CME Report: Bitcoin Futures Average Daily Volume up 93% in Second Quarter

Bitcoin futures average daily volume at the Chicago Mercantile Exchange increased by 93 percent in the second quarter over the first quarter of 2018, the company revealed in a tweet July 20.

CME also stated that the rate of open interest or the number of open contracts on Bitcoin futures has exceeded 2,400, which amounted to 58 percent increase in Q1. CME Bitcoin Futures ADV and OI in Q1 2018 and Q2 2018.

One of the biggest global exchanges, CME Group launched Bitcoin futures trading on Dec. 17, following the launch of BTC futures by the Chicago Board Options Exchange, the largest U.S. options exchange, on Dec. 10.

In May, the Federal Reserve Bank of San Francisco published an Economic Letter alleging that the Bitcoin price decline following the $20,000 all-time high in December was the result of the introduction of Bitcoin futures.

The Fed claimed that "The rapid run-up and subsequent fall in the price" after the launch of BTC futures trading "Does not appear to be a coincidence."

Earlier this month, the largest exchange-traded fund supplier in the world BlackRock, announced it is forming a working group to consider whether the company should invest in Bitcoin futures.

Considering Bitcoin futures represents a U-turn for BlackRock, which has previously been critical of cryptocurrencies.