The Chicago Mercantile Group (CME Group) has said in a statement that its Bitcoin futures contracts in the last quarter have increased on its platforms. The CME said that the increase is a 61% upsurge from the same period last year.
The statement says that the reason for this increase is that institutional investors are now a lot more interested in the offerings and because of this, its outstanding positions last quarter hit 4,629. This is a considerable increase from the 2,873 it hit in the same period back in 2018. Also, the CME Bitcoin futures contracts’ average volume of trades hit 5,534 in the past quarter, signifying a 10 percent increase from the same period back in 2018 as well. All this is in spite of the fact that the Bitcoin price has not been very impressive and has fallen quite badly in the last few weeks. The Group has also said that the number of holders who had at least 25 Bitcoin, increased from 45 and 34 in the 2018 second and third quarters, to 47 in 2019. In addition:
“Institutional flow remained strong, with 454 new accounts added, compared with 231 added in the third quarter of 2018.”
The CME Group began offering Bitcoin futures in 2017 and has been waxing strong since then. However, it would need to recognize that Bakkt has potential to contend favourably.
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