Spectrum Markets, the pan-European marketplace for securitized derivatives, has registered a surge in overnight trading activity on bitcoin-related productsin the hours following the SEC’s announcement regarding the approval of the first Bitcoin ETF.
In this period of time, the trading volume of bitcoin-related instruments on Spectrum was five times higher to the daily average recorded in the previous three months, with a significant peak between 10pm and 11pm, where almost 29% of the activity was carried out. Typically, trading in bitcoin-related instruments during these hours represents around 8%.
Spectrum Markets was the first regulated trading venue to make bitcoin-related derivatives available on a pan-European basis, 24 hours a day, five days a week, a particularly important aspect for this volatile asset that is also traded outside of traditional stock exchange hours.
“Investors have been waiting a long time for this news and have been very quick to respond, taking advantage of the 24-hour trading ability on Spectrum to react immediately to the SEC’s announcement. We continue to see that there are individual investors across Europe who are keen to invest in bitcoin, but want to do so in a regulated environment,” he explains Nicky Maanceo di Spectrum Markets.
“In this sense, we welcome the SEC’s decision, as allowing US investors to access bitcoin through a highly regulated and transparent shell such as an ETF responds to this increasingly widespread desire for greater regulatory protection on this asset class . In the European Union, a Bitcoin ETF is not yet possible under current legislation, as the UCITS Directive does not allow a single reference price for the underlying of an ETF. To remain competitive with the United States, EU rules should be changed, so as to prevent European flows from being carried out abroad,” concludes Maan.