2020-11-6 12:04 |
Bitcoin futures volume on Chicago Mercantile Exchange (CME) suddenly skyrocketed as the day of the US election finally arrived. The CME has had a rather positive year when it comes to crypto trading already, and now, it gets to end it with the election boom.
Bitcoin futures trading on CME explodes before the electionAccording to the CME spokesperson, the surge in BTC activity actually came overnight, before 9:00 AM NYT. Bitcoin futures started trading around 75% above the level that was observed YTD. Not only that, but the volume suddenly became twice as high as the highest that was observed after CME launched BTC futures.
Over 6,700 Bitcoin futures contracts were traded between 5 PM CST on November 3rd and 8 AM CST on November 4th. Each of the contracts is worth 5 BTC, and they trade almost non-stop, being unavailable only 1 hour per day, between 4 PM and 5 PM.
These numbers reveal that CME alone saw 33,500 BTC ($462 million) pass through in a single day. The volume is 75% above the average action that the exchange tends to see on any other night throughout the year.
Major players joined inIt is also worth noting that CME saw more big players go for Bitcoin futures than ever before. The number of LOIHs (Long Open Interest Holders) has hit a new record — 102.
Daily futures Open Interest (OI) count was also off the charts in early November. The CME spokesperson noted that “Average daily futures OI over the first two days in November is up 20% over October to 11,929 contracts.”
Even the average daily volume grew significantly in the week prior to the election. Meanwhile, the last week of October saw a 164% increase in contracts when compared to the first week of the last month.
The post US election causes a spike in Bitcoin futures activity on CME appeared first on Invezz.
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