Global markets business CME Group said that institutional interest toward the firm’s Bitcoin futures is thriving and 2019’s third-quarter data showed a record number of open interest. Moreover, despite the lackluster start, the Intercontinental Exchange’s (ICE) Bakkt platform has seen an increase in interest with the company’s physically-settled bitcoin futures product.
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CME Group’s Bitcoin Futures Continue to Prosper
Since going live with its bitcoin futures in December 2017, CME Group’s BTC derivatives has allowed individuals and organizations the ability to hedge exposure to the digital currency. Throughout 2018 and 2019, CME has seen a significant rise in open interest in its bitcoin futures. This summer CME saw unprecedented numbers compared to the volumes recorded a few months prior.
“CME Bitcoin futures reached a record $1.7B in notional value traded on June 26, surpassing the previous record by more than 30% — The surge in volume also set a…