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CME Group's Micro Bitcoin Futures Open for Trading
The exchange is giving traders another way to bet on bitcoin.
Par Damanick Dantes
The Chicago Mercantile Exchange launched its "Micro Bitcoin" futures product in an attempt to capitalize on bitcoin's price rally this year and build upon the successful launch in 2017 of a regular futures contract for the largest cryptocurrency.
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The futures contract was announced in late March but has just opened for trading.
- “At one-tenth the size of one bitcoin, micro bitcoin futures will provide an efficient, cost-effective way for a broad array of market participants – from institutions to sophisticated, active traders – to fine-tune their bitcoin exposure and enhance their trading strategies,” Tim McCourt, head of equity index and alternative investment products at CME Group, said in a press release.
- “By lowering the barrier of entry, more traders will be able to gain exposure to bitcoin,” said John Bartleman, president of TradeStation Group, the parent company of an online trading platform that will offer clients micro BTC futures.
- "At the 6 p.m. open last night, we executed the first block trade of 140 lots for two of our clients – Genesis Trading and XBTO. These smaller right-sized CME micro bitcoin futures contracts will make crypto futures trading more accessible for traders of all sizes," wrote Brooks Dudley, global head of digital assets at brokerage firm ED&F Man Capital Markets.
- The CME micro bitcoin futures are cash-settled and based on the CME CF Bitcoin Reference Rate.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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