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FX CRYPTOCURRENCIES Chart 1.12 December 10, 2017 – Bitcoin at $14,661


especially one based in the Far East. He had these Japanese buyers who sometimes paid a couple of hundred bucks over spot when Japan and South Korea traded at hefty premiums to the rest of the world. I sold 100 BTC at a clip until he was done, or I had run out of money on the exchange trading at a discount. Now the arb is completely gone, never to be seen again perhaps with the exception for South Korea because of its capital controls.


CBOE Bitcoin Futures Launch


Chart 1.13 December 22, 2017 – Bitcoin at $14,253


CBOE launched Bitcoin futures a week ahead of its rival, CME. There was huge anticipation for these products to start trading as seen in the runup in price in chart 1.10. Note how Bitcoin again completed a perfect 1:1 ABC down and stayed inside the falling trend channel in true textbook fashion.


Chart 1.14 December 27, 2017 – Bitcoin at $15,719


needed to give myself as much of an advantage as possible. Chart 1.9 shows how I timed selling Kraken at or close to spot when the arb was present simultaneously with a trendline break lower on Bitstamp. Back


22 FX TRADER MAGAZINE October - December 2018


in 2017, before the icebergs, the true depth of the orderbook was visible to everyone, so it was easy to gauge what volume was available to arbitrage.


I also arbed via brokers and


Price came back to the longer term rising trendline on lower volume and stabilized as shown in chart 1.11. That presented a perfect small long entry, adjusting position size for event risk and weekend liquidity.


Te obvious place to book profits later was just shy of the falling trendline as shown in chart 1.12.


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