CME BTC Futures See New Interest, Global Volume Hits $25B

The Bitcoin derivatives trading now looks set to reach record levels this month as the volume spiked and open interest hovered near the all-time highs. The CME BTC futures are seeing increased interest lately and data from CME Group shows that as of January 16, the open interest alone totalled 5,328 contracts which is 26,640 BTC or $237 million.

This figure is higher than any month before and any close that CME has seen since it debuted in December 2017, with July 2019 currently in the lead with 5,252 contracts. However, the CME BTC futures open interest did surpass the current levels earlier in January when it reached around 5,400 contracts as the data from the US regulator the Commodity Futures Trading Commission (CFTC) showed on January 7.

As we previously reported in the Bitcoin news, the CME BTC futures are seeing an increased attention from both investors and commentators as many new participants are fuelling a potential Bitcoin price rise in 2020.

While all of this is good, another fact which is good is BTC/USD accelerating towards $9,000 this week and triggering the market for another spike. According to unofficial data from the analyst Skew Markets, the worldwide volume has hit $25 billion which is the most since late October.

Another analyst named Michael van de Poppe talked about the increased CME BTC futures interest and said:

“I think that’s a strong signal indicating that we’re reversing now and probably have bottomed out.”

As you may know if you read our cryptonews, CME launched a new product in the form of options on Bitcoin futures earlier this year and the release came days after the competitor FTX did likewise.

The company said that it considered the options a “success” as the volumes reached 275 BTC by day two. The long-term demand from institutional investors has long been a preoccupation for crypto businesses. In the 2019 retrospective this week, the venture capital giant Grayscale showed that the annual investment totalled over $1 billion.

Besides all of this, many executives and big players are certain that now it is clear that the industry was seeing institutional adoption. Meanwhile, the market is headed in a good direction too and may visit new highs above $250 billion (total) soon.