The Bitcoin futures market surprised traditional financial leaders and crypto-proponents after it not only survived the crypto-winter, but also opened a bridge for mainstream, institutional investors in the realm. Supporting this notion, CME Group, a global markets company, recently recorded new highs in both volume and open interest in May.
The record was brought to light on Twitter by @oliverzok, a prominent blockchain influencer, who tweeted,
“CME bitcoin futures saw new records in both volume and open interest in May, adding over 200 new trading accounts”
While the news may not reflect an immediate increase in crypto-adoption across the globe, CME’s latest achievement has comforted the ecosystem of a sustainable user base for the coming future. Additionally, @oliverzok tweeted,
“Average daily volume finished at more than 13,600 contracts, or ~$515 million in notional USD traded value, up 36% since April and over 250% year-over-year”
Although the overall crypto-market is far from revisiting its peak, the involvement of leaders from other business verticals and the growing ease of crypto-inclusion is showing an overall positive impact on the industry as a whole. The growth of the CME Bitcoin Futures market, especially with respect to the number of trading accounts and volume, reveals the gradual introduction of more investors to the crypto-market. Moreover, several crypto-enthusiasts have perceived the news as a win for the free market. One such fan replied to the original tweet,
“The free market made the decision. Clearly the market chose CME.”
The crypto-market has made the most of 2019 in terms of gaining mainstream attention and adoption. Its premier cryptocurrency, Bitcoin [BTC], has enjoyed a great 2019 after a terrible crypto-winter, and has pulled the prices of the altcoin market up as well.