A topic that invited constant discussion in the crypto-industry is the Bitcoin futures, with some in favor of the motion, while some against it. Amidst all the contradictions surrounding the bitcoin futures CME group released stats; the firm reported that the average daily volumes for bitcoin futures trading have observed a significant jump in the third quarter compared to the last period.
On Wednesday, CME took to their Twitter account and posted the result of their bitcoin futures trading that was launched in December last year. The graph presented by them shows that the average daily volume increased from 3,577 contracts in the second quarter to 5,053 contracts in the third quarter, computing to a 41 percent increase. With first quarter’s 1,854 contracts, the figure denoted a rise of 170 percent.
In Q3, Bitcoin futures average daily volume rose 41% and open interest was up 19% over Q2 . Learn how market participants are using BTC to manage risk in changing markets. https://t.co/Yt41SzsHku pic.twitter.com/Kw4OX0QaKT
— CME Group (@CMEGroup) October 17, 2018
The data was also presented on open interest by CME, it elaborated that the total number of unsettled contracts are held by those trading in the market. According to CME, this figure also grew form 1,523 contracts in the first quarter to 2,405 in the second quarter and 2,873 contracts in the third quarter.
This rise was earlier indicated by Tim McCourt, CME’s managing director and global head of equity products and alternative investments, during CoinDesk’s Consensus: Singapore event in September. He also noted that the firm was receiving strong support form the Asian markets. He told the attendees:
“Out of the 40 percent of bitcoin futures trading on CME that’s outside the U.S., 21 percent are coming from Asia.”
Defending his product, McCourt also added that CME’s bitcoin futures market wasn’t to blame for the year’s downturn in crypto-markets, contending that “we are just a small part of the market.”
Read more: The Crypto Market Will Rise ‘10x’, In The Next Bitcoin Bull Run Claims Pantera CIO
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
