CME Group revealed yesterday that Micro Bitcoin futures volume surpassed 100,000 contracts in the first six days of trading since the launch of the new contracts.
Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products commented:
Tim McCourt Source: LinkedIn
We are pleased to see strong customer adoption and support for our new Micro Bitcoin futures contract early on.
Last week, the Chicago-based company launched its offer of a new product in response to the rapidly escalating demand surrounding cryptocurrencies. The new derivatives are 1/10th the size of standard Bitcoin.
The Micro Bitcoin futures provide an cost-effective way for traders to manage their bitcoin exposure and enhance their trading strategies, while at the same time retaining the advantages of CME Group‘s existing Bitcoin futures contract.
Together with our existing, full-sized Bitcoin futures, this new, smaller contract further strengthens our ability to help a broad array of clients – from institutions to sophisticated, active traders – to manage their bitcoin price risk.
Micro Bitcoin futures are cash-settled to the CME CF Bitcoin Reference Rate, serving as a once-a-day reference rate of the US dollar price of bitcoin.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.