It’s business as usual for CME Group’s bitcoin futures market, despite a retrenchment by rival derivatives exchange operator Cboe Global Markets.
Contacted by CoinDesk Friday, a spokesperson for CME said the exchange has “no changes to announce re our bitcoin futures contract” and declined to comment on Cboe’s pullback.
The affirmation is notable in light of the news Thursday that Cboe will not add a bitcoin futures contract for trading in March.
This means that after the last currently traded futures expire in June, this market will essentially come to a halt at Cboe Futures Exchange (CFE), at least until new futures get listed.
“CFE is assessing its approach with respect to how it plans to continue to offer digital asset derivatives for trading. While it considers its next steps, CFE does not currently intend to list additional XBT futures contracts for trading,” the company said in its notice to investors.
A spokesperson for Cboe declined to comment beyond Thursday’s product update.
The difference in outcomes isn’t all that surprising since CME’s volumes have been approximately more than double Cboe’s.
Market participants offered several explanations for CME’s outperformance of Cboe in bitcoin futures.
One reason could be the difference in how the two exchanges approached the product and marketed it, Lanre Sarumi, CEO of a crypto asset derivative exchange Level Trading Field, told CoinDesk.
First of all, CME made its product available to a larger group of traders from the very beginning,