The CME Group, which runs the Chicago Mercantile Exchange, plans to launch Bitcoin spot trading.
The Financial Times reports this, citing its sources.
The publication clarified that the project is at the finalization stage, so there is no exact time frame for its implementation. It is likely that this will happen before the end of 2024. CME Group has allegedly already held negotiations with counterparties who intend to invest in Bitcoin, but in a regulated environment.
Financial Time emphasized that in this case the level of involvement of large institutional counterparties in this market will increase significantly.
As an example, the publication cited the situation with Bitcoin futures contracts. CME Group launched them in December 2017.
According to CoinGlass, the volume of open interest in these contracts on the exchange as of May 16, 2024 exceeds $9 billion. This is more than platforms such as Binance, Bitget, OKX and Bybit.
The Financial Times emphasized that CME Group refused to comment on the situation.
It is noteworthy that in addition to Bitcoin futures contracts, the exchange also launched other derivative crypto products.
In February 2023, event contracts for these derivatives appeared on the site. A year later, in February 2024, CME Group announced microfutures for Bitcoin and Ethereum.
On May 15, 2024, Bitcoin showed an increase amid updated inflation data in the United States. On the night of May 16, it tested the level of $66,000, but then rolled back. At the time of writing, the asset has consolidated above $65,000:
