According to Odaily, CME Group's Bitcoin Friday Futures (BFF) recently made their debut, trading over 31,498 contracts within the first week. The initial trading volume set a new record for crypto futures products. The launch has been described as the 'most successful cryptocurrency futures release ever,' with financial firms Galaxy and Marex executing the first trade block. Michael Harvey, Head of Proprietary Trading at Galaxy, stated that these weekly contracts closely track spot prices, providing traders of various types and sizes with valuable tools to increase liquidity and optimize trading strategies.
Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, highlighted that the smaller contract size and weekly Friday expirations offer investors an easier way to enter the Bitcoin market and manage Bitcoin risk exposure more effectively, all within a regulated exchange. Previously, on August 27, CME announced plans to launch Bitcoin Friday Futures (BFF) on September 30, 2024, providing a precise and flexible Bitcoin trading method. Each BFF contract represents 1/50th of a Bitcoin, ensuring capital efficiency and accessibility.
These shorter-term Bitcoin futures contracts expire every Friday at 4 PM (Eastern Time) and settle based on the CME CF Bitcoin Reference Rate New York Variant, potentially aligning more closely with Bitcoin spot prices.