CME Group Bitcoin futures for May (K) contract expired this morning. The Bitcoin Reference Rate settled at $7,493.94 and trading in May futures straddled the theoretical rate by $10 early in pricing period and $5 in last 10 minutes of pricing period. CryptoFacilities publishes the Reference Rate and more info can be found here.
Research is considered a very important part of the value-added by portfolio managers. Huge costs of structuring a research department require most firms to buy research from the sell side (investment banks and brokers). In-house research teams also like to supplement their research with alternative views from the sell side.
The goal in trading is to get ahead of the herd. It’s best to anticipate what’s going to happen in the next five to 60 days and focus on major events. Is the top analyst going to upgrade a stock before earnings? Will global macro traders try to position hawkish or dovish around the next FOMC statement? Will the next crop report show more supply or demand? These are the questions; the answers to which will move markets.
We are accustomed to splitting trading into technical and fundamental buckets. Both involve crunching data; one set includes market fundamentals and the other pure price data. Alternative data is a third bucket that is gaining traction.