CME Group to introduce micro Euro-denominated BTC and ETH futures

on Feb 21, 2024
  • CME Group to introduce micro euro-denominated bitcoin and ether futures on March 18, 2024.
  • These contracts represent 0.1 BTC or 0.1 ETH, offering accessible entry points for investors.
  • CME Group's expansion targets European market demand, with significant industry support.

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In response to surging demand for cryptocurrency derivatives, CME Group has announced the upcoming launch of micro euro-denominated bitcoin and ether futures, set to debut on March 18, 2024.

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The move follows the success of their USD-denominated micro Bitcoin (BTC) and micro Ethereum (ETH) futures introduced in 2021.

The micro contracts, representing one-tenth of the respective cryptocurrency’s value, aim to make entry into the market more accessible, catering to the growing interest in Bitcoin and Ethereum.

Giovanni Vicioso, the global head of cryptocurrency products at CME Group, underscored the significant uptick in trading volume for the group’s US dollar-based equivalents, reflecting a four-fold increase.

CME Group expanding into Euro-dominated market

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Building on the momentum of their USD-denominated micro futures, CME Group’s foray into the Euro-dominated market signals a broader strategy to accommodate European investors.

The micro contracts, offering exposure to 0.1 BTC or 0.1 ETH, present a fractional and cost-effective entry point for traders looking to hedge against Bitcoin and Ethereum price movements.

Vicioso notes that the new euro-denominated contracts are poised to provide clients with efficient hedging options, leveraging the strength of the Euro as the second-highest traded fiat behind US dollar-based contracts.

The move is particularly timely as CME Group reports an open interest in BTC futures, surpassing that of Binance, underscoring the growing institutional interest in cryptocurrency derivatives.

Industry support and market dynamics

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Industry support for CME Group’s initiative comes from TP ICAP, with Sam Newman, the digital assets head of broking, expressing the company’s commitment to providing block facilitation services for these new crypto derivatives.

The significant surge in open interest for bitcoin futures indicates a broader trend in the financial industry, with institutional players increasingly turning to regulated platforms like CME Group for exposure to the volatile cryptocurrency market.

As of February 20, 2024, CME Group reported an open interest in BTC futures of $6.7 billion, outpacing Binance’s approximately $5.91 billion.

Notably, 24% of the bitcoin and ether futures volume at CME Group year-to-date has originated from the EMEA region, highlighting the Euro’s growing influence in cryptocurrency trading.

This expansion into the Euro-dominated market positions CME Group at the forefront of the evolving cryptocurrency landscape, offering diverse futures products to meet the demands of a global investor base.


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