Euro-Denominated Bitcoin and Ethereum Futures to Be Launched by CME

  • CME is willing to introduce trading for Bitcoin euro and futures agreements
  • The size of the agreement will be 5 BTC and 50 ETH per agreement

Chicago Mercantile Exchange Group, a global derivates marketplace situated in Chicago, is willing to introduce trading for Bitcoin euro and futures agreements opening on August 29.

On Thursday, CME Group announced that subject to law review; it aims to introduce agreements for euro-denominated Bitcoin (BTC) and Ether (ETH) futures of a size of about 5 BTC and 50 ETH per agreement. Both agreements will be listed on Chicago Mercantile Exchange, cash-settled, and based on the Bitcoin Euro reference rate and ether euro reference rate.

“Ongoing downfall of the crypto industry, together with the robust growth and keen liquidity of our current Bitcoin and Ether futures, is making expanded demand for risk management solutions by conventional investors not living in the U.S.,” said Tim McCourt, Senior Managing Director and global head of equity and foreign exchange products for CME Group. “The second highest traded currency at the back of U.S. dollar is Euro denominated cryptocurrencies.

Mccourt believes that the countries from Europe, the Middle East, and Africa portrayed 28% of all trading for Bitcoin and Ethereum futures agreements. In July, the Euro reached uniformity with the U.S. dollar and it was the first time in a period of 20 years.

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Group’s first Bitcoin futures contract introduced in 2017

The group introduced its first Bitcoin futures contract in December 2017 and then its Ethereum futures contract in February 2021. In March, the subordinates increased its offering of crypto investment vehicles to indulge micro Bitcoin and Ethereum futures in it.

In July, the derivative agreement of Bitcoin and Ethereum of the group witnessed a record activity in the Q2 of 2022. The number of bitcoin and Ethereum traded stood at 10,700 and 6,100, respectively.

The daily volume of micro Bitcoin and Ethereum also stood at 17,400 and 21,300 in the second quarter of 2022, respectively. Most of the trading activity came in between utmost ups and downs in the crypto industry, with the value of Bitcoin and Ethereum falling in May and June.

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