The Chicago Mercantile Exchange (CME) Bitcoin optionS open interest is up 1000% and has hit $142 million.
On Friday, May 15, open interests reached $142 million, compared to $12 million in April. This represents a whopping 1000% growth within one month.
Since May began, the volume of options on the CME platform has increased considerably. On the 5th and 6th of May, the options volume climbed over the $10 million mark. By Friday, it was down to $1 million as the market anticipated Bitcoin’s halving. After the halving, the volume skyrocketed to $142 million.
The impact of the Bitcoin halving is still rolling in as the Bitcoin price index continues to stay above $9300.
In the days leading up to the halving, more financial institutions and hedge fund managers warmed up to BTC as a form of legitimate investment. For example, Digital Currency Group subsidiary, Grayscale, was reportedly responsible for about 29% of all mined BTC blocks (worth $388.9 million) in the first quarter of 2020. Fidelity Digital also increased its interest in BTC.
Earlier this week, billionaire hedge fund manager Tudor Jones disclosed that he now has 1-2% of his assets in BTC, even though it is still ‘a great speculation’.
Image Credits: Pixabay
