Contextualizing CME Bitcoin Futures record breaking year

In the back-half of 2020 we've seen notable examples of outsized retail-focused bitcoin and crypto demand, often at the margin of new retail entrants, with the news last week of PayPal's crypto offering already generating "2-3x expected demand," and Square Cash App's $1.6 billion worth of bitcoin sales in 3Q (representing ~90% of all cumulative sales prior to that) as two marquee examples.

Yet, often overlooked, is the progress that is being made on the institutional trading side.