CME Bitcoin options surge 10-fold over the last 30 days

Bitcoin trust

The Bitcoin products on the Chicago Mercantile Exchange (CME) have been growing greatly over the past 30 days. Particularly, CME Bitcoin options garnered a tenfold increase compared to the record in the previous months, signaling a growing interest among institutions on Bitcoin derivatives.

CME Bitcoin options market on the rise

With Bitcoin showing more volatility in price, CME Bitcoin options market garnered a $373 million on the 10th of June, in total open interest. This record means a significant growth, as CME only posted $35 million on the 11th of May. Calculatedly, this translates a ten times surge with a period of 30 days.

Interestingly, the new CME Bitcoin options record places the exchange second after Deribit, as per Skew. CME now accounts for 20 percent of the Bitcoin options market globally, based on the open interest stats. It is worth noting that the CME Bitcoin options product was launched at the start of this year.

Matt Kaye, an official at Blockhead Capital, mentioned that the surging CME Bitcoin options market indicates the keen interest among institutions for Bitcoin derivatives or products, and how they are “exposing their books to bitcoin.”

CME notes increase in Bitcoin futures

Although the CME Bitcoin options are seeing high interest and participation from regulated institutions, the exchange does not plan to launch additional digital currency products, a spokesperson for CME said. The exchange will mainly focus on Bitcoin-related products, at least for the moment.

Meanwhile, the options product is not the only derivative market available on CME. In fact, the exchange offers Bitcoin futures products, which also noted significant growth. Over the same period of days, the Bitcoin futures products spiked by 29 percent, in total open interest. Reportedly, the futures market on CME also made remarkable progress in the past month.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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