The upcoming launch of euro-denominated Bitcoin and Ether futures products could bolster institutional cryptocurrency adoption in the eurozone, Giovanni Vicioso, the executive director of equity and alternative products at the CME Group, told Cointelegraph in an exclusive interview.
Vicioso added that CME’s upcoming euro-denominated futures products also received interest from macro hedge funds, small asset managers and long-term crypto investors.
CME is the world’s leading derivatives marketplace and encompasses four exchanges. The firm is preparing to expand its cryptocurrency derivatives products, adding euro-denominated Micro Bitcoin and Micro Ether futures products, which are set to launch on March 18.
The introduction of the euro-denominated products will essentially create a de facto foreign exchange (FX) contract, which is expected to attract more market participants, Vicioso told Cointelegraph:
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Bitcoin (BTC)-based exchange-traded products (ETPs) have been generating significant interest since the first spot Bitcoin exchange-traded funds (ETFs) were approved in the U. S. on Jan. 11. 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 Feb. 28.
The anticipation and regulatory approval of the U. S.-based spot Bitcoin ETFs has led to an increase in overall institutional interest in Bitcoin, according to Vicioso.
The CME has nearly doubled its average daily Bitcoin trading volume, from an average of $1.6 billion a day in 2023 to over $3 billion of daily trading volume in 2024, according to Vicioso.
Bitcoin fell 0.62% in the 24 hours leading up to 1:15 pm UTC to trade at $62,383. The world’s first cryptocurrency is up 22.50% on the weekly chart.
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