Cboe sees record Bitcoin futures volume on Wednesday

Rival exchange CME also sees trading volume spike

Cboe sees record Bitcoin futures volume on Wednesday

The Chicago Board and Options Exchange (Cboe) earlier this week saw its highest-ever trading volume for Bitcoin futures (XBT), Coindesk has reported, citing recent market data.

On Wednesday, 18,210 contracts for the May futures were traded on Cboe’s Future Exchange platform, along with 703 for the June contract and 87 for the July contract. This was significantly higher than Cboe’s average daily volume for XBT, CBOE Options Institute senior instructor Kevin Davitt, said in a social media video posted on Thursday. He noted that the “average daily volume (ADV) runs about 6,600 in XBT Bitcoin Futures”, adding that the Wednesday volume was nearly three times higher.

“Yesterday was the highest daily volume for bitcoin futures since their introduction here at CBOE nearly five months ago,” Davitt also said, as quoted by Coindesk. “The lead month May futures traded 18,210 contracts, and across the term structure a total of 19,000 bitcoin futures traded here yesterday. The previous high-volume session was January 17 with just less than 15,500 contracts traded."

Davitt added that the company would be watching to see whether the Wednesday spike was a “volume aberration” or an indication that “more institutional types are moving into crypto”.

Cboe’s Chicago-based rival, CME, saw a similar spike on Wednesday. More than 11,000 Bitcoin futures contracts were traded on the exchange during the day, doubling the volume from the previous trading session. CME’s most traded BTC futures product was the April 2018 contract.

On December 10, Cboe became the first major exchange in the US to launch Bitcoin futures, an event that prompted a very positive market reaction, initiating a strong Bitcoin price rally. CME followed suit by launching its own Bitcoin futures offering just over a week later.

Technology-focused stock exchange Nasdaq also indicated last year that it would aim to launch Bitcoin futures in the second quarter of 2018.

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