In line with a recent official announcement by the Chicago Mercantile Exchange ‘CME’, the average dailytradingvolume [ADV] of Bitcoin futures hasredoubled byaround 41%in Q3 over Q2,whereasopen interest [OI] orthe no.of open contracts on Bitcoin futures — has been upbyover 19%within theQ3.
Compared to the results of the Q3 overthe Q1, thetradingdynamics havecurrentlybeen growing at a slower pace than in Q3. Earlier on 20th July, the CMErevealedthat Bitcoin futurestradingin Q2 had seenan outsizedincrease, with ADV and OI upover 93%and58%%over Q1,considerably.
CMEgroupisone ofthe majorinternationalexchangesand therefore thelargestoptions and futures contracts OI of anyfutures exchange marketwithin theworld.The firmhadadditionally launched Bitcoin futurestrading earlieron 17th Dec., 2017, shortly after the launch of BTC futures by the Chicago BoardOptionsExchange [CBOE] on 10th Dec.
Earlier in Oct., crypto analyst and host of CNBC’s show Cryptotrader Ran Neu-ner hadforetoldthat the price of Bitcoin[BTC]is “about to explode”within thewake of theupcomingdecisiononmanyBitcoin Exchange-Traded Fund [ETF] applications by the U.S. Security and Exchange Commission’s [SEC].
While stating further Neu-ner compared ETFs with Bitcoin Futures, claiming that the expectation of the Bitcoin futures contracts created the major digital currency rally rise from around $6,690 USD [on Nov. 11th] to around $20,000 USD [on Dec. 17th].
Recently, Bloomberg also added that the CMEwasn’treaching tointroduce futures on any cryptocurrenciesaside fromBitcoinwithin themerefuture. Terry Duffy, CEO of CME, had reportedlyrevealedthatthe corporateought toprimarilywork on the approach to Bitcoin futures, since it “mighthave beenthe foremostcontroversial launch of a product.”
Even earlier this year, theFederalBank ofSan Franciscoalleged thata pointydeclinewithin thecrypto markets in 2018 had been caused by the Bitcoin futures launch. The bankaddedthat itconsideredthat the “subsequent fallwithin theprice”whenBTC futurestradingdidn’tseemto be a “coincidence.”