Daily trade volume for Chicago Mercantile Exchange (CME)'s bitcoin (BTC) futures produced a new low for 2022 on February. 21, with $118 one thousand thousand worth of contracts changing hands on Friday.

The record low came merely three days afterwards CME daily volume exceeded $1 billion for just the third time in the market's history, with CME bitcoin futures producing over 23,000 contracts or $ane.1 billion worth of trade on February. eighteen.

Daily trade volume for CME bitcoin futures. Source: Skew

Daily trade book for CME bitcoin futures. Source: Skew

Despite the well-nigh-record spike in trade activity, CME bitcoin futures volume speedily faded, plummeting by almost 55 percent the next twenty-four hour period. Feb. 20 saw an nigh 58% drib, with daily book falling from $499 million to $211 1000000.

On Feb. 21, CME bitcoin volume fell by roughly one-half for the fourth day in a row, with a further 44% contraction. In total, CME bitcoin volume dropped by 89% in half a calendar week.

The single strongest day of trade on record for CME'due south BTC futures took place on May 13, 2022, with $1.iii billion worth of contracts exchanged as BTC tested $viii,000 for the first fourth dimension in 10 months. Daily trade for the contract exceeded $1 billion for the 2d fourth dimension on June 27, 2022 – when BTC rallied by $one,500 intraday to postal service 2022's high of nearly $13,800.

SEC to rule on Wilshire Phoenix Bitcoin ETF

The U.Due south. Securities and Substitution Commission (SEC) scheduled to make a ruling on Wilshire Phoenix's proposed Bitcoin exchange-traded fund (ETF) on Feb. 26, the sole active application for a bitcoin ETF currently nether SEC consideration.

Despite many crypto analysts dismissing the prospects of Wilshire Phoenix's Bitcoin and Treasury Investment Trust being approved, the firm's founder, Bill Herrmann, recently told Cointelegraph that the company has "continued to have thoughtful and meaningful discussions with the commission."

Wilshire Phoenix showtime submitted a proposal for the bitcoin ETF on June 12, 2022. On Sep. 24, 2022, the SEC initiated proceedings pertaining to the ETF, nevertheless, the business firm updated its filing the following calendar month in partnership with NYSE Arca, with Coinbase listed every bit the product's custodian. At the end of 2022, the SEC extended proceedings until February. 26.

On Feb. 14, Wilshire Phoenix updated its filing, including the firm's fees – $2,437, the number of shares information technology initially intends to annals – 8,040, and its maximum share price  – $2,500.