The Chicago Mercantile Exchange (CME), a global derivatives platform, has launched its long-waited Bitcoin options on January 13.
The move came after the exchange had obtained the regulatory approvals to become one of the first companies introducing BTC futures.
Tim McCourt, CME managing director, said, “Options has been a product that’s been in high demand from customers ever since we launched futures back in December, 2017.”
“We’re certainly excited to see what happens. Folks are excited about it and we’re happy to bring this new risk management tool to the market,” he added.
In 2017, Chicago Board Options Exchange (Cboe) said it plans to launch BTC futures as of November 12, 2019.
The options were launched after a surge in trading volume, according to an analysis from JP Morgan.
Last week, it was reported that the daily trading volume of BTC futures reached nearly $20 billion. Trading volume of global futures exceeded $20 billion on January 8 alone, said analyst Skew Markets.
It is worth mentioning that Bitcoin trading volumes surged 126 percent in the first week of 2020 due to price suppression in December, according to a recent report by Arcane Research.
The research firm stated that the 7-day average daily trading volume reached nearly $1.5 billion on January 8, compared with $192 million at the beginning of 2020.