Bitcoin futures suffered a massive drop in December.
Futures volume was just $386.7 billion in December, according to data from The Block. Trading volume had its worst period since October 2020, when volumes were $333.6 billion. The monthly decrease was 39%.
Bitcoin Futures Dropping
Bitcoin futures on the CME also approached October 2020 levels. Shares on the stock market were limited to only $19.5 billion during the month. CME’s open interest in Bitcoin futures fell 11.1% to $1.36 billion at the end of December, according to The Block Research.
The average daily trading volume of futures on the CME was $632 million, down 53.1%.
Carlos Gonzales, a research analyst at 21.co, noted that the drop in volumes is not limited to the derivatives market, as spot volumes on central exchanges have also experienced a significant drop. Foreign exchange volumes fell nearly 47.5% from $673 billion in November to $353.5 billion in December, according to Gonzalez.