The market for Bitcoin futures hit a new record last week as members of the community got a bit more into it. According to a tweet from Bitcoin analyst Skew Markets, over $20 billion was generated in the daily volume of Bitcoin futures. This points to the fact that the market is ready for newer offerings.
Per an official tweet from the CME Group Inc., open interests pulled in on its platform were nearly 70% more than 2019. This was spread across about 5,400 contracts.
As CME prepared to launch its Bitcoin futures options, interest on the platform spiked quite considerably. This interest might eventually encourage other exchange firms to offer the same product as time goes on.
In a tweet just a few days ago, FTX crypto derivatives exchange Chief Executive Officer (CEO) Sam Bankman-Fried announced that the platform’s “options are live!”. A few hours after the launch, a new tweet from the excited CEO claimed that the platform pulled in $1 million in volume, in two hours. FTX is one of the largest derivatives platforms available and launching Bitcoin options proved profitable.
Also, with the Bitcoin halving expected in May, the market is quite optimistic. Participants on the FTX exchange are already calling for a $12,000 price just a month after the event.
The interest in Bitcoin futures falls in line with a rise in futures trades as noticed last year.
Image Credits: Pixabay
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