CME Bitcoin Futures Reports All-Time Record Sales of 33,700 Contracts (Over $1 Billion) in a Single Day


  • CME Group’s Bitcoin futures product reaches 33,700 contracts, creating an all-time high.
  • The success of the product coincides with a new high for Bitcoin in the last 10 months.

The cryptocurrency industry had a good day, needless to say. Bitcoin managed to reach a high that it has not seen in 10 months, while the inflow that came into Grayscale’s trust product reached an all-time high of its own. Clearly, the institutional demand from investors is growing, but a report from The Block shows that CME Bitcoin futures had a lot to do with this massive institutional influx.

CME Group posted a tweet about this matter, saying that the Bitcoin futures product has reached a new all-time record. The record reached 33,700 contracts that were sold in a single day, though the previous record had been 22,500 and 18,300, which happened on April 4th and February 19th.

Every contract is worth 5 Bitcoins, which means that the 33,700 contacts are equal to $1 billion in traded value. Essentially, it is like holding 168,000 BTC. Bitwise’s data shows that this amount of CME Bitcoin futures volumes surpassed the previous 24 hours by twice over on Bitcoin spot volume for Binance. It also shows triple volumes on Coinbase.

https://www.theblockcrypto.com/wp-content/uploads/2019/05/cme-futures-ATH-1114x675.png

Bitcoin is presently trading at $7,970.75, rising by 12.89% in the last 24 hours, as of 10:55 pm PST. The majority of altcoins are also seeing increases tonight as well.

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