In line with a recent official announcement by the Chicago Mercantile Exchange ‘CME’, the average daily trading volume [ADV] of Bitcoin futures has redoubled by around 41% in Q3 over Q2, whereas open interest [OI] or the no. of open contracts on Bitcoin futures — has been up by over 19% within the Q3.
Compared to the results of the Q3 over the Q1, the trading dynamics have currently been growing at a slower pace than in Q3. Earlier on 20th July, the CME revealed that Bitcoin futures trading in Q2 had seen an outsized increase, with ADV and OI up over 93% and 58% % over Q1, considerably.
CME group is one of the major international exchanges and therefore the largest options and futures contracts OI of any futures exchange market within the world. The firm had additionally launched Bitcoin futures trading earlier on 17th Dec., 2017, shortly after the launch of BTC futures by the Chicago Board Options Exchange [CBOE] on 10th Dec.
Earlier in Oct., crypto analyst and host of CNBC’s show Cryptotrader Ran Neu-ner had foretold that the price of Bitcoin [BTC] is “about to explode” within the wake of the upcoming decision on many Bitcoin 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 CME wasn’t reaching to introduce futures on any cryptocurrencies aside from Bitcoin within the mere future. Terry Duffy, CEO of CME, had reportedly revealed that the corporate ought to primarily work on the approach to Bitcoin futures, since it “might have been the foremost controversial launch of a product.”
Even earlier this year, the Federal Bank of San Francisco alleged that a pointy decline within the crypto markets in 2018 had been caused by the Bitcoin futures launch. The bank added that it considered that the “subsequent fall within the price” when BTC futures trading didn’t seem to be a “coincidence.”