Amid the severe market crash on 12th and 13th day of March, many people had relayed that Bitcoin (BTC) is dead after it lost nearly 50% of its value in a single day. However, the crypto market gradually stood up from the mod, with Bitcoin reaching the $7,000 mark and more.
This price movement had resuscitated the dying interest of institutional Investors on this claimed risk-on BTC. These Investors, especially in the United States, are increasingly investing in Bitcoin futures products, according to data shared by Skew.
CME Bitcoin futures surge
For the Chicago Mercantile Exchange, Skew revealed that CME Bitcoin futures sees a significant increase. The volume has risen to its highest peak since the Bitcoin market crash in March.
The number of contracts traded on CME reached as high as 13,285, which represents about 5 Bitcoins each. According to Skew, the total amount of CME Bitcoin futures traded volume reached $485 million.
The most significant spike on CME occurred on 18 February, where the company noted $1.1 billion at least, on it traded Bitcoin contracts. This record with CME somewhat points out the increasing need amongst institutional investors to uphold contractual Bitcoin, as it offers more hedge.
Bitcoin wins institutional investors
Additionally, it somewhat reiterates the growing interest of the US-based Investors to upgrade or add to Bitcoin to their portfolio, probably with the government-proposed stimulus checks. The strength and high liquidity recently showed by Bitcoin might be a factor too.
Aside CME Bitcoin futures records, the cryptocurrency made a big move on 24 April to $7,500 at least. Per the report, this single movement spurred the most significant volume increment since mid-February this year.
Bitcoin’s upcoming halving event could be another reason behind the increasing volume of BTC futures on CME. In less than one month, the rewards for Bitcoin’s mining will be reduced to 6.25 Bitcoins from the current number, 12.5 Bitcoin. This is expected to heighten the liquidity of Bitcoin market.