Rising demand for crypto derivatives saw CME Group’s newly launched  Bitcoin  options reached $2.3 million in notional trading volume on its first listing day.

Announced last year, CME Group’s much-anticipated Bitcoin options were launched on Monday, and the ongoing bulls in the market resulted in massive demand for it.

According to data published on CME’s website, 55 Bitcoin options contracts changed hands since the launch, and based on the market trend, all were call options.

Each options contract represents 5 Bitcoins, which means traders bet on the price of 275 Bitcoins in total.

Multiple platforms are now offering Bitcoin options, competing in a demanding market. CME’s products were launched after its competitor Bakkt introduced similar options contracts last month.

Increasing demand for crypto derivatives

Despite the head start, the Chicago-headquartered firm surpassed the total volume of Bakkt’s Bitcoin options in one day. Since its launch on December 9, Bakkt BTC options trading generated a little over $1 million in volume. However, for CME’s contracts, the reported figure of a single day is almost double Bakkt’s monthly number.

Both CME and Bakkt became popular in the digital asset industry because of their Bitcoin futures offerings. The disparity in number can also be seen in their futures trading volume - Bakkt reported trading of 2,307 on Monday, while CME’s figure touched 3,520. Notably, each Bakkt’s contract is made up of one Bitcoin, whereas it is five Bitcoins for CME.

Meanwhile, on the spot market, Bitcoin has surpassed $8,500, gaining over five percent in the last 24 hours, per Coinmarketcap.com.

Rising demand for crypto derivatives saw CME Group’s newly launched  Bitcoin  options reached $2.3 million in notional trading volume on its first listing day.

Announced last year, CME Group’s much-anticipated Bitcoin options were launched on Monday, and the ongoing bulls in the market resulted in massive demand for it.

According to data published on CME’s website, 55 Bitcoin options contracts changed hands since the launch, and based on the market trend, all were call options.

Each options contract represents 5 Bitcoins, which means traders bet on the price of 275 Bitcoins in total.

Multiple platforms are now offering Bitcoin options, competing in a demanding market. CME’s products were launched after its competitor Bakkt introduced similar options contracts last month.

Increasing demand for crypto derivatives

Despite the head start, the Chicago-headquartered firm surpassed the total volume of Bakkt’s Bitcoin options in one day. Since its launch on December 9, Bakkt BTC options trading generated a little over $1 million in volume. However, for CME’s contracts, the reported figure of a single day is almost double Bakkt’s monthly number.

Both CME and Bakkt became popular in the digital asset industry because of their Bitcoin futures offerings. The disparity in number can also be seen in their futures trading volume - Bakkt reported trading of 2,307 on Monday, while CME’s figure touched 3,520. Notably, each Bakkt’s contract is made up of one Bitcoin, whereas it is five Bitcoins for CME.

Meanwhile, on the spot market, Bitcoin has surpassed $8,500, gaining over five percent in the last 24 hours, per Coinmarketcap.com.