The first Chicago Board Options Exchange (CBOE) Bitcoin futures contract closed Wednesday, Jan. 16 at $ 10,900 after a relatively hectic week in the crypto market had briefly raised the price of Bitcoin (BTC) below $ 10,000.

As of January 9, there were 1,907 short-term position contracts for CBOE Bitcoin futures. When the futures contracts were closed on January 16th, the BTC fell by about 36%.

Reuters reported that the closing of the futures contract was a victory of on bulls .

CBOE General Manager Ed Tilly told the Financial Times:

"[The] market had a good operational end and the settlement process worked as expected."

] CBOE launched the BTC futures trade on December 11, attracting so much transaction volume on their site that it temporarily dropped. On the day of the launch, BTC prices remained between $ 16,500 and $ 17,500

Taking a look at before their launch, a November 2017 CBOE blog by CFA speculator Russell Rhoads on the unknown potential of future Bitcoin reads:

"The question I hear constantly is:" How will futures prices be tied to the price of spot bitcoin ", and the best answer (and the most honest) is: "I do not know" […] I've heard arguments for futures both a premium and a discount over the spot price, personally I think that the best strategy is to see what the market tells us when future bitcoin are available for trading.]

CME Group launched the world's second Bitcoin futures contract on December 18, with each contract representing five bitcoins, while CBOE contracts each represent one bit The first CME Bitcoin contracts will expire on January 26th.

Cointelegraph wrote in early January that the publication of Bitcoin futures indicates that more institutions, such as those on Wall Street, agree to recognize Bitcoin as a legitimate asset.