Bitcoin futures trading hit a new milestone on Wednesday with a total 19,000 bitcoin futures contracts belonging to different expiry dates changing hands on Cboe. Since launching the trading product in December, Cboe Options Institute senior instructor Kevin Davitt says that “[the] average daily volume (ADV) runs about 6,600 in XBT Bitcoin Futures.”

In a video published on the CBOE’s Twitter account, Davitt explained that Wednesday’s trading was nearly 3 times the daily average.

“Yesterday was the highest daily volume for bitcoin futures since their introduction here at CBOE nearly five months ago. The lead month May futures traded 18,210 contracts, and across the term structure a total of 19,000 bitcoin futures traded here yesterday. The previous high-volume session was January 17 with just less than 15,500 contracts traded.”

It’s noteworthy that the leveraged positions heavily favor the short bet, with over 2x the number of short to long contracts. Whenever short contracts significantly outnumber long contracts, there is the possibility of a major short squeeze event. Given the volatility and relative inexperience of digital asset traders, many believe such an event is on the horizon, if not already in progress.

This jump in volume falls within days of major announcements by large institutional investors and financial groups expressing interest in cryptocurrencies. Several major institutional investors announced plans to move fully into cryptocurrency investing, including venture capital powerhouse Andreessen Horowitz and the fund tied to famous billionaire investor George Soros. Additionally, on Wednesday, Nasdaq CEO Adena Friedman told CNBC’s Squawk Box that she is open to building a Nasdaq cryptocurrency exchange.