Bitcoin futures, which are offered by the Chicago Mercantile Exchange (CME), have witnessed a splendid growth this month with the total number of contracts increasing by 132 percent compared to August 2018. The Chicago-based exchange boasts more than 7,200 daily contracts.
More demand for Bitcoin futures
CME’s cash-settled Bitcoin futures have been breaking records since the start of BTC’s rally in April 2019. After months of see-sawing, the price of the top cryptocurrency started to rapidly surge, and eventually hit its yearly high of $13,900, according to CoinMarketCap data.
Tim McCourt of CME Group claims that there’s a growing interest in Bitcoin among investors, and he’s intrigued to see how the nascent asset class will continue to grow.
This is an exciting time for bitcoin futures, as well as for cryptocurrency assets in general," McCourt said.
McCourt also points out that the CME places a strong emphasis on educating their clients about investing in cryptocurrencies, which have a penchant for volatile price swings.
Staying in the game
The CME was outpaced by Cboe, its next-door rival, when they both scurried off to launch Bitcoin futures back in December 2017, pushing the BTC price to its current ATH of $20,000.
Cboe eventually pulled the plug on its contracts due to the 2018 crypto rout, making CME a lone player in the regulated Bitcoin futures market. McCourt confirmed that there are no plans to discontinue their futures contracts.
We’re pleased with the growth of CME Group bitcoin futures so far."