The Chicago Mercantile Exchange (CME) is currently registering an average daily trading volume of $370 million in Bitcoin futures. This is according to the Managing Director of the CME Group, Tim McCourt. This represents an increase of 132% compared to the same period last year.
BTC Futures Daily Volume At The CME Expanded 132%
The CME is reporting a very important growth in the average daily trading volume of Bitcoin futures. As per Tim McCourt, traders’ activity has grown significantly on a year-on-year basis. About it, he explained that bitcoin futures are averaging 7,237 contracts per day, representing a 132% increase from the same period last year.
In addition to it, there is a growing interest from investors in digital currencies, including Bitcoin. The average daily trading volume of Bitcoin futures increased to $370 million.
On the matter, Mr. McCourt commented:
“There is a lot of broad investor interest in cryptocurrency, as well as growing interest in a variety of applications for cryptocurrencies and blockchain technology. It will be interesting to see how this new market continues to grow and scale.”
He went on saying that at the CME they are focused on educating investors and making sure their customers have the necessary tools to invest in digital assets. Bitcoin is a very volatile and risky asset that was created around 10 years ago. Several larger investors do not want to invest in this cryptocurrency because they don’t understand how it works and how it can improve their portfolios.
In addition to it, the best month for Bitcoin futures contracts at the CME was May 2019. As McCourt mentioned, it was a record for the CME. On average, more than 13,600 contracts were traded every single day. They also want to help bitcoin market participants understand their risk and manage it in the best possible way.
It is worth mentioning that the Chicago Board Options Exchange (CBOE), stopped listing Bitcoin futures earlier this year. The reason behind this decision is related to falling interest in cryptocurrency trading. However, this seems not to have applied for the CME that is registering record volumes and it continues offering Bitcoin futures trading to institutional and larger investors around the world.
At the time of writing this article, Bitcoin is being traded around $9,622 and it has a market capitalization of $172 billion, according to CoinMarketCap.