With Bitcoin trading volume down nearly 80% since early 2018, the CBOE has decided not to add a Bitcoin (XBT) futures contract for March. It is revisiting how it wants to approach the digital asset derivatives space, and considering conceding the market to CME.
CME Bitcoin futures set a new record for volume traded in a single day with over 18,300 contracts traded, equivalent to ~91,690 BTC or ~$360 million in notional value (1 BTC contract = 5 BTC). The volume was 25% greater than the prior daily volume record set in November. It’s not just daily one off volume that’s trending up either, as 1Q19 volumes through February are running at a 40% Y/Y clip, and is on track to be the highest CME bitcoin futures volume quarter since the product launched at the end of 2017.