The CME group’s cryptocurrency derivative market displayed a strong increase in commercial activity in April, reaching a new average daily volume (ADV) of 183,000 contracts worth $ 8.9 billion in notional terms, the company reported.
This marks a leap of 129% compared to the same month of last year, suggesting an increasing institutional interest in cryptographic markets.
Ether led growth. CME’s Future ADV Ether Jumped from 239% to 14,000 contracts, while term contracts on micro ether increased from 165% to 63,000. Future micro Bitcoin micro Bitcoin followed with an increase of 115% to 78,000 contracts.
The Bitcoin and Ether Tower Contracts of the CME have a greater notional value, of 5 BTC and 50 ETH, respectively. The micro-contracts, for their part, allow a more precise exchange, representing only 0.1 of each cryptocurrency.
The exchange operator had already declared record volumes of cryptocurrency derivatives in the first quarter of the year. For the month of April, its ADV Global reached a record of 35.9 million contracts, up 36% in annual shift.
The ether, after having considerably underperformed the wider market of cryptocurrencies, only increased by 1.1% in the last 30 days, while the price of bitcoin increased by 15.8%. The wider cryptography market, measured by the Coindesk 20 index (CD20), saw an increase of 12.1%.
