CME notches lists trades with crypto derivatives in the second quarter

CME notches lists trades with crypto derivatives in the second quarter

The CME Group's crypto derivatives recorded record-opening interest in the second quarter and above average day volumes-even as the sale in the markets for digital assets increased.

According to a report published on Wednesday by the derivate exchange, the average daily open interest for its crypto products was 106,000 contracts, an all -time high in the quarter. The average daily volume was around 57,000 contracts - the second highest quarterly.

Ether-futures in particular recorded an average daily volume of 6,600 contracts in the second quarter, an all-time high that rose by 27 % compared to the first quarter. A record number of 26,500 contracts was traded on June 15th.

In the third week of June, the total number of the owners of great open interests for the crypto futures of the CME Group, as the company calls it, reached a maximum of 404, which indicates growing interest of institutional investors.

A spokesman for the CME Group did not immediately answer a request for comment.

Termine contracts are legal agreements for the purchase or sale of a certain financial value at a fixed price at a certain point in time in the future. CME futures are billed in cash in dollars and are based on a daily reference course of the price of the underlying assets.

CME began in 2017 with the offer of Bitcoin Futures Contracts and later added Ether Futures in February 2021. Last year it introduced billed micro-bitcoin futures contracts worth a tenth of a bitcoin and in November to add micro ther futures as liquidity.

Recently, in March, CME introduced options on Micro-Bitcoin and Ether Futures. Tim McCourt, global director for stock and currency products at CME, said at the time that the new offer would enable dealers of all size to manage the commitment on the cryptom market more precisely.

The first Bitcoin futures-based ETFs came onto the market last October after the second chairman Gary Gensler indicated in August that the agency would be more comfortable with products that were limited to CME traded futures contacts. The SEC has not yet approved an ETF that invests directly in crypto.

Simeon Hyman, head of the ProShares investment strategy group, said Blockworks at the beginning of this month that the daily volume of the Bitcoin Strategy ETF (Bito) of the company of the Grayscale Bitcoin Trust (GBTC) put in the shade. He noted that an ETF based on futures was "no second -class citizen at all" if you consider the challenges on the cash market.

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