CME’s BTC Options Sees $2.3M in Volume, Surpasses Bakkt’s Total Figure

Source: Finance Magnates 2020-01-14

Rising demand for crypto derivatives saw CME Group’s newly launched Bitcoin options reach $2.3 million in notional trading volume on its first listing day.

Announced last year, CME Group’s much-anticipated Bitcoin options were launched on Monday and the ongoing bulls in the market resulted in massive demand for it.

According to data published on CME’s website, 55 Bitcoin options contracts changed hands since the launch and based on the market trend, all were call options.

Looks like 55 contracts went through on CME’s BTC Options first day of trading, approx. $2.3mln notional.

100% were Calls.

Source: CME (preliminary estimates) pic.twitter.com/M7StLOApom

— skew (@skewdotcom) January 13, 2020

Each options contract represents 5 Bitcoins, which means traders bet on the price of 275 Bitcoins in total.

Multiple platforms are now offering Bitcoin options, competing in a demanding market. CME’s products were launched after its competitor Bakkt introduced similar options contracts last month.

Increasing demand for crypto derivatives

Despite the head start, the Chicago-headquartered firm has surpassed the total volume of Bakkt’s Bitcoin options in one day. Since its launch on December 9, Bakkt BTC options trading generated a little over $1 million in volume, however, for CME’s contracts the reported figure of a single day is almost double Bakkt’s monthly number.

Both CME and Bakkt became popular in the digital asset industry because of their Bitcoin futures offerings. The disparity in number can also be seen in their futures trading volume – Bakkt reported trading of 2,307 on Monday, while CME’s figure touched 3,520. Notably, each Bakkt’s contract is made up of 1 Bitcoin, whereas it is 5 Bitcoins for CME.

Monday’s Bakkt Bitcoin Monthly Futures:

📉 Traded contracts: 2307 ($19.94 million, -10%)
🚀 All time high: 6601 (12/18/2019)
💰 Open interest: $9.58 million (+7%)

Knowing bots, we recommend this smart trading bot: https://t.co/W8ClGYnuNn pic.twitter.com/YM3d4ltiqT

— Bakkt Volume Bot (@BakktBot) January 14, 2020

Meanwhile, on the spot market, Bitcoin has surpassed $8,500, gaining over 5 percent in the last 24 hours, per Coinmarketcap.com.

CME’s BTC Options Sees $2.3M in Volume, Surpasses Bakkt’s Total Figure

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