Bitcoin options that were launched by CME Group on Jan. 13 remain in great demand. According to data provided by Skew, a London-based crypto research boutique, 610 Bitcoin options (about 5.1 mln at today’s prices) were traded on Jan. 17 before the market closed.
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Bakkt struggles to remain relevant
Bakkt became the first exchange to introduce regulated Bitcoin options that were greenlit by the CFTC. It launched BTC options along with cash-settled futures more than two months before CME Group.
However, at this point, it seems apparent that the ICE-backed venture is not even a serious competitor for CME Group anymore. As reported by U.Today, after its launch, the Chicago-based futures exchange managed to dwarf the total trading volume of Bakkt’s options in just one day.
According to research conducted by Oslo-based investment company Arcane Crypto, Bakkt even lags behind LedgerX, a startup that is still engulfed in a bitter beef with the CFTF.
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Deribit continues to rule the roost
However, even despite its more than impressive start, CME Group still has a lot of catching up to do in order to compete with the likes of unregulated Dutch-based exchange Deribit.
On Jan. 14, for instance, CME traded only $730,000 worth of its contracts while a notional value of contracts traded on Deribit reached 14,829 BTC ($127 mln).
Will CME manage to compete with Deribit? Share your take in the comments!
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