Daily average Bitcoin futures trading hit $370M on CME

The Chicago Mercantile Exchange (CME) reports that an average daily trading volume of Bitcoin futures hit the highest level in 2019, which may signal that investors have become increasingly interested in the cryptocurrency trading.

According to GroupTim McCourt, Managing Director of CME Group, the traders' activity has grown significantly on a year-on-year basis.

 "Year-to-date, bitcoin futures are averaging 7,237 contracts per day, which is a 132% increase from the same period last year," he said.

The average daily trading volume of bitcoin futures increased to $370 million.

"This is an exciting time for bitcoin futures, as well as for cryptocurrency assets in general," McCourt added. "There is a lot of broad investor interest in cryptocurrency, as well as growing interest in a variety of applications for cryptocurrencies and blockchain technology. It will be interesting to see how this new market continues to grow and scale. For us at CME Group, a major focus is education, and making sure our customers have all the tools they need to make solid strategic decisions around crypto." 

He emphasised that CME Group put a great focus on an educational aspect of providing instruments that may help traders to make informed strategic decisions and manage risks in a more efficient way.

Also, Tim McCourt mentioned that May 2019 had become the best month for Bitcoin futures market on CME on record. On average, more than 13,600 contracts were traded every day.

"Our role is to help bitcoin market participants manage their risk, regardless of whether the underlying price goes up or down. We’re pleased with the growth of CME Group bitcoin futures so far," he added.

Notably, Bakkt plans to launch deliverable Bitcoin futures trading in September.