RATE Group | CME Says Volume Surge Shows Strong Institutional Interest Before Bitcoin Halving
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CME Says Volume Surge Shows Strong Institutional Interest Before Bitcoin Halving

11 May CME Says Volume Surge Shows Strong Institutional Interest Before Bitcoin Halving

Posted at 12:24h in Bitcoin News by

Chicago Mercantile Exchange (CME) says record trading activity for its bitcoin derivatives reflects a strong institutional interest in the imminent halving event.

In a note sent out late on Sunday, the derivatives exchange said a strong “ramp up” in volumes over the past week showed institutional investors were getting exposure to bitcoin, most likely in preparation ahead of the supply-cutting event.

Primarily used by institutional and professional investors, CME said 844 unique accounts have begun trading bitcoin derivatives since the start of 2020 – more than double the number of new market entrants compared to the same period last year.

Average daily volume (ADV) for its bitcoin futures came in at 8,456 contracts year-to-date, more than 43% above the same time period in 2019, the firm added. Total volumes for bitcoin options contracts, which only launched in mid-January, are up to 2,250 contracts, with a record 216 contracts exchanged on May 6.

Open interest – contracts that…

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