There is more demand for Bitcoin in Q2

The demand for Bitcoin (BTC) based crypto derivatives is growing “rapidly”, with the CME Group leading the warrants, as new data show.Accordingly, according to Skew’s crypto market researchers, the “open interest” of CME’s bitcoin options has increased significantly in recent weeks.

 

CME is getting stronger

The “open interest” is a measure of the total value of all “open” long and short positions for the respective crypto derivative. In May, the CME had already reached a new record high for its Bitcoin futures, an upward trend that is now being confirmed by the strong development of the Bitcoin options.On June 4, the open interest for the Bitcoin options was $ 256 million, just $ 3 million below the previous record high. At the beginning of 2019, the open interest reached a low of $ 2 million, which illustrates the rapid development even more.”The open interest of Bitcoin options is growing rapidly this quarter,” Skew concludes in this context.

 

Crypto derivatives are becoming increasingly important

As Cointelegraph reported, there is hope that bitcoin derivatives can help further establish the market-leading cryptocurrency.A study by Coin Metrics earlier this week showed that derivatives are now the driving force behind Bitcoin’s trading volume.

“As in other asset classes, the trading volume for Bitcoin derivatives is many times higher than when trading Bitcoin itself,” the report said. And further:

“Provided that the recorded trading volumes are credible, then Bitcoin derivatives would be the most efficient trading method.”