Is $33m really a lot if institutional investors want to position themselves before futures become tradeable? For a $10bn hedge-fund (and there are a few of those) that's only 0.3% of assets.

EDIT: As I write this, levels with sell orders of 100BTC often get cleared in less than a second. Probably because people who would sell aren't aware where the price is now but for now, demand seems to clearly dominate.

$33M seems like really light volume.

for reference just one midcap biotech stock i looked at has like $700M in volume in just the first half of the trading day. thats just exectued trade volume; the order book would be much larger