The Days of Futures Halting Bitcoin From Passing $1 Trillion Are Likely Over. When the established derivatives exchange launched the product, BTC surged dozens of percent higher in the days that followed, only to crash from $20,000 to around $6,000 within two months. The timelines suggested that it was the futures market that depressed prices.
To fund their operations, exchanges need to sell coins, which they obtain by taking trading fees from investors. Woo is arguing that after the halving, it will be the exchanges that are selling Bitcoin. Futures exchanges, especially, he explained.
Along with futures exchanges creating selling pressure, Woo added that they likely increase volatility, noting how large traders Invest Bitcoins hyip are incentivized to liquidate the majority by creating volatile price action.
Considering that futures are now dominating the market, explaining that futures trading is slowing down the vision of Bitcoin exceeding $1 trillion, then $10 trillion in the future.
According to market data shared by traders, the ongoing move, the one that brought Bitcoin from the $6,000s to $10,000 today, was driven by the spot market. This means that the somewhat-bearish thesis laid out regarding futures is partially invalidated.