In an exclusive interview with Cointelegraph, Giovanni Vicioso, the executive director of equity and alternative products at the CME Group, stated that the launch of euro-denominated Bitcoin and Ether futures products could have a positive impact on institutional cryptocurrency adoption in the eurozone. Vicioso also revealed that these upcoming futures products have garnered interest from macro hedge funds, small asset managers, and long-term crypto investors.
CME, known as the world’s leading derivatives marketplace and consisting of four exchanges, is gearing up to expand its cryptocurrency derivatives offerings. On March 18, they will introduce euro-denominated Micro Bitcoin and Micro Ether futures products. Vicioso explained that these products will essentially function as foreign exchange (FX) contracts, attracting a broader range of market participants.
The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States on January 11 has generated significant interest in Bitcoin-based exchange-traded products (ETPs). Excluding the converted Grayscale Bitcoin Trust (GBTC) ETF, the nine new spot Bitcoin ETFs recorded over $2 billion in combined daily volume for the second consecutive day on February 28.
According to Vicioso, the anticipation and regulatory approval of these spot Bitcoin ETFs in the US have spurred increased institutional interest in Bitcoin. As evidence, he highlighted that the CME has nearly doubled its average daily Bitcoin trading volume from $1.6 billion in 2023 to over $3 billion in 2024.
As of 1:15 pm UTC, Bitcoin was trading at $62,383, experiencing a 0.62% decline in the preceding 24 hours. However, it has seen a 22.50% increase on the weekly chart.
Furthermore, recent data shows that the US government moved $922 million of seized Bitcoin after the price of BTC surpassed $60,000.