Interest In Bitcoin Futures Trading Breaks Record Of $370 Million Per Day

Interest in bitcoin futures trading is continuing to grow and as a result, the Chicago Mercantile Exchange (CME) is recording new numbers for the contracts trading and breaks records as we are reading in the coming altcoin news below.

The CME data shows that the interest in bitcoin futures trading is not only confined in a small and well-defined sector of the investment community but the demand for trading cryptocurrency is growing as well. Back in May, CME saw its greatest volume in Bitcoin futures trading since the product was launched two years ago. The managing director of the CME Group Tim McCourt who is also the global head of equity products and alternative investments explained to Forbes that year-to-date the bitcoin futures averaged up to 7,237 contracts daily. The number of traded contracts shows a 132 percent increase from the same period last year.

As it was reported initially, the CME started posting a higher number of BTC futures contracts in May this year. That month, Bitcoin’s spot rate pierced through the psychological resistance level of $6,000. As McCourt noted, CME saw the record single-day volume of 33,677 contracts on May 13 this year and as of July, CME had traded more than $2 million contracts since the inception in December two years ago.

The CME data regarding the BTC futures shows that the interest in bitcoin is growing especially on the investors’ side. Greyscale investment released a study that seems to be confirming this trend. According to the study, more than 36 percent of the US investors are interested I Bitcoin-related investments which boost the potential of over 21 million investors in the US general population. CME noted that the fact that interest in crypto-related financial products is growing is very important:

 “This is an exciting time for bitcoin futures, as well as for cryptocurrency assets in general. There is a lot of broad investor interest in cryptocurrency, as well as growing interest in a variety of applications for cryptocurrencies and blockchain technology.”

As noted in the latest cryptocurrency news, other financial institutions are now facilitating bitcoin futures. For example, bitcoin futures trading is already available at TD Ameritrade. The company even announced that it is investing in ErisX and plans to offer the investors and traders access to cryptocurrency spot contracts on a single exchange.