Cryptocurrency
CME tops Bakkt’s reported bitcoin options volumes in one day
As reported by The Block, “Chicago-based derivatives exchange CME Group kicked off trading for its bitcoin option on Monday by trouncing its rival, the Intercontinental Exchange-owned Bakkt. “CME Group has traded 55 contracts, worth about 275 bitcoin or $2.1M, in its new bitcoin option, according to a spokeswoman. “The launch of the product followed Bakkt’s […]
As reported by The Block, “Chicago-based derivatives exchange CME Group kicked off trading for its bitcoin option on Monday by trouncing its rival, the Intercontinental Exchange-owned Bakkt.
“CME Group has traded 55 contracts, worth about 275 bitcoin or $2.1M, in its new bitcoin option, according to a spokeswoman.
“The launch of the product followed Bakkt’s bitcoin options roll-out, which has been less successful on a relative basis. Bakkt has traded slightly more than $1 million of bitcoin for its options contract since its December 9 launch. Bakkt has not yet reported its volumes for Monday.
“Tim McCourt, managing director at CME Group, told The Block in a phone interview he was satisfied with the first day of trading, noting a balance between smaller on-screen trades and block trades. He also said feedback from market participants was ‘great.’
“‘In terms of their ability to quote the market, consume the data, all technical aspects,’ he said. ‘Everything worked as designed.”‘
“Still, it’s early days for the market and it’s likely anyone’s game to win at this point. Market observers will remember that CME’s crosstown rival, Cboe Global Markets, was first to launch bitcoin futures in December 2017, but ultimately announced they would stop offering the product…”