Trading volumes and open interest in the CME Group bitcoin options market increased after a reduction in remuneration for a (halving) block last Monday.
According to data from the analytical company Skew, open interest (or the number of open positions) grew from $ 35 million on May 11 to $ 142 million on May 14. The trading volume on May 13 reached $ 40 million. However, the CME bitcoin options market is still relatively small compared to Deribit, where the trading volume on May 13 was $ 116 million.
CME representative said that since the beginning of May, 256 new accounts began to trade with this product (in total, 2129 accounts trade in the CME bitcoin options market).
“As you can see, in the first two weeks of May, almost as many new accounts were added as in the whole of April,” said a CME spokesman.
Skew founder Emmanuel Guo said growing institutional product adoption spurs growth.
GSR Trading's Richard Rosenblum said halving in conjunction with the current macroeconomic background could attract new professional investors and traders who are more likely to trade CME futures than on the bitcoin spot market.
Currently, CME is not going to release new products for cryptocurrencies. A CME spokeswoman said: “At CME Group, the process of innovation begins with our customers - by listening to their feedback, we can create products and solutions that help them manage risks. So far, we have no plans to launch additional products on cryptocurrencies.”