CME Bitcoin Futures Record $1.7 Billion High In Notional Value
The Chicago Mercantile Exchange (CME) Group records record-breaking highs for it bitcoin (BTC) futures, as announced by the exchange in an official Twitter post on June 28.
CME Bitcoin futures reached a record $1.7B in notional value traded on June 26, surpassing the previous record by more than 30%. The surge in volume also set a new open interest record of 6,069 contracts as institutional interest continues to build. $BTC https://t.co/WqXSPX0raR pic.twitter.com/HjGKb9a0ah
— CMEGroup (@CMEGroup) June 28, 2019
As per the post, on June 26, the CME Bitcoin futures hit $1.7 billion in notional value traded. Reportedly, this marks a 30% increase from its last recorded high. Purportedly, the hike is due to the institutional interest in the product, the open interest for BTC futures currently sits at 6,069 contracts.
The said futures are standardized contracts that bind the parties involved in buying or selling bitcoin at some set time after signing. Just a week prior to its feet, CME bitcoin futures broke $10,000, mark on June 21, according to data on TradingView. Notably, just one day a prior on June 20, the CME group reported another record high of 5,311 open futures contracts totaling 26,555 BTC, approximately $280 million at press time.
Last week, Bitcoin peaked around $13,800, though it failed to hold at $12,000 following a temporarily trading sidewise in that range on June 28 and June 29. During a mix of a bullish and bearish moment of bitcoin last week, Crypto exchange Coinbase experienced a brief outage on June 26, wherein its website and its API was rendered temporarily inaccessible, following a massive price drop of Bitcoin (BTC) with more than $1,700 in the span of 15 minutes.
Image Source – Pexels.com