CME Group has launched a new Ethereum futures product
Chicago-based CME Group has launched cash-settled micro Ether futures, according to a Dec. 6 press release.
The product was originally announced in early November. The size of the contract is 1/10 of 1 ETH, which is equivalent to $405 at press time.
It is now available for trading under the MET ticker.
CME’s Tim McCourt says that the launch of micro futures will allow individual traders and institutional traders to execute their trading strategies in a more efficient manner:
As investor demand for digital assets continues to grow, we are pleased to now offer our clients access to Micro Ether futures as a cost-effective, efficient and transparent way to access cryptocurrency and manage Ether exposure.
Ethereum greatly outperformed Bitcoin during the recent crash, reviving the “flippening” narrative.
The ETH price is up 226% against the largest cryptocurrency over the past 24 hours.
CME Group launched Ether futures in February. While many predicted a bearish scenario to play out, the introduction of the regulated product actually set the rally into a higher gear.
According to Coinglass data, CME is the fourth-largest exchange by Ethereum futures open interest (behind only FTX, Binance and Bitfinex).