The Chicago Mercantile Exchange (CME) Group launched its new Bitcoin Friday Futures (BFF) product with a strong start, trading over 31,498 contracts in just one day. This marks the most successful launch of a cryptocurrency futures product ever, according to a statement from Oct. 1. The first trade was carried out by financial firms Galaxy and Marex on Sept. 29.
About the Product
The new BFF contracts allow investors to bet on or protect themselves against changes in Bitcoin’s price over short periods. Each contract is worth one-50th of a Bitcoin and is settled in cash every Friday, based on the CME CF Bitcoin Reference Rate New York Variant (BRRNY), which reflects the Bitcoin price.
BFF contracts are made available every Thursday after Wall Street markets close, and their weekly expiration gives market players a chance to engage in short-term trading without having to hold the contracts for long.
Summary Review: The successful launch of CME’s Bitcoin Friday Futures marks a significant moment in the crypto futures market. By offering a short-term, cash-settled product, CME provides investors with a flexible way to trade or protect themselves from Bitcoin price changes, making it more accessible for those looking for quicker opportunities in the market.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
