Bitcoin Futures Hit Record Volume Registering $530 Million Worth Of Trading Volume

Bitcoin has been registering noteworthy gains for as long as two weeks. At the time of writing, Bitcoin has been trading at $8,264 with a daily trading volume of $5.2 billion.

In any case, Tuesday has been a significant day for Bitcoin bulls as that was the day when it jumped $8,000 mark in two months. Beginning the day at $7,730, it finished the day at $8,230.

Aside from Bitcoin price, the trading volume of Bitcoin futures on CME likewise hit record volumes, The volume achieved 12,878 contracts where each contract represents 5 BTC and henceforth equivalents to 64,390 BTC registering a value of $530 million.

“Bitcoin futures hit a record volume of 12,878 contracts on Tuesday, equivalent to 64,390 bitcoins with a notional value of $530M.” Learn more about #Bitcoin futures. https://t.co/AIsPztBU6V pic.twitter.com/7RIRL2qZ3A

— CMEGroup (@CMEGroup) July 25, 2018

However, comparing with the general trading volume of bitcoin market on Tuesday which was $7.7 billion, it’s still not a large number.

Mati Greenspan, a senior analyst at eToro also noted this development with his tweet.

“Wall Street was definitely in on the latest rally!!

Tuesday’s volumes on the CBOE was 4007 BTC. The CME futures traded 11,464 contracts, which are worth 5 BTC each, making a total of 57,320 BTC.

At $8,000 per coin that’s a total volume of $490.6 million. Not chump change. “pic.twitter.com/5EjMNvEtlX

— Mati Greenspan (@MatiGreenspan) July 25, 2018