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According to Chicago-based trading giant CME Group, Solana (SOL) and XRP futures “spiked” in July.
The products generated $6.5 billion and $6 billion worth of trading volume, respectively, according to data provided by the trading behemoth.
Overall, July was “a record-breaking month” for the sector, CME says.
Multiple major cryptocurrencies, including Bitcoin, XRP, and BNB, recorded fresh record highs.
Ethereum (ETH), while falling short of logging a new record high, still logged a new peak in interest and trading volume. The impressive trading activity coincided with the Ether/Bitcoin ratio finally rebounding after months of extremely severe underperformance.
Strong demand
Earlier, CME revealed that its crypto products had a whopping 140% year-over-year (YoY) increase in trading volume.
In the second quarter of the year, CME Group saw an average daily volume of 190,000 contracts for its cryptocurrency futures and options.
The Chicago-based trading behemoth has noted that the market for regulated cryptocurrency futures continued to grow in July. It specifically mentioned the fact that SOL and XRP futures had seen “significant” adoption.
CME Group’s growing crypto presence
CME Group’s which initially made a foray into Bitcoin back in late 2017, has been gradually expanding its crypto presence.
Apart from rolling out regulated SOL and XRP futures earlier this year, it also introduced longer-dated spot-quoted futures for Bitcoin and Ethereum, as well as the biggest equity indices.
In March, CME Group also announced that it would introduce tokenization technology to be able to enhance market efficiency.
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