US Banks Make Billions in Bitcoin Futures Despite Restrictions

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Cointime2024/11/13 13:00

By:Cointime

Data from the Commodity Futures Exchange Commission (CFTC) shows that despite not being allowed to hold bitcoin directly, most U.S. banks have taken long positions in bitcoin futures. The current position is the most bullish position taken by banks since the CME started offering this future on bitcoin in December 2017. Banks may be sitting on a paper profit of as much as $1.4 billion based on the recent high of nearly $90,000. The crypto market has seen a surge in activity, with a 37% increase in market value over the last four weeks, likely due to expectations that the new crypto-friendly Trump administration will ease restrictions on digital asset ownership and support sectors like bitcoin mining. The market is seeing a 31% chance of the price of bitcoin closing at $100,000 this year, according to CEO Luuk Strijers.

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Share link:In this post: Wall Street’s biggest banks are finally backing Trump’s pro-crypto agenda after his new executive order cleared regulatory hurdles. Trump stacked his administration with crypto advocates, like SEC pick Paul Atkins and Treasury nominee Scott Bessent, to drive his plans. The SEC scrapped its restrictive accounting rule, SAB 121, letting banks hold crypto without the crushing capital requirements.

Cryptopolitan•2025/01/26 05:55