finbold.com
CME Group has announced the Micro Bitcoin futures volume is over 100,000 contracts just in a week following the May 3 launch.
In a press statement, CME Group said the milestone is an indication that investors are warming up to the launched product following a consistent growth of liquidity and participation in the current futures options.
According to CME Group Global Head of Equity Index Tim McCourt, the futures is part of the platform’s initiative to cater to institutional investors.
“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,” said McCourt.
Upon launching the Micro Bitcoin futures, CME Group aimed at addressing challenges like the high cost of investing in cryptocurrencies while offering a regulated environment to participate in the digital assets sector.
CME Group joins traditional players joining crypto space
CME’s venture into Micro Bitcoin futures highlights the platform’s increasing interest in the cryptocurrency sector. Last year, CME Group Chief Economist Blu Putnam had called for further studies on bitcoin. In the now-deleted video, Putnam termed bitcoin as an exciting concept.
In the March 2020 video, Putnam said there was a need for balance before bitcoin becomes a reliable portfolio diversifier. At the time, bitcoin was trading below the $10,000 mark. However, the number one ranked cryptocurrency has embarked on a sustained bull run in 2021, hitting an all-time high of $64,800 on April 14.