Bitcoin’s price rallied considerably in January. Notably, in the same month, the Chicago Mercantile Exchange (CME) also attained record Bitcoin (BTC) futures trading volume.
A CME representative said “In January, BTC average daily volume (ADV) reached a monthly record of 17,549 contracts (87.7K equivalent bitcoin).” Furthermore, every Bitcoin futures contract from CME is equivalent to the value of 5 Bitcoins paid in the dollars.
The representative said “In December 2020, BTC average daily volume (ADV) reached 11,179 contracts (55.9K equivalent bitcoin). This represents a +57% increase.”
Last month, Bitcoin rallied from $30,000 to $42,000, as per TradingView data. In the earlier month, the numero uno crypto broke past long-term all-time high of roughly $20,000, rising to roughly $30,000 in the final week of 2020.
The CME representative stated “We are continuing to see robust interest in our Bitcoin futures contracts, with a record 528 accounts added in January, helping drive BTC average daily volume (ADV) to a monthly record of 17,549 contracts (87.7K equivalent bitcoin), up 63% YoY.”
CME’s Bitcoin futures trading product has recorded a considerable number of clients since its launch four years back (December 2017). The CME, in its recent report stated that there are “7,400+ unique, active accounts have traded since launch. Of those, 733 were added in 2021, 2.3x more than in 2020.”
Bitcoin, in recent times, declined over $13,000 from its previous all-time peak, even though the asset has taken back a significant portion of lost ground, trading at about $50,800 at the time of writing this article.
