Bitnomial Reports Q2 2024 Record Volume Growth

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Aug 01, 2024, 10:00 ET

H1 2024 Highlights:

Volume grew 53% quarter over quarter to $79M
Open interest peaked at nearly $14M
Over $130 million in notional value seen in H1 2024, a 1081% increase compared to H1 2023

CHICAGO, Aug. 1, 2024 /PRNewswire/ -- Bitnomial, a CTFC-regulated digital asset derivatives exchange, clearinghouse, and settlement business, today announced record growth for the quarter that ended June 30, 2024.

The exchange saw a 53% quarter-over-quarter growth in notional volume. The rise in Q2 volume indicates organic demand for the underlying physical assets, fueled by basis trading, spot digital asset ETF approvals, and the Bitcoin Halving in April. As Bitnomial comes out of stealth mode, it uniquely capitalizes on this increased demand by being the only federally regulated exchange offering physically settled and leveraged digital asset derivatives.

"Throughout Q2 and the first half of 2024, we continue to see record-breaking trading volumes on Bitnomial Exchange. Additionally, the introduction of our wholesale clearing FCM business and our Hashrate futures has resulted in incremental organic demand following the Halving, particularly from institutional clients. We're thrilled by the enthusiastic reception of these new offerings," stated Michael Dunn, President of Bitnomial Exchange. "Building upon the significant Clearinghouse approval granted by the CFTC at the end of last year, we anticipate exponential growth on our platform as we begin to bring new products to the market and execute our vision for fundamentally upgrading US-based digital asset derivatives trading globally."

Bitnomial is an advocate for the physically backed trading model of digital assets as opposed to cash settled products that do not directly participate in the supply and demand of the underlying digital assets. This type of physical exposure is beneficial to both traders and industrial participants like miners who prefer the additional control, more efficient collateral management, and lower costs that physical delivery provides. The growing demand for physically backed Bitcoin derivatives is demonstrated by the over $130 million in notional value that was traded on Bitnomial Exchange in the first half of 2024, a 1081% increase compared to the first half of 2023.

Dunn concluded, "One example of our early impact on the nascent US market for digital asset derivatives is that OTC brokers are using our Bitcoin Product Complex to complement their bilateral trading or, in some cases, supplant bilateral trades entirely to mitigate counter-party risk by booking those trades on Bitnomial. We expect further use cases like this for physically backed digital asset derivatives to arise as we continue to expand our suite of offerings."

About Bitnomial

Bitnomial, Inc. is a digital asset derivatives exchange company that operates a US CFTC regulated exchange (DCM), clearinghouse (DCO), and brokerage (FCM). Bitnomial offers the Bitcoin Complex ® comprising physically delivered Bitcoin Futures, Options, Deci Futures, and Hashrate Futures.