Investors have committed $16 million to Bitcoin futures, Bank of Russia report

Russian investors have bought Bitcoin futures worth more than $16 million in less than a month of trading, according to stats released by the Central Bank of Russia.

Private individuals account for the majority of purchases, the monetary authority noted, reminding Russian citizens that crypto derivatives carry similar risks to their underlying assets.

CBR gauges Russia’s new Bitcoin futures market

The Central Bank of Russia (CBR) has published statistical data revealing the size of the country’s young market for futures based on cryptocurrency prices. It added those numbers to the latest edition of its “Overview of Financial Market Risks.”

As of June 27, the total volume of open net positions of retail investors was approximately 1.25 billion rubles (over $16 million), the document unveiled. “The share of individuals in the total volume of long positions is 97%,” the regulator highlighted.

The trading of futures linked to the value of the leading cryptocurrency started on June 4 in Russia, when the Moscow Exchange launched contracts on the shares of BlackRock’s Bitcoin ETF (IBIT) expiring in September.

That became possible in late May when the CBR allowed financial institutions to offer crypto derivatives to qualified investors while warning both financial firms and their clients in Russia against direct investments in digital assets.

This week, it took the opportunity to reiterate its concerns. “It’s worth noting that these instruments carry increased risks for investors,” the monetary authority stated, emphasizing:

“Cryptocurrencies are volatile and risky, therefore, investments in instruments whose pricing depends on them will also have such characteristics.”

The most common positions, open by the majority of investors (2,800), are under 500,000 rubles (below $6,500), the report detailed.

At the same time, private investors controlling larger capital, with portfolios exceeding 100 million rubles, account for a significant portion of the invested funds, the central bank noticed. These are followed by other big players with capital ranging between 10 million to 50 million rubles.

“However, it is worth noting that the number of investors in these cohorts is relatively small, the Bank of Russia commented. It also remarked:

“The opposite short position is mainly occupied by non-resident legal entities.”

Crypto derivatives still out of reach for ordinary Russians

While recent reports have revealed that Russians hold over $25 billion worth of crypto assets, financial regulators in the country, including the central bank and the finance ministry, remain opposed to giving ordinary citizens access to cryptocurrencies or crypto derivatives.

In March this year, the CBR suggested to allow a limited number of investors to acquire and trade digital currencies like Bitcoin (BTC) within the framework of an “experimental legal regime” (ELR). The bank said these should be “highly qualified investors” only.

To fall in that category, which is yet to be legally defined, private individuals would need to prove annual income of 50 million rubles (over $600,000) or more and investments in securities or deposits exceeding 100 million rubles ($1.2 million), the authority proposed.

Meanwhile, a new study, the results of which were published by the business daily Vedomosti this week, showed that 52% of Russia’s qualified investors already have crypto in their wallets.

And another 38%, who haven’t bought yet, intend to do so in the future, bringing the total of those interested in crypto investments to 90% of the respondents.

The Central Bank of Russia, however, remains stubborn in its stance against Bitcoin. Its governor, Elvira Nabiullina, recently insisted the monetary policy regulator has no current plans to add cryptocurrencies to its reserves.

The CBR also rejects any possibility of permitting the use of digital coins such as BTC for payments within its territory, outside the ELR. The special regime allows Russian companies to employ BTC and other coins in international settlements with trading partners amid financial restrictions imposed with war-related sanctions on Moscow.

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