For the first time, Bitcoin futures trading volume at CME group crosses the spot trading volume of major US cryptocurrency exchanges. As per the data, institutional players are already entered into Bitcoin and driving the market.
Bitcoin Futures the “New Thing”
In the report published by Diar, explains that Bitcoin Futures is now becoming the “New Thing”. Not only CME group but Bitmex has also gained drastically in trading volume. Bitmex has recorded an all-time high volume of $78.6 Billion this month, thanks to the volatility of Bitcoin. The last month volume recorded on Bitmex is $61.5 Billion.
Derbit another margin trading cryptocurrency exchange has hit record volumes month-on-month. Derbit has gained a good volume at weekends of the month.
Trading Voulme at All-Time High
After the pump of April 2019, Bitcoin price surge more than 110 percent. The trading volume makes a new all-time high of $108 Billion. Trading volume has gained more than thrice of the volume back in early 2019.
As per the data provided by TradeBlock, the provider of institutional trading tools and research for digital currencies, the overall trading volume has increased. The trading volume of Bitcoin Futures on CME groups is more than the combined spot trading cryptocurrency exchanges.
TradeBlock explains in a tweet:
“This suggests a rise in crypto institutional traders relative to retail traders,”
All these reports show that institutional investors are interested in Bitcoin and will push the price to a new high.