[Analysis] Bitcoin is the second most heavily traded asset at CME by volume / OI

BlockworksJun 3, 2019 ⋅ 1 min read

As reported by global markets analyst Alex Krüger, "bitcoin is the second most heavily traded asset at the CME when measured by the volume / open interest ratio," which indicates that bitcoin is actively traded throughout the day in the U.S. market.

In March 2019, Bitwise Asset Management disclosed in a presentation to the U.S. Securities and Exchange Commission (SEC) that the volume of the CME bitcoin futures market accounts for a significant portion of the global bitcoin volume, especially when compared with the verifiable spot volume of the crypto asset.

On May 15, CME cleared $1 billion worth of bitcoin contracts on a single day, achieving its new record high. "CME Bitcoin futures reached an all-time record high of 33.7K contracts on May 13 (168K equivalent bitcoin), up nearly 50% from the last record of 22.5K contracts on April 4," said CME.

The high volume of bitcoin at the CME futures market indicates that when inflated volumes are removed, a relatively large portion of the bitcoin volume, at least that coming from the U.S., is transparent and strictly regulated.

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