TD Ameritrade Reveals: Two-Thirds of Bitcoin Futures Traders Are Retail Investors

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At the 2019 New York Consensus Conference, Steven Quirk (EVP of TD Ameritrade) and Thomas Chippas (CEO of ErisX) discussed cryptocurrency adoption among retail investors. As one of the first approved brokers offering Bitcoin futures, TD Ameritrade serves over 11 million clients and recently invested in crypto exchange ErisX.

Institutional Interest vs. Retail Reality

While many speakers emphasized institutional involvement—dubbing 2019 "The Year of Institutions"—the panel revealed surprising data:

Bitcoin Futures Market Dynamics

With Bakkt's physically settled futures launching soon, the panel analyzed existing products:

  1. Physical vs. Cash-Settled: Chippas stressed the need for "time-tested tools" like commodity-style risk management.
  2. Consumer Demand: Quirk described overwhelming interest during their Hong Kong launch, noting sustained engagement despite price drops: "We handle 60,000 active traders in this complex system."

Volatility Debate

Quirk challenged traditional finance critiques:

👉 Discover how retail traders are shaping crypto markets

FAQ: Retail Crypto Trading

Q: Are institutions dominating crypto trading?
A: Not yet—retail investors still drive significant volume, especially in derivatives.

Q: Why do physical delivery futures matter?
A: They reduce counterparty risk and align with commodity market practices.

Q: Is crypto volatility unusual?
A: No—tech stocks historically showed similar patterns before maturing.

Market Evolution Outlook

The discussion highlighted:

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Keywords: Bitcoin futures, retail investors, TD Ameritrade, cryptocurrency volatility, institutional adoption, ErisX, crypto derivatives, Consensus Conference


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