Bitcoin and Major Cryptocurrencies Are Weaker After CME Denied Reports of Listing XRP and SOL Futures

Despite BTC's continued range play above $100,000, retail demand remains robust.

Bitcoin and most major cryptocurrencies dropped on Thursday after the Chicago Mercantile Exchange denied reports that the exchange would be listing futures contracts linked to XRP and SOL. The institutional activity proxy earlier confirmed the launch of micro bitcoin futures.

Meanwhile, traditional markets are largely awaiting the Bank of Japan’s expected interest-rate increase on Friday.

Despite BTC’s continued range play above the $100,000 level, retail demand for the flagship cryptocurrency remains strong. According to Glassnode, the shrimp-Crab cohort, which includes addresses holding up to 10 BTC, have absorbed 1.9 times the newly mined supply last month, totaling over 25,600 BTC.

In other developments, dropping below the $100,000 price level might be crucial, as OTC trader Jake Ostrovskis believes that it would "frame Monday's inauguration as a sell-the-news event and the narrative could switch pretty quickly."

Key Takeaways

Bitcoin and most major cryptocurrencies dropped on Thursday after CME denied XRP, SOL futures reports.

The institutional activity proxy earlier confirmed the launch of micro bitcoin futures.

Traditional markets are largely awaiting the Bank of Major institutional activity proxy Chicago Mercantile Exchange (CME) refuted earlier reports on Thursday, stating that the exchange has not yet announced any upcoming futures contracts tied to XRP or solana (SOL).

The denial comes after several media outlets, including Bloomberg, reported on Wednesday that CME was preparing to launch XRP and SOL futures in the second quarter.

However, the exchange did announce the launch of micro bitcoin futures on Wednesday, which will be available for trading on Monday, Jan. 23. The new contract is notably one-tenth the size of CME’s standard bitcoin futures.

Bitcoin and most major cryptocurrencies showed signs of weakness on Thursday after CME denied earlier reports that the exchange would be listing futures contracts linked to XRP and solana (SOL).

The institutional activity proxy earlier confirmed the launch of micro bitcoin futures, while markets also awaited the Bank of Japan’s expected interest-rate increase on Friday.