CME Group reported increased activity in the second quarter of 2022 for its Bitcoin and Ether derivative contracts. These contracts demonstrate that professional traders were willing to access crypto assets during the ongoing bear market.
CME futures see increased activity
The average daily open interest on crypto futures products rose to 106,200 contracts during the second quarter of the year. This is the largest number of contracts on the platform.
Open interest in futures markets represents the total number of unsettled derivative contracts. During the second quarter, the average daily Bitcoin futures volume was 10,700 contracts, while daily Ethereum volumes were 6,100 contracts.
During the week of June 21, the CME Group’s large crypto product open interest holders grew to 404. It demonstrated a large interest in products from institutional investors and large cryptocurrency investors.
Despite the increasing volatility of Bitcoin and Ethereum, the crypto futures products offered by the CME Group have become a platform where users can take advantage of the growing liquidity. Market volatility has also increased platform volumes and triggered the growth of open investor interests.
CME’s Global Head of Equity and FX Products, Tim McCourt, commented on the development saying that the wide range of products offered by the platform, alongside small-scale micro Bitcoin and micro Bitcoin futures and options. Ether.
McCourt added that its futures and options offer increased trading flexibility and precision for different market participants. It includes various market participants such as large institutions and active crypto futures traders.
The group’s adventure in cryptography
In 2017, CME Group ventured into the crypto space, becoming the second derivatives exchange to back Bitcoin futures. The company lagged behind its biggest competitor, CBOE Global Markets. Towards the end of 2020, the cumulative CME Bitcoin futures volume grew to $100 billion.
CME Group has launched several crypto derivative products, including micro-sized Bitcoin and Ether options. The contracts are equivalent to 10% of the size of their respective cryptocurrency assets, giving traders access to more opportunities to protect against their exposure.
On July 28, CME Group said that its micro Bitcoin product reported an average daily volume of 17,400 contracts in the second quarter of 2022. The daily volume of the Ethereum micro contract was 21,300 contracts.
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