Amid uncertainty in global financial markets, the Chicago Mercantile Exchange (CME), one of the world’s largest and most diversified derivatives markets, saw a sharp recovery in cryptocurrency options trading volumes in July.
The notable increase was the first after a period of stagnation over the past four months. Trading activity related to cryptocurrency options trading increased by 24% to an impressive $940 million, according to analysis provided by renowned data tracking platform CCData.
This increase in trading volume has been seen across multiple digital assets. For example, bitcoinoptions volume rose 16.6 percent to $734 million, reflecting market participants’ growing interest in the digital currency.
At the same time, Ethereum, another major player in the cryptocurrency market, has seen a fairly high growth rate in options volumes. That figure jumped 60 percent to a total of $207 million.
Contrary to the booming trend in cryptocurrency options trading, the CME futures market is in a downtrend.
Specifically, futures volume fell 17.6% to $39.1 billion. The decline also affected total derivatives trading volume, which includes futures and options. According to CCData, the figure fell by 17.0% to a total of $40.1 billion.
CCData’s report highlights that the expansion of CME’s Bitcoin options trading volume may be a strategic move by institutional investors.