According to Tim McCourt, Managing Director and Head of Securities and Alternative Investments of the Chicago Mercantile Exchange (CME), bitcoin futures do not exert pressure on the price of the first cryptocurrency. He said this during the Consensus Singapore 2018 conference, CoinDesk reports.
We are just a small part of the market. Out of the 40 percent of bitcoin futures trading on CME that's outside the U.S., 21 percent are coming from Asia.
Managing Director and Head of Securities and Alternative Investments, Chicago Mercantile Exchange
He added that CME launched cryptocurrency derivatives in response to the demand of market participants. The users wanted to get a comfortable financial instrument with risk control on a regulated exchange.
Tim McCourt also noted that the market for bitcoin futures continues to grow, and this is particularly noticeable in terms of volumes in the Asian markets. According to him, trading activity in the hours before the opening of the US market has a tangible impact on the price of bitcoin futures.
It is worth reminding that in July CME Group head said that company doesn't plan to add altcoin futures.