CME Bitcoin Futures Top $1 Billion For The Third Time

Shailesh  |  Feb 20, 2020

The markets related to Bitcoin futures have recently been quite active and seeing great daily volumes. Yesterday, the CME Bitcoin futures market's daily volume exceeded $1 billion again for the third time.

Lately, the Bitcoin futures market's demand has been increasing— led by enthusiasm about the leading digital currency’s hopes for this year. The halving event is scheduled for May, interest continues growing, and it has reflected in the rising volumes of the futures market. The CME volume for Bitcoin futures showed a remarkable $1.1B in daily trading volume.

$1.1bln bitcoin futures traded yesterday at CME after the long weekend - only third time we record > $1bln pic.twitter.com/dxoblqOvUb

CME Bitcoin Futures Becoming Popular Again

This enormous volume was something that people haven't seen in months. In May 2019, CME posted $1 billion in Bitcoin futures trading volume for the last time. In comparison, CME Bitcoin futures' daily trading volume was usually below $300 million, in a few cases, for much of December. Presently, CME Bitcoin Futures markets have become a hot topic of the financial world.

Bitcoin Price Is The Reason For Such Growth

Of course, Bitcoin’s price has firmly caused a steady growth in Bitcoin futures activity. On 1st January, Bitcoin was trading around $7,300 but, at the time of writing, had a notable rally to $9,790.

However, growth in futures volume was not suggestive of positive price movement significantly. Also, traders could be gambling on Bitcoin’s falling lower. However, it was a clear indicator of market demand and activity. Put differently, more people were moving towards Bitcoin than they month in past months — and might be a good indication for the market overall.

Commonly speaking, an open interest growth within futures markets was a bullish sign for a longer period — if these trading volumes continued and could set a new trend.

Related News