The massive exchange CME Group, say its Bitcoin futures contracts grew in popularity last quarter, with the number of open contracts up 61 percent from a year earlier because of growing demand from institutional players.
Open interest is the number of outstanding positions that rollover. This rose to 4,629 contracts, up from 2,873 in the third quarter of 2018, CME commented saying in a statement. This all came despite the quarter’s 25 percent drop in bitcoin price,
Also, the average daily volume of contracts traded during the quarter was 5,534, up 10 percent from the year-earlier period. It was the equivalent of 27,670 bitcoin, or $289 million, according to the exchange.
“Institutional flow remained strong, with 454 new accounts added, compared with 231 added in the third quarter of 2018,” CME said.
CME start the BTC futures contract in 2017 now there are a few more offering the service including Bakkt. Both Bakkt and CME have announced a options contract that will be coming next year and that will surely entice more firms to trade the digital asset class.
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