CME Bitcoin futures set new highs in June

CME bitcoin futures set multiple new records last month, with over 2,960 accounts trading BTC futures, according to a report from Coindesk. The increased interest in BTC coincides with a surge of account sign-ups.

Nearly 1,000 new user accounts have been created in 2019, a 30 percent increase in total client sign-ups. The number of clients holding contracts worth at least 25 BTC bumped from the average of 46 to 49 during the last week of June, another record. Open interest also reached new heights in June, with 6,069 contracts.

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Facebook's Libra announcement came towards the end of last month, possibly drumming up interest in crypto from traditional traders. However, its volatility makes futures a more palatable option, since they reduce risk and increase stability.

The price of BTC has fluctuated above and below $10,000, taking a steep pitch yesterday before rising once again above $10,000 in the following 24 hours. 

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Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.