When the votes were received on the night of November 3, the day of the US presidential election, bitcoin (BTC) increased in volume on the Chicago Mercantile Exchange (CME).
More than 6,700 Bitcoin Futures (equivalent to 33,500 Bitcoin) were sold overnight before 1pm. 09:00 New York time, up 75% so far this year [since the start of the year] and more than double what has been seen since its launch, “a CME spokesperson told Cointelegraph Wednesday.
The 6700 bitcoin futures contracts are trading on the Chicago Mercantile Exchange from 5:00 PM on November 3 until 8:00 AM on November 4. Each contract costs 5 Bitcoin. This means that 33,500 Bitcoins were listed on the Chicago Mercantile Exchange overnight during the US presidential election, with a trading volume of nearly $ 462 million, based on a rough estimate of the average bitcoin price in that window.
The spokesman explained that this volume is 75% higher than the average exchange in the same time window on any other night last year.
Additionally, there have been more major players on the stock exchange than ever before. The spokesperson said: “Before the elections, the number of long-term open positions (LOIH, major traders as defined by CFTC) reached a new record high of 102.”
November also started warmer, with an increase in the number of participants in bitcoin trades known as open interest, or OI. They noted that “the average daily OI of futures contracts in the first two days of November increased by 20% compared to October to 11,929 contracts.” It stands to reason that the start of November was not a surprise, given the interest in construction trade, which was observed towards the end of last month, expressed as Average Daily Volume, or ADV. Speakers say:
“The weekly ADV of Bitcoin futures increased significantly in the week before the election. On average, 11,428 contracts (57,140 Bitcoin equivalent) were traded daily in the last week of October, up 164% during the first full week of October. ”
CME looks at a positive year for Bitcoin trading, while Bitcoin itself has shown impressive results so far, especially given the low in March 2020 at around $ 3800. The asset’s value has reached a high price for nearly three years.