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CME Euro-denominated Bitcoin and ETH Futures Coming Soon

Chicago Mercantile Exchange-min (1)-minBitcoin traders will soon have a way of expanding their cryptocurrency portfolios. BTC traders will now have the option to buy and sell euro-dominated Bitcoin and Ether futures contracts on a regulated digital asset exchange.

Euro-denominated Bitcoin and Ether futures are launching soon

The Chicago Mercantile Exchange (CME), one of the largest derivatives exchanges, has planned the launch of Bitcoin euro and Ether euro futures contracts. The derivatives exchange announced that the products would be launched on August 29 after receiving approval from regulators.

For the Bitcoin futures, the contract size will be 5 BTC, while the Ether contract size will be 50 ETH. The two contracts will be settled in cash according to the rate stipulated by the CME CF Bitcoin-Euro Reference and the CME CF Ether-Euro Reference.

Launching the euro-denominated Bitcoin and Ether futures contracts could boost the institutional adoption of the digital asset industry. The product could witness massive growth, given the dominance of the euro within the European Union. The euro is the common currency in 19 out of the 27 member states within the EU.

Moreover, the daily turnover of the euro-dollar currency pair is the highest in the global cryptocurrency market, with an average daily volume of $6.6 trillion. The global head of equity and FX products at CME Group, Tim McCourt, said that these Bitcoin and Ether futures contracts would give the exchange’s clients a better tool for trading and hedging the exposure of the two largest cryptocurrencies by market capitalization.

McCourt added that cryptocurrencies denominated by the euro were the second-highest most traded after the US dollar. Moreover, the year-to-date (YTD) data shows that the EMEA region represented 28% of the total traded Bitcoin and Ether futures contracts. The futures contracts have also increased by over 5% compared to 2021.

The euro has also recorded a rise in volatility this year. The rising inflation levels have affected the currency’s value, which has since fallen to parity with the USD dollar. The euro is at a 20-year low against the dollar. The two are the world’s most preferred reserve currencies.

CME Group’s plan for crypto

In December 2017, the CME exchange listed a dollar-denominated Bitcoin futures contract. It later listed a dollar-denominated Ether futures contract in February this year. The move of this exchange into the crypto sector could see several institutions gain interest in how to invest in Bitcoin. The exchange also launched micro Bitcoin and Ether futures contracts.

The CME Exchange ranks as the fourth-largest Bitcoin futures exchange, accounting for 1.5% of the overall open interest rate of $11.8 billion. The platform has been behind the price discovery of Bitcoin, as it has brought it to the limelight as an asset class.


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