CME Group’s Bitcoin futures average daily volume in the second quarter grew an impressive 93% over the previous quarter.
In addition, open interest in its contracts exceeded 2,400, which represented a 58% increase.
These fine numbers were recently reported in a mere tweet by CME.
CME’s progress
CME launched Bitcoin futures in December. We reported that it relies on a Bitcoin Reference Rate, or BRR, calculated from the price of selected exchanges every day between 3 p.m. and 4 p.m. London time. The market then takes several volume-weighted prices and calculates a weighted median.
The BRR price has risen over the past week, and now stands at roughly $7,360.
Bitcoin futures volumes hit record highs in April.
Is volume growth sustainable?
While CME reports continued growth in volume, it has been the source of critics. This includes even some who blame it for Bitcoin’s price declines up until last week.
We reported how famed Bitcoin enthusiast Tom Lee wrote in a report last month that the Cboe and CME futures expirations were contributing to what he called the "gut wrenching" weakness in Bitcoin. Specifically, he noted that the declines may be due to the expiration of futures linked to the crypto.
The trading and clearing of Bitcoin futures are regulated by the Commodity Futures Trading Commission (CFTC).
This article appeared first on Cryptovest
