BTSE Completes Its First BraveNewCoin (BNC) Index Trading Competition!
BTSE has completed its BNC index trading competition!
What Is The BNC Index?
On November 12, BTSE announced the launch of spot and futures trading for a new basket index named BBCX, made possible via collaboration with media, research, and data outlet BraveNewCoin (BNC). The BBCX index captures the market movements of a basket of main coins.
The BBCX index takes a weighted average of Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) prices from different exchanges and composes them into a single index price representing all three assets.
The BraveNewCoin BBCX Index uses a free-float market cap, valued in U.S. dollars (USD), to decide what weight to give each asset as part of the overall average. These weightings are set at the start of each quarter and do not change until the beginning of the next quarter.
The asset weightings for the current quarter are BTC, 60%; ETH, 33.25%; and LTC, 6.75%. These numbers are changed each quarter based on each asset’s market capitalization and performance in the market. BTSE has launched the monthly and quarterly futures market that settles to the BBCX index.
Prices for the three assets backing the BBCX index are derived from multiple exchanges’ order books, protecting against market manipulation while also providing a well-rounded overview of asset prices. The BBCX index pulls from Bitstamp, Kraken, Bitfinex, BTSE, and Coinbase Pro order books.
As part of its BBCX index launch announcement on November 13th, BTSE also unveiled a trading competition centered around the index.
The competition began on November 14, touting a prize pool worth more than 16 BTC, based on performance. Winners were also evaluated based on two PnL (profit and loss) tiers - dollar PnL and percentage PnL.
Both tiers had the same prizes, paying 5 BTC for first place, 2.5 BTC for second place, 0.5 BTC for third place, and $500 in futures trading capital for fourth and fifth place.
The competition was specific to BBCX index spot and futures trading, meaning only profits made while trading the BBCX index counted toward the competition results.
The winners will be announced here.
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