CME Bitcoin futures volume hit a record high of $546 million on April 4, as 22,542 contracts were traded.
The volume high broke the previous record of over 64,300 Bitcoin traded on February 19.
CME Bitcoin futures had a record trading day on April 4, hitting an all-time high volume of over 22.5K contracts (112.7K equivalent bitcoin), surpassing previous record of over 18.3K (64.3K equivalent bitcoin) on February 19. More #Bitcoin futures. $BTC_F https://t.co/kWYK203apA pic.twitter.com/CX5nF8dXyv
— CMEGroup (@CMEGroup) April 5, 2019
CME’s cumulative volume chart shows that 12,634 contracts worth $306 million in Bitcoin (63,170 BTC equivalent) was traded by the end of Singapore/Hong Kong trading day on April 4, while 17,502 contracts worth $424 million in Bitcoin (87,510 BTC equivalent) was traded by the end of London trading day.
By the end of trading day in Chicago, a record 22,542 contracts worth $546 million in Bitcoin (112,710 BTC equivalent) had traded.
The unexpected record-breaking numbers follow Bitcoin’s double-digit percentage surge, which began last Monday.
Bitcoin futures had a strong start on Tuesday, April 2 as the Cboe and CME April contracts increased by over 16% to $4,805.
In a note to Barron’s, Gabor Gurbacs, digital asset strategist at VanEck, says he believes Bitcoin’s recent price spike to its highest level since November 2017 was triggered by the futures market.
Renewed interest in Bitcoin futures remains high, despite Cboe Global Markets’ decision to stop new Bitcoin futures.
Bitcoin is currently trading at $5,213, up 25.46% since April 1 when it was trading at $4,155.