Bitcoin Futures Break Records: $670 Million In Daily Trading Volume

The volume of Bitcoin futures reached an all-time this Wednesday, climbing to a combined $670 million between the regulated exchanges CME and CBOE within the United States.

The Chicago-based exchange CME has gone through more than 11,000 contracts being exchanged – in a combined worth of 56,010 BTC. According to the Bitcoin Reference Rate (BRR) for April 25th, these contracts equate to more than $497 in CME’s single-day trading volume.

#Bitcoin futures liquidity continues to build. A record of more than 11,000 contracts (56,010 equivalent bitcoin) traded Wednesday. April average daily volume is currently 3,716 contracts, up 44% vs. March. https://t.co/s3opy7w6IB #BTC pic.twitter.com/AabNTh9CwQ

— CME Group (@CMEGroup) April 26, 2018

In other words, CME broke records this Wednesday and ranked as the largest cryptocurrency exchange with the highest daily trading volume. What’s also interesting is that unlike spot exchanges that operate around the clock, CME has made this record only trading during specific business hours. As some would describe, the Bitcoin futures were ‘selling like hotcakes’.

CME also noted that the average daily trading volume on their site this Wednesday has increased by 250%.
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The rapid increase in trading volume was also present in the fellow Chicago-based exchange CBOE which was the first regulated US platform for Bitcoin futures.

CBOE saw even 19,000 contracts (each worth 1BTC) traded on its platform this Wednesday which came close to $168 million according to the BRR. This has tripled the exchange’s average daily volume for the Bitcoin futures as a product.

$XBT #BitcoinFutures highest daily volume – 3X normal ADV, @kpdavitt13 details high volume & ranges in the underlying, #Cryptocurrency trending higher: #bitcoincash $BCH, $EOS market cap https://t.co/3ZUS3ZwPxT #crypto

— Cboe (@CBOE) April 26, 2018

CBOE also noted that the record volume did not correlate with anything – but only the rising popularity of Bitcoin futures trading.

For ones who don’t know, futures are traded by institutional investors, which means that the rising volumes for these products could be an indication that institutions are finally making a leap forward in the crypto asset space.