- CME Group announced plans to launch euro-dominated micro Bitcoin and Ethereum futures in March 2024.
- CME Group is the world’s largest derivative marketplace.
- CME Group has witnessed a significant surge in volume in their U.S. dollar-denominated counterparts, with a four-fold increase observed recently.
The CME Group, the world’s largest derivative marketplace, has announced plans to launch euro-denominated micro Bitcoin and Ethereum futures next month. This move comes in response to the escalating demand within the derivatives market, particularly in Europe.
The decision was revealed in an announcement made on Tuesday, February 20, 2024, by the Chicago-based trading firm. The release stated that the introduction of these crypto futures aims to cater to the growing interest in U.S. dollar-denominated counterparts. Pending regulatory review, the futures are scheduled to be launched on March 18, 2024.
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The Deal with Micro Futures and CME Group’s Big Move
Futures contracts are financial instruments that obligate investors to buy or sell the underlying asset at a predetermined price on a specified future date. The term “micro futures” refers to smaller portions of the underlying asset. In this case, CME Group has specified that these futures will represent one-tenth of a Bitcoin (BTC) or Ethereum (ETH), with current valuations of $51,538 and $2,940, respectively.
These micro futures are favored by traders due to their minimal fees and enhanced liquidity. They offer an alternative to spot crypto ETFs, particularly in regions where Bitcoin-based investment instruments are not as widely available.
Giovanni Vicioso, CME Group’s global head of cryptocurrency products, highlighted the significance of this move, stating, “Year-to-date, 24% of Bitcoin and Ether futures volume at CME Group has been transacted from the Europe, the Middle East and Africa region.” He emphasized the company’s commitment to providing tools for clients in these regions to hedge their crypto portfolios and capitalize on market movements.
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Vicioso further noted that the CME Group has witnessed a significant surge in volume in their U.S. dollar-denominated counterparts, with a four-fold increase observed recently.
The CME Group initially introduced Bitcoin futures in December 2017, followed by Ethereum futures and micro futures for both digital assets. In 2022, a CME Group executive hinted at the possibility of assessing the release of futures for other cryptocurrencies such as Solana (SOL) and Cardano (ADA).
With the forthcoming launch of euro-denominated micro Bitcoin and Ethereum futures, CME Group aims to further expand its footprint in the cryptocurrency derivatives market and provide investors with additional avenues for managing their exposure to digital assets.
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