June Sees CME Bitcoin Futures Soar as Sign-Ups Increase by 30%, Records $1.7B in Notional Value
- By the last week of June (2019), the number of CME BTC futures contracts had risen to their all-time-high of around 6,069.
- When compared to currencies like Ether, Bitcoin Cash, futures contracts offer their owners with a much higher level of economic stability and reliability.
As many of our regular readers are probably already aware of, CME’s bitcoin futures offerings have been steadily growing in popularity over the past 6 months or so. To put things into perspective, we can see that over the course of June alone, CME set an all-new record for ‘open interest in regards to its futures contracts’, with the exchange also witnessing a massive increase in its number of new account sign-ups.
As things stand, a little over 2,960 individual account holders have traded CME Group’s bitcoin (BTC) futures.
Since the start of 2019, more than 950 new clients have joined CME — thereby marking a 30 percent increase in the firm’s overall sign-ups.
The number of individuals who now own contracts worth at least 25 Bitcoin stands at 49. This figure previously lay around the 45 mark.
As per a recent interview given by a spokesperson for the CME, open interest in CME’s BTC futures has been surging over the past 6 months. For those of our readers who may not be aware of what the term ‘open interest’ means, it basically refers to all of the outstanding derivative contracts that have yet to be settled by a financial institution.
According to a number of economists and finance experts (such as Gareth Mcloed), this increase in open interest could be a sign that the traditional finance market is now starting to take a keener interest in the crypto sector.