The Bitcoin futures contracts have experienced a notable 93% growth in the last four months, according to CME Group, the home marketplace for this type of financial products.
According to a Twitter post, the interest in the contracts increased by 58% in comparison with the previous quarter of 2018.
Bitcoin futures average daily volume in Q2 grew 93% over previous quarter, while open interest surpassed 2,400 contracts, a 58% increase. Learn more about trading #Bitcoin futures: https://t.co/adjWVWXBPQ pic.twitter.com/UQWC3nGGrI
— CMEGroup (@CMEGroup) July 20, 2018
In addition, the CME Group published a release where it claimed to have reached a daily volume of 4.2 million futures contracts in the second quarter of 2018, about 13% more than the same period of the previous year.
“With CME Group’s broad array of futures and options products available virtually round the clock, our international customers outside of the US recognize the benefits of trading on a robust, liquid and regulated marketplace like ours,” said William Knottenbelt, Senior Managing Director and Head of International, CME Group. “We remain committed to helping our clients with their hedging and trading needs as we seek to further establish ourselves as the exchange of choice globally.”
CME also manages the Bitcoin Reference Rate (BRR) and Bitcoin Real-Time Index (BRTI), the former being a referential daily price average on global markets and the latter a real-time index for trade. The indexes work since 2016, taking into account multiple exchanges, such as GDAX, Kraken, and Bitstamp.
Despite the lack of liquidity on the cryptomarket the CME futures for bitcoin have been growing since their launch in December 2017.
While CME has had a good run regarding the bitcoin futures, its competitor CBOE has raised the bar even further by requesting from the US Securities and Exchange Commission (SEC) the approval to launch a Bitcoin Exchange Traded Fund (ETF) for the cryptocurrency.
The SEC has received many comments about the approval of this Investment Fund and is expected to publish the decision sometime between August and September.
Regarding the futures contracts, the current statistics of the CBOE are showing that the Bitcoin futures have increased by 36% in comparison with the last quarter.
The addition of Bitcoin products in the traditional financial markets could boost the price of the cryptocurrency, as it has happened on previous events.
On Friday, June 29, when the bitcoin futures contracts of CME were liquidated, there was a 10% increase in their price, rising from $5,800 dollars to $6,446 dollars.