Summary
- CME Group's virtual asset trading volume recorded a record daily high.
- Increased demand from global financial institutions and the expansion of market liquidity were cited as the background for the surge in trading volume.
- The expansion of institution-centered demand and the increase in Bitcoin and Ethereum open interest were said to be related to moves toward institutional adoption of the market.
CME Group's virtual asset (cryptocurrency) trading volume hit a record daily high. It is assessed that market liquidity has expanded significantly as demand for derivatives from global financial institutions has surged.
On the 24th (local time), economic breaking news channel Walter Bloomberg reported that CME virtual asset trading volume recorded the highest daily level on record. CME offers major virtual asset futures and options products including Bitcoin (BTC) and Ethereum (ETH).
The recent increase in trading volume is interpreted as the result of a combination of widening Bitcoin price volatility and institutions adjusting positions ahead of the year-end FOMC. CME Bitcoin futures are the derivatives most actively used by U.S. institutional investors and are regarded as a representative indicator for gauging market direction and liquidity flows.
Along with this, institutional-centered demand has expanded, and CME's Bitcoin and Ethereum open interest (OI) is known to have increased sharply compared to the first half of the year. Some in the market say that the increase in CME's trading share could further strengthen the trend of bringing the virtual asset market into the institutional mainstream.
Going forward, the Fed's rate decisions and year-end market events are expected to have additional effects on CME derivatives trading volume.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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