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As a result of Bitcoin’s phenomenal price performance over the last few days, CME Group has reported record volume for its Bitcoin futures on May 13.
CME Bitcoin futures reached an all-time record high of 33.7K contracts on May 13 (168K equivalent bitcoin), up nearly 50% from the last record of 22.5K contracts on April 4. See how market participants are using $BTC to manage uncertainty: https://t.co/hDgraMj5pe pic.twitter.com/ct1xkjoJDF
— CMEGroup (@CMEGroup) May 13, 2019
Together with the Chicago Board Options Exchange (CBOE), CME Group began offering Bitcoin futures in December 2017. Yesterday saw it reach a new all-time high of 33,700 contracts equivalent of 168,000 Bitcoin, valued at around $1.3 billion. This represents an almost 50% increase compared to the previous high of 22,500 contracts set on April 4.
Bitcoin volumes @CMEGroup topped $1 billion for the first time yesterday. Wall Street is in! pic.twitter.com/eDj7afv4eP
— Mati Greenspan (@MatiGreenspan) May 14, 2019
Senior market analyst at eToro, Mati Greenspan provided some further insight into CME’s Bitcoin futures record. According to the analyst’s blog, while Wall Street may not have started it, they are “definitely all over the current crypto action.”
He adds that Grayscale has seen similar excitement from institutional investors. Citing a recent report posted by The Block, Greenspan notes that “client holdings reached an all-time high in April” with 225,683 Bitcoin representing nearly 1.3% of the total circulating supply.
Bitcoin’s most recent bull run began on April 1. It’s continued price increase despite a string of bad news, has seen the king of cryptos set a yearly high of $8,335.