CME Bitcoin Futures Volume Reaches Record Highs During the Month of May 2019

  • CME currently makes use of a one hour period — between 3PM to 4PM every day— during which it calculates its CME CF Bitcoin Reference Rate (BRR).
  • This metric standard is used by the derivatives exchange to calculate the monetary worth of its futures contracts.As per an all-new announcement released by the CME Group earlier today, the company’s Bitcoin futures offering witnessed its best month since the product was launched into the market back in 2017. To be a bit more specific, we can see that over the course of May 2019, CMEs aforementioned crypto offering experienced fresh highs — both in volume as well as open interest.

Some Technical Data to Consider

  • The daily average volume for CMEs BTC Futures last month “finished at more than 13,600 contracts, or ~$515 million in notional USD traded value”.
  • Additionally, we can also see that the novel offering’s value is up by 36% since April. Not only that, over the course of the past 12 months, the value of the products has surged by over 250%.
  • Open interest related to this offering has also increased to its ATH — of more than 4,600 total contracts — since May 2018 (up by nearly 80%).
  • As per a recent report released online, over the course of the past 40 odd days, CME has added 223 new BTC-related trading accounts to its existing service profile.

Final Take

Despite the price of BTC taking a slight beating over the last 2-3 days, it appears as though the market at large is on its way to becoming stable once again. It now remains to be seen what the future has in store for the flagship crypto asset.

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