CME Bitcoin Futures Averaged $515 Million Daily Volume in May

The Chicago Mercantile Exchange (CME) Group’s Bitcoin (BTC) futures saw an average daily volume of $515 million in May 2019.

Forbes reports on Aug. 28 that the CME Group’s Bitcoin futures are seeing new records in trading activity. CME Group’s managing director Tim McCourt said that in May, Bitcoin futures were, “trading an average of more than 13,600 contracts each day, equal to ~$515 million in notional value or 68K equivalent bitcoins.”

Record trading volumes

McCourt also noted that, on May 13, Bitcoin traded a record daily volume of 33,677 contracts, equivalent to over 168,000 BTC ($1.705 billion as of press time). Furthermore, the year-to-date daily average number of Bitcoin futures contracts traded is 7,237, equivalent to 36.185 BTC (currently worth $62.9 million). 

He said that there is broad and growing interest in different applications for cryptocurrencies and blockchain technology, adding:

“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.”

Earlier this month, Bakkt — the much-anticipated platform for monthly and daily Bitcoin futures trading — announced that it would launch on Sept. 23.