CME Bitcoin futures surge for record breaking volume

posted 13 days ago
CME, the world's largest options and futures exchange, indicates there is currently an institutional driven rally for Bitcoin futures. CME Group tweeted a “desk update” declaring that its Bitcoin futures product recorded a new all-time record of 33.7K contracts sold in one day — shattering the prior records of 22.5K and 18.3K set on Apr 4th and Feb 19th, respectively.

Considering each contract is equal to 5 bitcoins, the total notional value of 33.7K contracts equates to more than $1 billion in total value traded. According to data from Bitwise, which adjusts reported Bitcoin spot volumes to account for fake volumes, the $1 billion plus worth of CME Bitcoin futures volumes in the prior 24 hours was almost double the Bitcoin spot volume on Binance and triple volumes on Coinbase.
Tags: bitcoin, news