Bitcoin (BTC) futures trading volume hit a record $13.15 billion on the Chicago Mercantile Exchange (CME) yesterday, a clear sign of Bitcoin’s growing popularity in financial markets.

The reason is obvious. Donald Trump’s re-election sent Bitcoin’s price soaring, hitting $80,000 shortly after the US election results.

Bitcoin Futures Continue to Rise

The average daily trading volume for CME Bitcoin futures has been $4.56 billion so far in 2024, a notable increase from past records, including the surge following the FTX crash in November 2022.

The reaction in the derivatives market was swift, reflecting traders’ increased risk appetite.

According to Vetle Lunde, head of research at K33 Research, the CME basis (a measure of the gap between the spot price and futures contracts) has risen from 7% to more than 15% intraday, indicating stronger demand for Bitcoin futures, particularly among U.S.-based institutional investors who use CME offerings to participate in upward market moves.

Offshore traders have also shown enthusiasm, as perpetual futures, a popular choice among these investors, now reflect higher premiums compared to spot prices, indicating an interest in leveraging.

The Bitcoin options market is expected to reach new highs as contracts expire at the end of November, with many targeting a BTC price above $80,000. This comes as the market appears to be encouraged by the possibility of regulatory easing, with cryptocurrency advocates hoping the Trump administration will be less strict than the previous one.

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