CME Bitcoin Futures Volume Passes CBOE Futures and Coinbase Spot

CME has taken the lead ahead of CBOE in futures volume. The exchange also had more volume than leading U.S. exchange Coinbase.


Bitcoin futures contracts are increasingly becoming intriguing products in the cryptocurrency sector.

Despite taking time for the market to gain traction, CME is now leading the market based on volume. It has successfully moved ahead of CBOE futures and Coinbase’s spot Bitcoin market.

The Bitcoin futures competition intensifies

Providing Bitcoin futures contracts to mainstream speculators is one of the most daunting tasks in the crypto world at the moment. This is because there are no official guidelines to help companies provide it.

CBOE and CME decided to give it a try despite the lack of regulation. Over the past few months, CME has been leading while CBOE is still battling to overcome the initial dip it witnessed two months ago.

For CME Group, July has been a very strong month. Its Bitcoin futures volume doubled during that month. This increase in volume comes despite the actual price of Bitcoin dropping during July.

Bitcoin is a highly volatile asset but this has not stopped investors and speculators from venturing into the futures market. Futures volumes continue to increase throughout August, which is a promising sign for CME.

CBOE records contrast results

For CBOE however, the road hasn’t been that smooth. CBOE launched its Bitcoin futures days before CME but the company has suffered to gain much attention.

At the moment, investors are more interested in CME Group’s offering, with the gap between the two still growing.

In July, CME futures volume surpassed 30,000 while CBOE struggled to cross the 6,000 mark. In order to remain relevant in the market, CBOE will need to increase its effort or perhaps diversify its offering.

CME Bitcoin futures contracts also ahead of spot trading on Coinbase.

It is no surprise that CME Bitcoin Futures are ahead of CBOE. However, it comes as a surprise that it has surpassed Coinbase’s spot trading. Prior to April this year, spot trading volume was significantly higher than futures trading.

The tables have turned, however. Bitcoin futures trading volume generated by CME has now surpassed Coinbase spot trading by a large margin. This started at the end of the first quarter of 2018 and has continued since then.

Despite its lackluster performance, CBOE is already working on improving its market position. It has already decided to allow traders to quintuple the number of contracts they can hold.

Coinbase will see CME overtaking them as a welcomed competition. Despite the bear market, the cryptocurrency exchange continues to welcome up to 50,000 new users every day.

Even though they are not in direct competition with CME, the dominant position by CME indicates that consumers are now looking for different ways to gain exposure to Bitcoin products.

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