The CME Group, the world's largest futures exchange, opened up bitcoin futures for trading at 6 p.m. EST on Sunday under the ticker "BTC". The reference price, from which price limits are set, is $19,600 for the February contract, $19,700 for March and $19,900 for June.
Unlike the 19% surge in CBOE bitcoin futures during their first day of trading a week ago — the CME futures fell 4% to $18,760 about four hours after opening at $20,650 and rising slightly. Volume on CME was recently at 590 contracts, while on its debut on December 10, the Cboe traded nearly 4,000 contracts during the full session.
A key difference between the Cboe and CME futures is that the Cboe contract represents one bitcoin, while a CME contract represents five bitcoins. The Cboe also settles its futures against a daily price auction from Gemini, while the CME uses its own bitcoin reference rate which tracks several cryptocurrency exchanges.
At the moment of press, these are main market parameters of Bitcoin:
- Average price: $18 949,70
- Marketcap: $317 389 226 439 USD
- 24h volume: $12 980 400 000 USD
Some investors believe the CME bitcoin futures could attract more institutional demand because the final settlement price is culled from multiple exchanges.
Recently, we have reported about the upcoming bitcoin futures, stressing the most important information about the derivatives.