How Bitcoin Futures Contracts Affect Bitcoin Price (2018)
Almost 300,000 Bitcoin futures contracts were traded on the Chicago Mercantile Exchange (CME) in May 2019, a record high since their launch.
During this period, the average daily volume reached 13,604 futures, which is equivalent to 68,020 BTC or $ 515 million in monetary terms. The maximum daily volume of 33,677 contracts was recorded on May 13, and the highest open was reached on May 28 – 5,190 new derivatives.
Such dynamics may indicate an increase in the interest of institutional agents, since 223 trading accounts were added in May…
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The average daily volume increased by 27% compared to April and by 73% more than in March. CME Group analysts also note an increase in open interest in the instrument. This may indicate that an increasing number of companies are using these derivatives of BTC in risk management or speculate in cryptocurrency.
Recall that The Chicago Board Options Exchange (CBOE) decided in March to suspend adding new bitcoin futures and revising the approach to digital asset trading.
text: Ivan Malichenko, photo: libertynation, graphic: CME Group