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CME Group has introduced euro-denominated Bitcoin and Ether futures on its derivatives marketplace today. The business claimed in a statement on Monday that the new product, which has a contract size of five Bitcoin and fifty Ethereum, will accompany its dollar-denominated crypto counterparts.
"Designed to match their U.S. dollar-denominated counterparts, Bitcoin Euro and Ether Euro future contracts will be seized at five bitcoin and 50 ether per contract. These new contracts will be cash-settled, based on the CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rate, which serve as once-a-day reference rates of the euro-denominated price of Bitcoin and Ether."
https://twitter.com/CMEGroup/status/1564268083765809159 While derivatives rates have decreased along with the decline in crypto prices, trading in cryptocurrency derivatives on centralized exchanges increased by 13% last month compared to June, reaching more than $3 trillion. In July, the derivatives market accounted for 69% of all crypto volume, up from 66% in June. Tim McCourt, global head of equity and FX products at CME Group, states that:
"The launch of these new futures contracts builds on the strong growth and deep liquidity we have seen in our existing U.S. dollar-denominated Bitcoin and Ether futures contracts."
Cryptocurrency Derivative Market is Massive
The market for cryptocurrency derivatives is massive: $174 billion in contracts were traded on exchanges in the last 24 hours. The statement demonstrates that there is still a lot of interest in the cryptocurrency sector, particularly given that Ethereum is soon to receive an update.