The Brazilian stock market B3 has reached a major milestone by starting to trade Bitcoin futures. On its first day of business, 7,400 Bitcoin futures contracts were actively traded, which is huge.
Since March, when B3 announced it would start offering Bitcoin futures, there has been a huge increase in demand and interest from BTC fans who want to participate in the new market. More than 7,400 BTC futures contracts changed hands on the exchange’s first trading day, which was a record-breaking day for trade.
Bitcoin Futures Demand Surges, Highlighting Brazilian Enthusiasm
This incredibly high level of trading activity shows how interested buyers are in cryptocurrency derivatives and how traders and fans in Brazil want to get more exposure to Bitcoin.
B3 said there was such a high demand for BTC futures that its trading site saw 111,000 buy or sell orders. People in the market were very interested in the new contracts. Marcos Skistymas, Director of Listed Products at B3, said the high demand was since B3 had just released its first derivative tied to a cryptocurrency.
Skistymas said that Bitcoin futures are a “suitable instrument” that could be used as a hedge against BTC itself. This would give buyers in Brazil a way to handle the risks associated with cryptocurrency price changes.
Investors can guess the price of BTC with Bitcoin futures contracts, without having to buy BTC itself. Because BTC’s price is naturally volatile and goes up and down, it can be hard to predict it correctly. When BTC futures were added to B3, they gave buyers a safe way to bet on how the price would change.
Even though Bitcoin is very unstable and its price changes constantly, the launch of BTC futures on B3 is an important move forward for buyers in Brazil. These regulated financial vehicles will help them spread their investments in new ways.
Beginning of the year, BTC was worth less than $50,000. In March 2024, it was worth more than $75,000, which was its all-time high. The coin’s price has dropped by 0.09% in the last month, according to CoinMarketCap. It is now worth $66,129.
