CME Group launches micro Ether futures as ETH hovers at $4K

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Main derivatives market Chicago Mercantile Change Group has expanded its crypto choices to incorporate a micro Ether futures product.

In a Monday announcement, the CME Group mentioned it had launched a micro Ether (ETH) futures contract sized at 0.1 ETH, giving institutional and particular person merchants one other product for Ether publicity. The cash-settled micro ETH derivatives providing is buying and selling underneath the Globex code METZ1 and joins crypto derivatives merchandise on the alternate together with micro Bitcoin (BTC) futures, Bitcoin futures, choices on Bitcoin futures and Ether futures.

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Tim McCourt, CME Group’s world head of other funding merchandise, mentioned the providing would permit buyers “to hedge their spot Ether worth danger or extra nimbly execute Ether buying and selling methods.” Genesis International Buying and selling, one of many liquid suppliers for CME Group’s crypto derivatives choices, mentioned it had already executed a contract for the micro ETH futures product in partnership with crypto funding agency XBTO.

“The Micro Ether futures contract fills a necessity for larger flexibility and extra exact delta hedging,” mentioned Joshua Lim, Genesis’ head of derivatives.

Associated: Kelly Strategic Management files for Ethereum futures ETF

The announcement got here following the value of ETH and lots of cryptocurrencies together with Bitcoin falling considerably over the weekend. In line with knowledge from Cointelegraph Markets Pro, the ETH worth has dropped greater than 15% since hitting an all-time excessive of $4,785 on Nov. 8. On the time of publication, the value of the second-largest cryptocurrency by market capitalization is $4,016, having fallen greater than 13% within the final seven days.

CME Group first launched its Bitcoin futures contracts in December 2017 amid the most important bull run. The alternate’s micro Bitcoin futures product launched in Might, with the corporate reporting on Thursday that it had traded greater than 3.3 million contracts.