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Giant futures exchange CME plans to kick off Bitcoin trading
Alex Dovbnja
CME is ready to make a foray into Bitcoin spot trading
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According to a Thursday relationship from the Financial Times, Chicago-based futures exchange CME Group is on track to launch Bitcoin spot trading due to growing demand.
It is unclear when Bitcoin spot trading will be available on the exchange as the plan is yet to be finalized.
It’s worth noting that ECM Group has long been a major player in the cryptocurrency market. It initially launched Bitcoin futures in December 2017, a move that coincided with the peak of the bull run.
In May 2021, it also launched micro Bitcoin futures, responding to demand for smaller futures contracts.
According to data provided by CoinGlass, CME currently leads the way in open interest on Bitcoin futures with $9 billion. It is ahead of major native cryptocurrency players such as Binance, OKX and BitMEX.
In early 2020, CME also launched Bitcoin options on its futures contracts. CME ranks second in terms of options value, significantly lagging behind Deribit.
The growing demand for spot trading comes after the launch of several spot ETFs earlier this year.
According to the latest data, spot Bitcoin ETFs managed to attract inflows worth $303 million on Wednesday.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.