For July 2023, bitcoin futures trading volume on the CME totaled $53.33 billion. This surpassed April’s $53.06 billion in trading volume. Overall, this is the highest since January 2022 – then traders made deals worth $55.87 billion. The volume of positions opened on the floor on July 29 amounted to $2.5 billion.
The CME Exchange is a regulated trading platform and is designed for institutional investors like hedge funds and large trading firms. That said, CME’s performance stands out to the cryptocurrency industry – centralized cryptocurrency exchanges have significantly lower trading volumes than they did in the spring. The average daily trading volume in the spot market is $11 billion, up from $40 billion in March this year.
CME Group analysts recently reported that the ETH exchange rate is significantly more correlated with the Nasdaq index and the U.S. dollar exchange rate than the first cryptocurrency.