CME Group's micro bitcoin futures surpass 1M contracts in less than two months

Vertigo3d/iStock via Getty Images The derivatives exchange CME Group (CME) says micro bitcoin futures volume surpasses 1M contracts today, shortly after it launched micro bitcoin futures last month to broaden its line of cryptocurrency derivatives as demand for crypto products increases. Micro bitcoin futures are cash-settled to the CME CF Bitcoin Reference Rate, which serves as a one-a-day reference rate of the U.S dollar price of bitcoin. "We've seen more institutional volume than we anticipated, which shows that the timing was right for a smaller bitcoin contract," said Brooks Dudley, global head of digital assets at ED&F Man Capital Markets. Bitcoin (BTD-USD) is trading at $32.1K, down ~8% in the past 24 hours as Guggenheim's Scott Minerd sees Bitcoin falling to $15K.