies.
With such a strong start, it seems that Brazil's appetite for bitcoin futures is poised for further growth in the coming months.
