CME Group clocks bitcoin futures volume record by an eye popping 50%, with more than $1 billion in notional value traded

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via theblockcrypto.com

In a day that saw the price of bitcoin reach 10-month highs, and the amount of bitcoin inflows added to Grayscale’s trust product reach all-time highs signaling rising institutional demand, it was CME bitcoin futures that punctuated the extent of an institutional driven rally.

Reported in a desk update tweet from CME Group, the world’s largest options and futures exchange, the Chicago exchange declared its bitcoin futures product recorded a new all-time record of 33.7K contracts sold in one day — shattering the prior records of 22.5K and 18.3K set on Apr 4 and Feb 19, respectively.

Considering each contract is equal to 5 bitcoins, the total notional value of 33.7K contracts equates to more than $1 billion in total value traded, and more than 168K worth of bitcoins. According to data from Bitwise, which adjusts reported bitcoin spot volumes to account for fake volumes, the $1 billion plus worth of CME bitcoin futures volumes in the prior 24 hours was almost double the bitcoin spot volume on Binance and triple volumes on Coinbase.

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