Main derivatives market Chicago Mercantile Trade Group has expanded its crypto choices to incorporate a micro Ether futures product.
In a Monday announcement, the CME Group stated it had launched a micro Ether (ETH) futures contract sized at 0.1 ETH, giving institutional and particular person merchants one other product for Ether publicity. The cash-settled micro ETH derivatives providing is buying and selling beneath the Globex code METZ1 and joins crypto derivatives merchandise on the change together with micro Bitcoin (BTC) futures, Bitcoin futures, choices on Bitcoin futures and Ether futures.
The most recent member of the CME Group cryptocurrency product household has arrived. Micro Ether futures can be found for buying and selling. https://t.co/bJoZWA7qZz
— CME Group (@CMEGroup) December 6, 2021
Tim McCourt, CME Group’s world head of other funding merchandise, stated the providing would permit buyers “to hedge their spot Ether worth danger or extra nimbly execute Ether buying and selling methods.” Genesis International Buying and selling, one of many liquid suppliers for CME Group’s crypto derivatives choices, stated it had already executed a contract for the micro ETH futures product in partnership with crypto funding agency XBTO.
“The Micro Ether futures contract fills a necessity for better flexibility and extra exact delta hedging,” stated Joshua Lim, Genesis’ head of derivatives.
The announcement got here following the value of ETH and lots of cryptocurrencies together with Bitcoin falling considerably over the weekend. In response to information from Cointelegraph Markets Pro, the ETH worth has dropped greater than 15% since hitting an all-time excessive of $4,785 on Nov. 8. On the time of publication, the value of the second-largest cryptocurrency by market capitalization is $4,016, having fallen greater than 13% within the final seven days.
CME Group first launched its Bitcoin futures contracts in December 2017 amid the key bull run. The change’s micro Bitcoin futures product launched in Could, with the corporate reporting on Thursday that it had traded greater than 3.3 million contracts.