Institutions have bought Bitcoin in a big way, and the average daily trading volume of CME futures has increased by 250% compared with the same period of last year.
According to the Chicago Mercantile Exchange (CME) report, in May this year, CME bitcoin futures trading volume and open trade volume both broke records. In a liquidity report, CME disclosed that Bitcoin trading volume increased significantly in May, with 223 new trading accounts, the most successful month since the launch of Bitcoin futures products in December 2017.
Average daily volume was 13,777 contracts, a 36% increase from April and a 250% increase from the same period last year.
Tom Lee, research director at Fundstrat, said
“This is very optimistic, as the growth in Bitcoin futures trading reflects the increase in institutional funding.”
While the Chicago Mercantile Exchange (CME) bitcoin futures hit a record high, the Chicago Options Exchange (Cboe), the world's largest option market, is exiting the Bitcoin futures market.
In mid-December 2017, Cboe became the first US exchange to trade on Bitcoin futures in the US, but now Cboe is expected to settle its last bitcoin futures contract on June 19. Previously, in March, the company announced A new bitcoin futures market will not be launched and will re-evaluate its derivatives, Cboe Bitcoin (US Dollar) Futures (XBT).
“CFE will not add Cboe Bitcoin (USD) (“XBT”) futures contracts for March 2019. CFE is evaluating how it plans to continue to provide digital asset derivatives for trading. Although CFE is considering the next steps However, it is not currently planned to offer more XBT futures contracts for the transaction. The currently listed XBT futures contracts are still tradeable."
The full rebound of Bitcoin in 2019 attracted a lot of institutional funds. Since the beginning of this year, Bitcoin has risen more than 120%, and the yield far exceeds that of the US stock market. According to the data, on May 13, as the bitcoin price broke through $7,000 in a short period of time and approached the $8,000 mark, the average daily transaction volume of the Chicago Mercantile Exchange (CME) bitcoin futures market exceeded $1 billion. CME said on Twitter that its bitcoin futures reached a record high of 33,000 contracts on May 13th, a 50% increase from the 25,000 transactions on April 4, with a total transaction value of more than $1 billion.
The voice of the institution entering the cryptocurrency has not stopped, perhaps this time the organization really wants to come.
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