The basis for making such assumption is that fact that most of the top Bitcoin derivatives exchanges have witnessed a significant increase in its trading volume with the Chicago Mercantile Exchange (CME) leading the charge.
According to the report, trading volumes for the Bitcoin Futures contract offered by CME Group hit a new all-time high of $4.8 billion in April, beating the previous $4.2 billion record set in July 2018.
Now, with May still having ten days to spare, the Bitcoin derivatives platform is seeing a fresh all-time high of $6.6 billion in trading volumes.
Interestingly, Diaar attributes the growing institutional interest in Bitcoin to the fact that cryptocurrency is slowly giving up its supposed status as a payment tool to become a store of value in the same manner as gold.
The report notes that Bitcoin advocates now refers to the tenant of being used as a preferred payment and settlement currency as an added benefit.
Bitcoin Price Action in the last 24-Hours
The movement of Bitcoin prices today does not significantly differ from yesterday’s update with the dominant cryptocurrency still trading sideways after failing to find its footing above $8000.
Consolidation around that fundamental level would revive hopes of a bullish trend in the coming days. On the other hand, analysts fear that a failure to break the $8200 resistance after several attempts could force Bitcoin to look for new support levels lower than the $7700 that it has held since recovering from a minor decline last week.
Bitcoin’s press time value was $7932 with its market cap and dominance standing at $140.5 billion and 56.4% respectively.