Wall Street banks bought a large amount of Bitcoin futures in the weeks before the US presidential election, and their book profits may exceed $1 billion

Odaily Odaily News According to data from the Commodity Futures Trading Commission (CFTC), Wall Street banks began buying large quantities of Bitcoin futures a few weeks before the U.S. presidential election. Their timing was appropriate because the cryptocurrency soon soared from $62,000 to nearly $90,000. According to the Commodity Futures Trading Commission's November 5 trader position report, some large banks have held long positions in Bitcoin futures worth $3 billion on the Chicago Mercantile Exchange (CME). This huge bet is equivalent to buying about 10,564 net new contracts (about 52,820 BTC). Based on the recent high of BTC near $90,000, these Wall Street banks may have been sitting on up to $1.4 billion in book profits. (Forbes)