US derivatives giant CME to offer small-sized euro-denominated Bitcoin and Ether futures

Euro-denominated micro virtual currency futures

Major US derivatives exchange CME (Chicago Mercantile Exchange) announced on the 19th that it plans to launch euro-denominated micro Bitcoin (BTC) and Ethereum (ETH) futures trading on March 18th.

Micro futures are contracts for small quantities, and the minimum is set lower (1/10) than the normal size of 5 BTC and 50 ETH per contract.

CME has launched regular-sized Bitcoin and Ethereum euro-denominated futures contracts in 2022. Additionally, micro-contracts denominated in US dollars have already been traded for some time.

Currently, CME futures are traded in USD, but CME Group sees a need to offer customers an additional product that can hedge their Bitcoin and Ether exposure in the euro, the second most traded currency. It is said that there is.

“24% of CME Group's Bitcoin and Ether futures trading volume is traded from the EMEA region (Europe, Middle East and Africa),” Giovanni Vicioso, CME's global head of cryptocurrencies, said in a statement. “We continue to develop tools to help our clients hedge their crypto portfolios.”

CME's Bitcoin futures OI (open interest) hit a record high of $5.2 billion last month. Trading volume also set a new record, reaching $108.3 billion, returning to levels not seen since the peak in October 2021. With the high demand for Bitcoin ETFs, the demand for hedging appears to be increasing as well.

Source: The Block

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