CME Bitcoin futures surge for record breaking volume

posted 5 months 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