JPMorgan sees 'high anticipation' for bitcoin options

Darnell Taylor
January 15, 2020

CME bitcoin futures options were launched at CME Globex around 12 noon on Monday. Since its launch on December 9, Bakkt BTC options trading generated a little over $1 million in volume, however, for CME's contracts the reported figure of a single day is nearly double Bakkt's monthly number.

In total, 54 options contracts were traded on CME during its first 24 hours, which is hugely successful considering the exchange is tailored towards institutional traders. In addition to that, the firm plans to introduce a market maker program to support the on-screen market development of BTC futures options.

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JP Morgan Chase bank, the largest bank in the United States with total assets of US$2.765 trillion, has stated that it anticipates good response to CME Group's Bitcoin (BTC) options trading when it is launched for clients on January 13.

Analysts and commentators believe that the events lined up for 2020 might take the crypto markets back to the 2017 levels and even higher. This was hinted by JPMorgan Chase &Co and reported by Bloomberg. "This unusually strong activity over the past few days likely reflects the high anticipation among market participants of the option contract". On December 16, 2019, Bakkt managed to trade more than 2000 contracts, which remains the highest daily volume for the recently launched product. McGlone added that options are only launched and tradable on a "liquid underlying and the trend In BTC futures on the CME is increasing volume and open interest". Thus, in the past week alone three major exchanges have launched Bitcoin Options, whereas before this week no Bitcoin Options existed. Prior to the futures launch, 99% of Binance's business came from spot trading. On its debut, is saw volumes surpassing $2.3 million during its first day of public trading. Yesterday, the CEO of FTX, Sam Bankman-Fried announced that options were listed on their trading platform. According to the exchange's most recent report, BCH spot markets registered just $10.1 million worth of volume traded on the same day.

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