CME Group Crypto Derivatives Volume Soars 129% in April With ETH Leading the Charge
The exchange saw its crypto derivatives volumes rise sharply to $8.9 billion in April, led by ether futures growth.
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The exchange saw its crypto derivatives volumes rise sharply to $8.9 billion in April, led by ether futures growth.
Bitcoin has added $30,000 since Donald Trump won the U.S. presidential election and closing in on a $2 trillion market cap.
BTC blasted through the $90,000 resistance level on Wednesday, defying the dollar strength.
“It looks like bitcoin options traders appear to be hedging their bets to the downside ahead of the U.S. election this week,” one observer said, noting pricier puts on the CME.
Some $350 million notional value of November call options traded on CME with a breakeven bitcoin price of nearly $80,000, anticipating a rally next month, one analyst noted.
The decline in trading volumes for ETH instruments suggests lower-than-expected institutional interest in the asset, particularly following the launch of spot ETH ETFs, according to CCData.
The approval and subsequent trading of spot ether ETFs in the U.S. has reinvigorated the market, CME’s Giovanni Vicioso said.
The stock was the second worst performing among crypto stocks on Thursday.
The CME is already the top bitcoin futures exchange by open interest, while the offshore, non-regulated Binance dominates the spot market.
The total derivatives trading volume on CME rose 35% in January to $94.9 billion, the highest since October 2021.