Chicago-based derivatives exchange CME Group kicked off trading for its bitcoin option on Monday by trouncing its rival, the Intercontinental Exchange-owned Bakkt.
CME Group has traded 55 contracts, worth about 275 bitcoin or $2.1M, in its new bitcoin option, according to a spokeswoman.
The launch of the product followed Bakkt's bitcoin options roll-out, which has been less successful on a relative basis. Bakkt has traded slightly more than $1 million of bitcoin for its options contract since its December 9 launch. Bakkt has not yet reported its volumes for Monday.
Tim McCourt, managing director at CME Group, told The Block in a phone interview he was satisfied with the first day of trading, noting a balance between smaller on-screen trades and block trades. He also said feedback from market participants was "great." Read More...