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CME Bitcoin Futures Records Most Active Session of the Year with $1.3 Billion Daily Volume


newslogical.com 2020-07-30 01:50
Reading time: ~2 m

Bitcoin rally to the ceiling was quite a good sign for the entire cryptocurrency space as the leading digital asset crossed the $11,000 resistance level few hours after crossing $10,000 point. The massive rally also ushered along a number of gladdening news in the crypto space as Ethereum also recorded intriguing records.

However, the CME Bitcoin Futures volume was not left behind. Similar to the way Bitcoin ramped up yesterday, the CME Bitcoin Futures also printed a significant milestone on the chart, with an attempt to break even.

According to data from Skew crypto analytical platform, the CME Bitcoin Futures reached its year-to-date peak yesterday, with its most active session of the year. CME Bitcoin future spiked up, with an attempt to close in on $1.5 billion daily volume for the first time this year.

Skew noted that $1.3 billion daily national trade was recorded yesterday.

Meanwhile, the open interest of the Bitcoin future spiked in a similar manner, reaching a new high of the year. The CME Bitcoin Open interest spike up remarkably yesterday, and it moved close to the top of the table with an approach towards $800 million volume.

Bakkt Bitcoin Futures New Record High, Dwarfs Previous High

The cryptocurrency-focused subsidiary of the Intercontinental Exchange has recently set a new record of 11,509 contracts on July 27 in its trading volumes in Bitcoin’s future feature, this new record however dwarfs the previous record of December 19, 2019, which peaked around 6,312 contracts.

Bitcoin’s July 27 break out where the noble coin experienced an immense daily candle after breaking through the $10,500 resistance to touch $11,400, it’s highest in the last 60 days.

However, it is important to note that the July 27 BTC rally saw over $120 million worth of shorts been liquidated on Bitmex exchange, and numerous analyst in the crypto space are now expecting the king coin to maintain the $10,000 level into support since it has successfully staged a convincing getaway.

Considering how the trading volume was experienced across board, the Chicago-based exchange that rules the roost in the regulated Bitcoin futures market, the CME Group saw more than $1.2 bln worth of contracts traded on July 27.

Similarly, Binance took the lead among spot exchanges as its daily trading volume surged pass $1.4 bln with Coinbase and Bitstamp ranking second and third with a daily trade volume of $429 mln and $316 mln respectively.


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