On January 17, 2018, while the global price of bitcoin withered like a flower (if only temporarily), the notional value transacted in Gemini's bitcoin auction reached staggering new heights.
This afternoon, a stunning 616.86 bitcoin were sold for $10,900 each during Gemini's 4 p.m. auction. This corresponds to a notional value of $6.72 million, an apparent all-time high for the digital asset exchange.
Notably, today's 4 p.m. auction price ($10,900) determined the final settlement price for CBOE's first bitcoin futures, which might help explain the unusually high volume. While market volatility is pretty typical in the cryptocurrency world, the massive uptick in volume and market-wide fluctuations lead one to wonder if there was is something more nefarious at play.
Before today, an average of 46.42 bitcoin were sold during Gemini's 4 p.m. auctions in the month of January 2018.
4 p.m. ET Gemini Auction Data XBT/F8 Trading Data
Data for CBOE's January bitcoin futures have been hard to come by, but clearly the XBT/F8 contracts slipped in value since they were introduced in December 2017.
ETHNews has reached out to CBOE for additional metrics, so stay tuned for additional coverage.