The US presidential election has caused quite a stir in the world of crypto-futures trading.
The CME reported massive growth in average daily and weekly contracts.
Most of the action took place the night before the election, when futures exceeded the average YTD by 75%.
The volume of Bitcoin futures on the Chicago Mercantile Exchange (CME) suddenly skyrocketed as the day of the U.S. elections finally arrived. The CME has already had quite a positive year in terms of crypto trading, and now it will end it with the election boom.
Trading in Bitcoin futures on the CME explodes before the election
According to the CME spokesman, the increase in BTC activity actually occurred overnight, before 9:00 a.m. in NYT. Bitcoin futures began trading about 75% above the levels seen on YTD. Not only that, but the volume was suddenly double the highest level observed after the CME introduced BTC futures.
Over 6,700 Bitcoin futures contracts were traded between 5:00 p.m. CST on November 3 and 8:00 a.m. CST on November 4. Each of these contracts has a value of 5 BTC, and they are traded almost continuously as they are only unavailable for one hour per day between 4 p.m. and 5 p.m.
These figures show that the CME alone passed through 33,500 BTC ($462 million) in a single day. This volume is 75% higher than the average trading volume recorded on any other night on the exchange throughout the year.
Key players participated
It is also worth noting that more large companies than ever before have chosen Bitcoin futures for CME. The number of LOIHs (Long Open Interest Holders) has reached a new record – 102.
The number of daily Futures Open Interest (OI) was also off the charts in early November. The CME spokesman noted that “the average daily OI for futures in the first two days of November increased by 20% to 11,929 contracts compared to October”.
The average daily volume also rose significantly in the week leading up to the election. Meanwhile, the last week of October saw a 164% increase in contracts compared to the first week of the last month.