<p>In a day that saw the price of bitcoin reach 10-month highs, and the amount of <a href="https://www.theblockcrypto.com/2019/05/13/institutional-demand-for-bitcoin-appears-to-be-increasing/">bitcoin inflows added to Grayscale's trust product reach all-time highs</a> signaling rising institutional demand, it was CME bitcoin futures that punctuated the extent of an institutional driven rally.</p> <p>Reported in a desk update <a href="https://twitter.com/CMEGroup/status/1128058304092098562">tweet</a> from CME Group, the world's largest options and futures exchange, the Chicago exchange declared its bitcoin futures product recorded a new all-time record of 33.7K contracts sold in one day — shattering the prior records of 22.5K and 18.3K set on Apr 4 and Feb 19, respectively.</p> <p>Considering each contract is equal to 5 bitcoins, the total notional value of 33.7K contracts equates to more than $1 billion in total value traded, and more than 168K worth of bitcoins. According to data from Bitwise, which adjusts reported bitcoin spot volumes to account for fake volumes, the $1 billion plus worth of CME bitcoin futures volumes in the prior 24 hours was almost double the bitcoin spot volume on Binance and triple volumes on Coinbase.</p> <p><img class="alignnone size-large wp-image-23282" src="https://www.theblockcrypto.com/wp-content/uploads/2019/05/cme-futures-ATH-1114x675.png" alt="" width="1000" height="606" /><br /> <em><span style="font-size: 10pt;">May 13th notional value is calculated as 168,385 bitcoins * an assumed $8,000 price</span></em></p>