Home » CME Bitcoin futures spike during US presidential election
Bitcoin News

CME Bitcoin futures spike during US presidential election

CME Bitcoin futures spike during US presidential election

As votes got here in on the evening of Nov. 3, the day of the U.S. presidential election, Bitcoin’s (BTC) quantity soared on the Chicago Mercantile Change, or CME. 

“In a single day, earlier than 9:00am NYT over 6,700 Bitcoin futures contracts traded (33,500 equal Bitcoin), 75% greater than what has been noticed YTD [year-to-date] and greater than double the amount noticed since launch,” a CME Group spokesperson informed Cointelegraph on Wednesday.

6,700 BTC CME Bitcoin futures contracts traded between 5 PM CST on Nov. Three and eight AM CST on Nov. 4. CME Bitcoin futures commerce 23 hours per day, between 5 pm and 4pm. Every contract is value 5 BTC. That implies that in a single day throughout the U.S. presidential election, the CME hosted 33,500 Bitcoin in buying and selling quantity, equal to roughly $462 million, primarily based on a tough estimate of Bitcoin’s common worth throughout that window. 

Such quantity stands 75% greater than the change’s common motion hosted throughout that very same time window on another evening over the previous yr, the spokesperson clarified. 

Moreover, the change hosted extra huge gamers than ever earlier than. “Forward of the election, the variety of Lengthy Open Curiosity Holders (LOIHs, massive merchants as outlined by the CFTC) to a brand new file, 102,” the spokesperson stated. 

November additionally began off scorching, displaying a rise within the variety of Bitcoin positions individuals held, often called open curiosity, or OI. “Common day by day futures OI over the primary two days in November is up 20% over October to 11,929 contracts,” they famous. November’s early motion logically got here with little shock, given the constructing buying and selling curiosity seen close to final month’s finish, expressed in common day by day quantity, or ADV. The spokesperson stated:

“Bitcoin futures weekly ADV grew considerably within the week resulting in the election. On common 11,428 contracts (57,140 equal Bitcoin) traded day by day on the final week of October up 164% from the primary full week in October.”

The CME is wanting again on a optimistic yr for Bitcoin buying and selling, whereas Bitcoin itself has yielded an amazing run up to now, particularly given its March 2020 low close to $3,800. The asset has reached costs not seen in almost three years.  

Credit score: Source link

Spread the love

Related posts

Three Female Binance Award Nominees Get Blocked From Instagram


Criminal Extradited from Cyprus for Allegedly Stealing Bitcoin


Coronavirus Has Put Bitcoin’s Safe Haven Narrative to the Test


Leave a Comment