According to Odaily Planet Daily, CME Group's Bitcoin Friday Futures (BFF) made its debut recently, with more than 31,498 contracts traded in two contract weeks, setting a new record for first-day trading volume.
Officials called it "the most successful cryptocurrency futures launch ever," with financial firms Galaxy and Marex executing the first trade block. Michael Harvey, head of chartered trading at Galaxy, said these weekly contracts closely track spot prices, providing traders of all types and sizes with a valuable tool to increase liquidity and optimize trading strategies.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, said the smaller size of these contracts, combined with weekly Friday expiration, will not only provide investors with an easier way to enter the bitcoin market, but will also allow them to manage their bitcoin exposure more efficiently — all on a regulated exchange.
Earlier on August 27, CME announced that it plans to launch Bitcoin Friday Futures (BFF) on September 30, 2024, providing a precise and flexible way to trade Bitcoin. Each BFF contract represents 1/50 of a Bitcoin, ensuring capital efficiency and accessibility.
It is reported that these shorter-term Bitcoin futures contracts will expire every Friday at 4 pm (Eastern Time) and will be settled based on the New York variant of the CME CF Bitcoin Reference Price, which may be closer to the spot price of Bitcoin.
