Trading volumes in s Bitcoin futures’ markets have increased significantly since the beginning of the year and may continue to increase into 2020, according to a report from Bitcoin.com.
What’s driving markets upward? For one thing, there has been some speculation that much of the recent increase in trading volumes on CME could be due to the launch of Options on its Bitcoin futures contracts, which is scheduled for today.
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Options on Bitcoin futures are coming on January 13, bringing greater capital efficiencies and flexibility in managing bitcoin price risk. https://t.co/BRElrAuehQ pic.twitter.com/234XNApjDL
— CMEGroup (@CMEGroup) January 8, 2020
Additionally, the average trading volume on Bakkt during the second week of the year was consistently higher than it had been throughout the month of December.
ICYMI: Friday’s Bakkt Bitcoin Monthly Futures:
Traded contracts: 2576 ($21.16 million, -20%)
All time high: 6601 (12/18/2019)
Open interest: $8.92 million (-7%)
Sats for servercosts: https://t.co/TF6sNUwWpO pic.twitter.com/Ju7mht5v8H
— Bakkt Volume Bot (@BakktBot) January 11, 2020
Bitcoin spot market volume, price have also increase
Bitcoin spot markets have also shown bullish sentiment since the beginning of the year.
Indeed, on Thursday, January 9, market research firm Arcane Research published a report pointing out a significant improvement in BTC spot trading volumes within the second week of the year.
According to the report, which used market data from Bitwise Asset Management, “the 7-day average real trading volume sees a nice pump after the worryingly low levels during the holiday. With almost $1.5 billion traded on Jan 8, the market recovered sharply from the disappointing $192 million that were traded on Jan 1.”
While 7-day average real trading volume data is not available for the days following January 8, 24-hour trading volume data shows an increase from $18.58 billion at 23.59 GMT on January 1 to $22.14 billion at press time.
This increase in spot market trading volume has been coupled with an increase in price since the beginning of the year–on January 1st, the price of Bitcoin was about $7,200; as of 06.25 GMT on January 13th, the price had risen to roughly $8,140.