Institutional Interest is Indeed Picking Up: CME’s Bitcoin Futures Contracts Adds 223 New Trading Accounts


  • Over April and May, bitcoin notional trading volume at CME Group was larger than the previous 6 months volume combined
  • Derivatives exchange’s bitcoin product registering a growth of 250% year-on-year
  • Meanwhile, Cboe’s last Bitcoin future contract settles on June 19, with no more to follow since first launching its Bitcoin futures contract in late 2017, CME Group announced its best month in May where it hit fresh highs in both volume and open interest.

On May 13th, when BTC price went from $6,800 to $8,100, CME Bitcoin futures contracts registered a notional value of more than $1 billion, for the first time.

In the entire month, the average daily volume recorded was more than 13,600 contracts or about $515 million in notional traded value in USD. This volume was up 36 percent since April and more than 250 percent year over year.

The number of contracts left unsettled or open interest also saw all-time highs of 4,602 total contracts that are up 80 percent since May 2018.

As a matter of fact, the bitcoin notional trading volume on CME registered over April and May surpassed the volume registered in the past previous six months combined.

What’s even more interesting and bullish is that the derivatives exchange states the bitcoin product added 223 new trading accounts last month. This is the highest level seen since January 2018, this is a sure sign that institutional interest in Bitcoin has picked up.

Cboe’s Last Bitcoin Future Contract Settles On June 19

While CME is enjoying tremendous growth, Cboe Global Markets Inc. is all set to settle the last Bitcoin future contract. On June 19, just about at 3 pm, Chicago time, last bitcoin futures contract will settle, with no more to follow.

Just about a year and a half ago, Chris Concannon, the then-president of Cboe called the leading cryptocurrency derivatives to be a game changer for finance as he said,

“Over the next 10 years we believe that the cryptocurrency market will explode in terms of the assets that they touch, the currencies that they involve.”

Cboe was the first US exchange to list BTC futures, that was shortly followed by CME. In March, the company stated it won’t be adding new Bitcoin contracts after the June expiration.

Cboe

“is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading, but we have nothing new to announce at this time,”

said spokeswoman Suzanne Cosgrove.

While Cboe has been the first, CME gained wider acceptance as in March the number of open contracts on CME was about six times that of Cboe. Since then, the cryptocurrency market has been on a bull run when as shared in the first section, CME registered record volume.

Bitcoin (BTC) Live Price

1 BTC/USD =$50,978.8682 change ~ 7.37%

Coin Market Cap

$950.45 Billion

24 Hour Volume

$19.12 Billion

24 Hour VWAP

$50.44 K

24 Hour Change

$3,758.84

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