2019-2-9 18:34 |
Though CBOE And CME Bitcoin Started With A Bang, They’ve Just Seen The Worst Volumes Since The Beginning
TradeBlock recently revealed their new research on bitcoin futures and spot trading volume on February 7th, showing some interesting discoveries. The cryptocurrency market, as a whole, has been looking forward to the introduction of more institutional investment firms, and the possibility became much more realistic in December 2017 when the Chicago Mercantile Exchange (CME Group) and the Chicago Board Options Exchange (CBOE Global Markets) released new bitcoin futures products.
While these products were released within the same month that major hype grew around Bitcoin as it skyrocketed to almost $20,000. However, one year after the bitcoin futures were introduced, the news isn’t good. In fact, the products reached their peak volume during the summer of 2018 and have been trending downward ever since. Presently, the volumes are the lowest they’ve been since their inception.
Researchers in this report tracked information on the bitcoin futures trading volume since the month they were launched. While the products were launched at the same time, but Cboe quickly lost a major amount of their volume to the CME.
Within the United States, bitcoin spot trading has fallen, coinciding with the decline in value of cryptocurrencies around the world as well. The report states,
“At the largest US accessible digital currency exchanges, spot trading volume fell approximately 85% between January 2018 and October 2018 before spot volumes slowly began to rise in November and December of 2018.”
During the peak of the futures market, the volumes fell in September and kept falling ever since. The only month to see any kind of uptrend was in November last year when volumes increased. Industry experts expect to see multiple bitcoin futures products launched this year, based on the plans of Bakkt, Nasdaq, ErisX, and CoinFLEX.
TradeBlock concluded, “As these platforms come live, it will be imperative to continue to track futures trading volumes as they change over time.”
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