What the bitcoin derivative markets are telling us

Earlier this week our research highlighted institutional flows into the Grayscale Bitcoin Trust (only qualified accredited investors can invest directly in GBTC with a minimum investment of $50,000) reaching an all-time high. New data from both the CME Group and bitcoin ETP provider Coinshares (Bitcoin XBTE - Euro) reaffirms outsized demand from institutional/accredited investors for bitcoin financial products.

Elsewhere, synthetic-options platform Deribit also registered its highest volume day this week, as the implied probability of bitcoin prices ending the year at or above $10,000 shifted to 50%, up from 20% at the end of April.