Derivatives marketplace CME Group announced it had launched expanded trading hours for cryptocurrency futures and options on May 29.
CME said the 24/7 trading was a milestone in providing global market participants with access to regulated digital asset risk management tools. Over its inaugural weekend, more than 7,200 cryptocurrency futures and options were traded with an estimated value of $50 million. Officials said the trading volume demonstrated the liquidity and demand for a transparent, trusted market.
“By offering continuous liquidity over the weekend, we are meeting client demand and bridging the gap between traditional regulated venues and the 24/7 nature of crypto assets,” Tim McCourt, Global Head of Equities, FX and Alternative Products at CME Group said. “Since we introduced our first Bitcoin futures contract in 2017, the ecosystem has evolved in so many ways. Shifting to an always-on model represents the next natural evolution for the marketplace, ensuring CME Group continues to provide the continuous price discovery and trading confidence global investors require.”
May 29 also saw the launch of Bitcoin Volatility futures being available 24/7. The first of their kind regulated products are designed to help investors manage risk and trade their view on the 30-day implied volatility of bitcoin without taking a directional price position.
“Crypto is a 24/7 asset class, and this rollout by CME Group marks the first time our users will be able to trade regulated futures contracts at any hour of the day, any day of the week,” JB Mackenzie, VP and GM of Futures and International at Robinhood Markets, said. “This launch bridges the weekend gap between traditional derivatives and spot markets, giving our customers the continuous flexibility they need to react to market moves in real time.”