Daily trading volume of CME Bitcoin futures hits lows for the year, the market remains bullish
The daily trading volume of CME's bitcoin futures hit a 2020 low on the last trading day of last week, but this may be a bullish signal for the market.
Data from Skew Markets shows that the daily trading volume of CME Bitcoin futures was $ 112 million last Friday, the lowest level since December 31 last year, when its trading volume was $ 118 million.
In the past week, CME's bitcoin futures trading volume has experienced a sharp decline. Last Tuesday, CME's bitcoin futures trading volume was $ 1.1 billion, which is also the first day since June 27, 2019 that the daily trading volume has exceeded $ 1 billion.
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In the last three trading days of last week, although CME's daily trading volume of bitcoin futures plummeted, open interest positions remained near the seven-month high of $ 338 million set on February 14.
Open interest refers to the number of unfulfilled futures contracts, and trading volume is the number of contracts traded during a specified period. The increase in open positions as trading volume declines is often considered a signal that investors are confident in their choice.
In this case, the market will usually continue the previous trend. In the first six weeks of 2020, the price of Bitcoin rose by more than 50% from a low of less than $ 7,000, and once exceeded $ 10,000.
The rise in the bitcoin spot market has also been affected by open positions and increased trading volume in the crypto derivatives market. During the first six weeks of this year, CME's daily trading volume of bitcoin futures increased from $ 176 million to $ 1.1 billion, and open positions increased from $ 127 million to $ 338 million.
According to the comparison data, bitcoin with the highest market capitalization is currently oscillating below $ 10,000, but market sentiment is still optimistic.
Image source: Pixabay
Author Xiu MU
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