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CryptoWatch: This crucial bitcoin group is an unexpected source of rising futures trading volume

When the Cboe Global Markets Inc., and the CME Grop Inc., separately launched bitcoin futures within weeks of each other in December, advocates of digital currencies had hoped it would lead to a surge in interest.

However, early volumes were light, as investors, especially among big institutions, hedge funds and money managers, were turned off by the extreme volatility, market participants said.

Now, five months removed and volumes have begun to tick higher.

On March 26, the Cboe recorded its largest daily volume with May contracts nearing 19,000, eclipsing the 15,500 contracts traded on Jan. 17 when investors flooded to cover losses a day after bitcoin BTCUSD, +1.42% fell by as much as 27%.

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