On May 3, The Chicago Mercantile Exchange (CME), the world's largest financial derivatives exchange launched the third crypto tradable product, Micro Bitcoin Futures.
According to Tim McCourt, CME Group's Global Head of Equity Index and Alternative Investment Products, the company responded to the demand for smaller contracts, which is really interesting after the first days.
We are pleased to see strong customer adoption and support for our new Micro Bitcoin futures contract early on, Tim McCourt
In the official report, CME Group also approaches specific numbers, namely the achievement of 100,000 contracts after the first six days of trading in Micro Bitcoin futures.
Together with our existing, full-sized Bitcoin futures, this new, smaller contract further strengthens our ability to help a broad array of clients – from institutions to sophisticated, active traders – to manage their bitcoin price risk. Tim McCourt
The new futures is only one-tenth the size of one Bitcoin, so the contracts are available to a wider group of participants. Trading with classic Bitcoin futures has so far been used mainly by institutions and traders with rich financial resources, but it is Micro futures that allows individuals or traders with smaller capital to participate.