Open Interest for CME Group’s Bitcoin (BTC) Futures Approaching All-Time Highs, Reaches 5,328 Contracts Valued at $237 Million

Bitcoin (BTC) derivatives trading volumes are again approaching record-level highs this month as open interest keeps increasing.

CME Group Inc (Chicago Mercantile Exchange & Chicago Board of Trade) data reveals that as of January 16, 2020, open interest for the exchange’s futures products reached 5,328 contracts, an amount valued at 26,640 BTC (appr. $237 million).

This figure is notably greater than any monthly close CME has recorded since it introduced Bitcoin (BTC) futures contracts two years back in December 2017, with the month of July 2019 presently in the lead with 5,252 futures contracts issued.

Earlier this month, open interest had managed to exceed current levels, having reached about 5,400 futures contracts, data from the US Commodity Futures Trading Commission (CFTC) confirmed on January 7.

Cryptocurrency futures offerings have received considerable attention and interest from investors and industry observers as new market participants seemed to have contributed to a Bitcoin price rally this year. The flagship cryptocurrency is trading at around $8,868 at the time of writing, after trading consistently below the $8,000 mark toward the end of 2019 and beginning of 2020.

As BTC/USD approached the $9,000 mark throughout this week, the overall Bitcoin futures trading volumes increased significantly. Unofficial data from Skew Markets shows that global  volume for BTC futures reached $25 billion, which is notably the greatest since late October 2019.

Earlier this month, the CME introduced a new product in the form of options on Bitcoin (BTC) futures. The release has come only a few days after one of the exchange’s main competitors FTX launched a similar product.

The firm noted that it believes the options are a “success” as volumes had reportedly surged to 275 BTC by the second day of launch.

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