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Bitcoin Futures Poised to Have Their Best Month Since Their Creation

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Fri, 05/24/2019 - 17:55
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  • CME is getting a taste of the bull market again🔄 months after its Chicago-based rival CBOE exited the market📈📉

Cover image via U.Today
Contents

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.

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.   

Must Read
Bitcoin Price Expected to Skyrocket as 200-Day MA Turns Bullish - READ MORE

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.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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