The CME recorded an all time record volume of its 5-lot BTC futures yesterday

As many of you know, our algorithms constantly examine volumes of trading in stocks, options and cryptos. We are seeking which of those assets are about to break to the upside or downside based on volumes of trade on the offer (bullish) or bid (bearish).

For this reason, I thought it important to share what we’re seeing across the crypto spectrum, but particularly in Bitcoin this am. Just as the 17th million Bitcoin is about to be mined, its not a shock that investors again are drawn to the cryptocurrency.

Since the April 6th low, BTC has rallied some 44% and on this bounce the volume of trades on the offer accelerated dramatically. Total daily transactions had dwindled to a mere 135,000 per session in early April. Since then, BTC transactions hit a high of 255,000 in the past 24 hours.

A rough moving average of all transactions in Bitcoin indicate a significant breakout from its 3 month average. Further evidence of the veracity of this surge in trading volumes can be gleaned from the Chicago Mercantile Exchange’s record Bitcoin futures volumes.

The CME recorded an all time record volume of its 5-lot BTC futures yesterday, totaling some 11,202 contracts traded across all contract months (approx. $507 million notional, the equivalent of 56,010 Bitcoins). That was more than 2x the prior daily record of 5,226 contracts (which was set the previous day Tuesday April 24th).

The CME also hit record Open Interest of 2,380 contracts across all contract months (approx. $112 million notional). CME’s Bitcoin Futures average daily volume has increased each month since its launch.