CME’s Bitcoin Futures Overtake Coinbase Trading Volume
For the first time ever, the volume of CME’s Bitcoin futures contracts has overtaken Conibase Pro’s Bitcoin trading volumes.
On August 20, CME opened 2,480 contracts, each one worth 5 BTC, which added up to a total of 12,000 BTC, about $80 million USD in about 24 hours.
Coinbase Pro, on the other hand, had a total of only $55 million USD worth of the BTC/USD trading pair. It had an additional $8 million USD when you consider Euro (EUR) and the Great Britain Pound (GBP) too, which added up to $63 million USD in the same 24 hour period.
Not only the gap is of almost $20 million USD, but CME is having a lot of the volume lately and was handling twice Coinbase’s volumes a few days ago.
Raise in CME Future Could Be Good News?
The numbers suggest that, as the common investors and the ones that started with the crypto market are starting to abandon it, Wall Street is keenly eyeing this market and is definitely testing the waters and betting on the token.
One of the primary reasons why the Bitcoin ETF was rejected was because regulated exchanges like CME and CBOE had a low volume of transactions, but it looks like this is about to change (at least for CME), so the U. S. Securities and Exchange Commission (SEC) may start to see the ETF differently in a near future.
A good sign is that big money is coming to Cryptocurrency through CME Volume, and could be reaching the size that covers SEC demands, and that is a good News.
Relation Between Volume and Bitcoin ETF Approval
According to the SEC, to approve the ETF, sufficient volumes had to be handled on these exchanges to avoid price manipulation of Bitcoin, as the person would have to try the manipulation on these exchanges and they have high surveillance standards, so it would not be so easy to do it, which would increase the chances that the person would be punished.
It still remains to be seen whether this volume will satisfy the SEC or not when the ETF is voted. However, with a single vote to tilt the rotation on favor of the Bitcoin ETF, it looks like there is a big chance that the market could approve the Bitcoin ETF.
One would still need to consider how politicians are interfering in the vote. Commissioner Elad Roisman is likely to change his vote, but the Democrats have been holding him up since June and the Congress is looking to take charge of the discussion.
Good News for Cryptocurrency will be when ETF gets approval, prices will Moon as a lot of money will be coming in the game.
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