Bitcoin’s [BTC] recent bullishness has not only had a positive impact on its price and market cap, but also on all its connected entities. This was reflected in recent reports that revealed CME volumes were up by 36 percent since April 2019, and had witnessed a year-on-year growth of 250 percent.
The CME Group revealed that this was the first time since its launch that the product has performed this well, with many users in the ecosystem taking the announcement as a positive sign. After analyzing the chart, it is evident that May 2019 saw the number of CME contracts shoot up to 13,604, completing the 250 percent Y-o-Y turnaround. The resurgence was again made clear when 2019 opened with an 80 percent increase in the number of contracts.
CME Bitcoin Futures during May 2018 were still on a high after the bull run towards the end of 2017, clocking in 3931 contracts as the average daily volume and 2535 contracts as the open interest. The amount of CME contracts in May approximately amounted to a whopping $515 million in notional USD traded volume, and the number of contracts left unsettled saw all-time highs of 4602 total contracts. The new report comes in the wake of previous reports that suggested that the CME Group had posted losses in Q1 of 2019.
In a notice to all its investors, CME had said,
“CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading.”
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