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Chicago-based futures exchange CME Group is reportedly planning to add Bitcoin (BTC) trading facilities to its repertoire of services.
Citing anonymous sources, Financial Times reported that the derivatives exchange is in talks with traders regarding its venture into the crypto space. The introduction of spot Bitcoin trading on CME would streamline the execution of basis trades, a favored tactic among professional Bitcoin traders.
Such trades typically involve shorting CME futures while simultaneously acquiring the underlying asset, capitalizing on the minute differentials between the two. Additionally, the release of spot Bitcoin trading on CME will allow traders to devise multi-leg strategies. That said, the concrete details of the initiative are yet to be finalized.
Meanwhile, the prominence of spot trading in the cryptocurrency market has seen new highs, evident in the success of spot Bitcoin exchange-traded funds, which garnered significant net inflows after their January debut.