According to CNBC, the Bitcoin futures that are offered by Chicago-based CME group are about to have their best month ever. As reported by U.Today, CME, which listed Bitcoin futures for the first time in December 2017, also saw record-shattering trading volumes this May.
CALLING ALL BITCOIN BULLS: Bitcoin futures are on track for their best month since they were created in 2017 pic.twitter.com/ipVI1DIsqy— CNBC Futures Now (@CNBCFuturesNow) May 24, 2019
Institutional investors are uber-bullish
The monthly trading volume of CME Bitcoin futures has already broken above the $6.6 bln mark. For comparison, it was only $1.2 bln back in March.
The rapid growth is attributed to tremendous interest from institutional investors from the US and Asia. As of May 14, institutional investors went 100 percent long on Bitcoin futures, proving to be more bullish on crypto than the retail sector.
CME rules the roost
Bitcoin futures, which allow buying the digital asset at a specific price at a specific time, inject stability into the volatile market. After CBOE pulled the plug, CME is now the only regulated futures exchange to offer such contracts.
Notably, after the launch of CME Bitcoin futures on Dec. 17, Bitcoin reached its current ATH of $20,000, but it was followed by a steep decline that turned into a full-fledged crypto winter.
Bitcoin is set to test new highs
Meanwhile, Bitcoin has recently surpassed $8,000, and the bulls seem dead serious this time about testing new yearly highs. According to CoinMarketCap (CMC) data, the BTC price is currently sitting at $8,114.49.