- CME announced that Bitcoin futures hit a record 22,542 bitcoin contracts, worth about $546 million.
- Joseph Young notes that this is a significant indicator that “overall interest in crypto in Asia is rising fairly rapidly.”
Bitcoin Futures trading has received renewed interest following the spike in Bitcoin’s price. CME Bitcoin futures hit a record 22,542 contracts traded on April 4, equivalent to 112,710 BTC (~$546 million). According to CME, the majority of the trading volume on that day came in Asia hours with 12,634 contracts traded. This spike came after Bitcoin’s price surged by 30% over the two previous trading days.
Regarding the spike in Bitcoin Futures, well-known crypto journalist, Joseph Young, tweeted:
“CME bitcoin futures recorded $546 million in volume on April 4 and most of it came from Asia according to Bloomberg.
With China seeing strong OTC bitcoin buys (as reported by @cnLedger), it seems like the overall interest in crypto in Asia is rising fairly rapidly.”
Cboe and CME first debuted Bitcoin futures in December 2017, at the height of the crypto mania. A month back, Cboe announced that they wouldn’t launch new Bitcoin futures. According to the statement, Cboe Futures Exchange (CFE) needs to review its approach to the cryptocurrency ecosystem.
“CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading,” – the company explained.
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