CME Group: Bitcoin Futures Average Daily Volume up 93% in Q2
Bitcoin futures trading activity on the Chicago Mercantile Exchange surged in the second quarter, as the average daily volume (ADV) grew 93% versus the previous quarter.
Bitcoin futures average daily volume in Q2 grew 93% over previous quarter, while open interest surpassed 2,400 contracts, a 58% increase. Learn more about trading #Bitcoin futures: https://t.co/adjWVWXBPQ pic.twitter.com/UQWC3nGGrI
— CME Group (@CMEGroup) July 20, 2018
According to the announcement, CME Group also saw open interest surpass 2,400 contracts, which represents a 58% increase over Q1. Interestingly, Bitcoin’s price dropped nearly 10% over the same period, indicating investor interest is not necessarily pegged to the current price of the highly volatile digital asset. This is likely due to the fact that investors are able to take out short contracts on Bitcoin, one of the only ways to bet against the crypto markets.
While Bitcoin bulls have taken a beating through the first half of the year, several industry professionals and billionaire investors have made bold price predictions of late. Bill Barhydt, the CEO of Abra, set a long-term target of $50,000 while Billionaire hedge fund manager Marc Lasry just recently shared that his current three-to-five year price target is $40,000, noting that he has invested 1% of his net worth in the digital asset.
More: CMEGroup Twitter Account
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.