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The Chicago based commodities exchange that handles the market’s most actively traded Bitcoin futures contract, CME group, saw it’s trading volume suddenly shoot up.
The CME group posted over 23,000 contracts which were worth $1.1 Billion on tuesday.
This day was falling a little short to their highest volume day of all time which saw contracts worth $1.3 Billion, and was posted on May 13 last year.
BTC went up more than 100% over the span of six weeks, making the high of 2019 at 13,800 dollars.
Bakkt Witnessing Increase in Momentum
As a promising sign for the BTC’s uptrend considering healthy gains in volume, open interest has been making strong profits on the CME contracts. There is a chance that the traders are betting in higher prices and opening fresh and long contracts, because bitcoin saw some minor pullbacks this month.
Bakkt’s futures market, the trader over there, they seem to be even more confident about the bitcoin rally and that it will continue. Over a 100% hike was seen in open interest which came with pretty good increases in volume.
The price hike is now of more than 55%, as this has become a 3 month bull rally now. Bitcoin has delivered exhibited a balanced buy-side and sell-side delivery, since it has been on the trendline.
Over the last three months bitcoin has been bought in large blocks as per the data from IntoTheBlock, a crypto company. The data suggests that the investors are literally trying to fuel the latest rise in Bitcoin. There has been a very steady rise in the number of bitcoin transactions that have been over the amount of $100,000 since december.
This clearly shows that the price of Bitcoin is going to rise in the near future and also that investors are trying hard to push the price up too.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
