3Q19 CME Bitcoin Futures Analysis: Outside July spike, volumes and traders remain relatively flat

We've refreshed our quarterly analysis of the CFTC COT report, which entails CFTC regulated bitcoin futures data (currently only CME Group has enough reportable traders hitting the report on a weekly basis).

While 3Q saw a peak in total volumes and notional value of open interest on bitcoin futures outstanding in July (when bitcoin spiked to over $13,800 intra-day), notional values have come back down to where the quarter started (~$212 million). On average, however, the quarter saw ~$272 million worth of estimated outstanding notional value, up 65% since 2Q averages, and +150% on the year.