CBOE saw its most astounding volume for bitcoin futures since it initially debuted the agreements back in December according to Available market Data. 18,210 contacts for the May futures were exchanged, alongside 703 for the June contract and 87 for the July contract. No volume was accounted for the trade’s August-dated contract.
“[The] normal everyday volume (ADV) keeps running around 6,600 in XBT Bitcoin Futures. Yesterday’s volume was about three times ADV,” stated CBOE Options Institute senior instructor Kevin Davitt, in a video posted on social media, on Thursday.
“Yesterday was the highest daily volume for bitcoin futures since their introduction here at CBOE nearly five months ago. The lead month May futures traded 18,210 contracts, and across the term structure, a total of 19,000 bitcoin futures traded here yesterday. The previous high-volume session was January 17 with just less than 15,500 contracts traded.” He added.
“Wednesday’s volume was an outlier among the past several days, as well as the results were seen during Thursday’s session. On Monday, XBT Bitcoin Futures traded at 3,881, rising to 6,653 on Tuesday. On Thursday, volume was reported at 5,634 contracts as of press time.” Cited Coindesk.
The trade saw the volume of its bitcoin future contracts market twofold on Wednesday from the day preceding, shooting past 11,000 contracts. Dissimilar to CBOE, it was CME’s April 2018 contracts which saw the main part of the spike, as per its site.
The spike in January’s volume matched with the lapse of the first set of agreements, Davitt said. In any case, Wednesday’s volume did not, nor did it have a 15-20 percent go in prospects Davitt would some way or another have expected, he included.
“We will certainly be watching to see if this is a volume aberration or if more and more institutional types are moving into crypto,” he said. However, he noted that “the overall bullish sentiment continues in XBT Bitcoin Futures.”