CME Bitcoin Options Trading Volume Reaches $2.1M
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Bitcoin options trading volume on the Chicago Mercantile Exchange (CME Group) reached 275 Bitcoins or $2.1M on the same day this new instrument was launched, The Block has reported.

It must be noted this figure is more than double the volume reached on derivatives platform Bakkt, where the trading volume of this new investment instrument reached $1M after its launch on December 9.

CME Group managing director Tim McCourt said he was satisfied with the result of the first day of trading, noting feedback from market participants was "great":

"In terms of their ability to quote the market, consume the data, all technical aspects. Everything worked as designed."

CME Group launched its Bitcoin options trading service yesterday at 16:00 CET, becoming a direct competitor to derivatives platform Bakkt.

The underlying asset for CME's new investment instrument is the Bitcoin futures contract the exchange launched in 2017. One contract represents five Bitcoins and is subject to centralized clearing on the trading platform, avoiding this way any counterparty risk. In order to calculate the price of Bitcoin, CME relies on data from several crypto trading platforms.

The market's reaction to the launch of Bakkt options on December 9 was not as good as expected, resulting in insignificant price movements. However, it looks like CME's Bitcoin options have had a positive impact on the market.

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