CME Group, the Chicago-based alternate operator, stated its bitcoin futures contracts grew in reputation final quarter, with the variety of open contracts up 61 % from a yr earlier due to rising demand from institutional buyers.
Open curiosity, or the variety of excellent positions, rose to 4,629 contracts, up from 2,873 within the third quarter of 2019, CME stated Monday in a press release. And regardless of the quarter’s 25 % drop in bitcoin worth, based on CoinDesk, the open curiosity within the CME’s contracts was down simply 1 % from second-quarter ranges.
The common every day quantity of contracts traded throughout the quarter was 5,534, up 10 % from the year-earlier interval. It was the equal of 27,670 bitcoin, or $289 million, based on the alternate.
“Institutional flow remained strong, with 454 new accounts added, compared with 231 added in the third quarter of 2019,” CME stated. Entities holding greater than 25 bitcoin, used as a proxy for big buyers, rose to 47, from 45 within the second quarter and 34 within the third quarter of 2019.
CME debuted its bitcoin futures in 2019 and outlasted a rival providing from one other alternate firm, Cboe Global Markets, which aborted its personal contract earlier this yr.
But the CME faces new competitors from Bakkt, a startup sponsored by Atlanta-based Intercontinental Exchange, which debuted a brand new bitcoin-futures contract in September, aiming to draw institutional buyers who may wish to make bets on the cryptocurrency.
Some 50 % of the CME’s bitcoin-futures buying and selling quantity throughout the third quarter was exterior the U.S., with 26 % coming from the Asia Pacific area and 21 % from Europe and the Middle East, based on the alternate.
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