The Chicago Mercantile Exchange (CME) Bitcoin Futures exchange saw one of its biggest days ever on Tuesday with $1.1 billion of volume, which could perhaps be viewed as a sign that institutional interest in Bitcoin (BTC) is increasing.
Technically, the highest daily volume of $1.3 billion occurred on May 13, right as the mini bull run last year went into full swing. Therefore, market conditions now appear to be similar to the conditions during the bull run last year.
Other positive signs are that open interest and daily volumes have been steadily increasing on the CME Bitcoin Futures so far in 2020. Also, open interest and daily volumes are steadily increasing on Bakkt’s Bitcoin Futures, but the $30-$40 million of volume on Bakkt still pales in comparison to CME.
Aside from this Bitcoin Futures data, Bitcoin blockchain transactions in excess of $100,000 have also steadily increased throughout 2020, which may be a sign of institutional investors trading large amounts of Bitcoin (BTC).
Overall, this data suggests that increased institutional investment may partially explain the bullish crypto market behavior so far in 2020.