In line with the general uncertainty and volatility in the cryptocurrency sector, the volumes of Bitcoin (BTC) and Ethereum (ETH) futures contracts are at their lowest levels in nearly two years, data shows.
As it happens, the total volume of BTC and ETH futures contracts on the Chicago Mercantile Exchange (CME) declined 20.7% in August 2022, falling to $28.9 billion, according to Report Posted by Crypto Market Analytics Platform Encoder comparison On September 20.
The report also specifies:
In terms of total US dollar volume, CME ETH futures were $8.99 billion in August (down 17.4% since July). Meanwhile, CME BTC futures volume fell 22.1% to $19.9 billion. On total ETH + BTC futures contracts fell 20.9% to $29.0 billion.”
Furthermore, the report notes that “this is the lowest volume recorded for the exchange since December 2020.”
What led to the decline?
The report notes that the decline in the volume of BTC futures contracts, the lowest since November 2020, was the result of a combination of bear market price actions and a 22.7% drop in the number of exchange-traded Bitcoin futures, which fell to 182,000 – the lowest number in four months. .
Meanwhile, the number of CME Ethereum futures trading fell 31.4% to 106,000 in August, as the merger listing failed to impact the volume of Ethereum futures on the CME. exchange announed Ethereum options contracts to be launched on September 12th.
Elsewhere, in August, Ethereum futures trading volume reached a three-month high in a merger forecast, reaching nearly $28 billion on August 8, with all-time high interest spread across July and August, and the largest volume at 46 billion. dollar. She testified on July 18 and July 28.
Meanwhile, CME Group-backed bitcoin and Ethereum futures began trading on August 29, with the goal of providing institutional investors with exposure to digital assets, while hedging them, Finbold reported.
Earlier in September, open interest denominated in bitcoin (OI) in perpetual futures reached a 4-month high of $3.9 billion on Binance, a level previously recorded on June 6, 2022, when it reached $3.89 billion.
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