Trading volume has rocketed to a near-all-time-high on the CME cash-settled Bitcoin futures market as the number-one crypto by market capitalization continues one of its longest unbroken uptrends since the first half of last year.
Tuesday posted over 23,000 contracts, worth $1.1 billion, according to preliminary data from CME Group, the Chicago-based commodities exchange that operates the market's most actively traded regulated Bitcoin futures contract.
The day falls just short of the contract's all-time-high volume of $1.3 billion, posted on May 13 last year, as Bitcoin cleared its five-month high with a spirited $1,500 intraday rally-BTC then went on to rally more than 100 percent over six weeks and eventually made the high of 2019 at $13,800.
Open interest has also been making strong gains on the CME contract, a promising sign for the continuation of BTC's uptrend considering the healthy gains in volume.
This metric has appreciated alongside Bitcoin this month despite minor pullbacks-a signal that institutional traders are likely betting on higher prices and opening fresh long contracts.
Traders over on Bakkt's Bitcoin futures market appear to be even more confident that Bitcoin's rally will continue.
Open interest has hiked nearly 100 percent on the physically-settled and cash-settled contracts this month, accompanied by convincing increases in volume.
Bitcoin has clung to a daily trendline since December 17 and along the way has exhibited balanced buy-side and sell-side delivery.
Data from IntoTheBlock reveals that over the last three months BTC has increasingly been bought in large blocks, further supporting the idea that sophisticated investors are fueling Bitcoin's latest rise.
The number of transactions greater than $100,000 has been rising steadily since late December, seemingly in sync with Bitcoin's uptrend.
CME posts one of its largest volume days ever as Bitcoin marks three-month buy-streak
gepubliceerd op Feb 20, 2020
by Cryptoslate | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.