Shattering Records in Bitcoin Futures
In May 2019, the Chicago Mercantile Exchange (CME) Group experienced a surge in Bitcoin futures trading that left many in the finance world raising their eyebrows and perhaps even doing a happy dance. With an astounding average daily volume of $515 million, Bitcoin futures entered the spotlight like a rockstar making an electrifying comeback.
Trading Activity on the Rise
According to Tim McCourt, managing director at CME Group, things were looking pretty hot in May. Traders were busy logging in with an average of over 13,600 contracts being traded each day – that’s equal to a staggering 68,000 equivalent Bitcoins! Can someone say “crypto boom?”
May’s Record Day: A Day to Remember
May 13 was a particularly wild day for Bitcoin futures. On that fateful day, a record-breaking 33,677 contracts were traded, making it a blockbuster equivalent to over 168,000 BTC valued at approximately $1.705 billion! Talk about a Bitcoin party!
Year-to-Date Insights
While May was a standout month, the overall picture for the year-to-date isn’t too shabby either. The average number of Bitcoin futures contracts traded stands at 7,237 per day, which is worth around $62.9 million. It seems traders don’t plan on putting away their trading caps anytime soon!
What’s Driving This Surge?
So what’s behind this meteoric rise in trading activity? McCourt emphasizes the growing interest in cryptocurrency applications and blockchain technology, stating,
“It will be interesting to see how this new market continues to grow and scale.”
He also highlights CME Group’s focus on education to equip customers with the necessary tools for strategic decision-making in the world of crypto.
What Lies Ahead?
As if that wasn’t enough excitement, the month of August brought even more buzz when Bakkt announced its launch date for Bitcoin futures trading was set for September 23. With new platforms entering this space, the Bitcoin trading landscape might just get even more thrilling!
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