CME traded $347 million worth of futures contracts Thursday – the highest since March 16. On that day, futures witnessed a trading volume of $414 million, according to data provided by research firm Skew.
Trading activity for bitcoin (BTC) futures listed on the Chicago Mercantile Exchange (CME) has picked up pace as bitcoin has extended its recent rally to levels above $7,200.
The volume numbers have improved alongside a recovery in bitcoin’s price. The top cryptocurrency by market value rose above $7,200 on Thursday – a level last seen on March 12, when bitcoin’s price had collapsed by nearly 40 percent, according to CoinDesk’s Bitcoin Price Index.
From a fundamental perspective, the rally from lows under $4,000 seen in March could continue as on-chain metrics have recently bounced out of, or are currently sitting in, zones that have historically signaled bottoms, blockchain intelligence firm Glassnode noted in its weekly newsletter.
Technical charts, too, are biased bullish.