Crypto derivatives offered by CME Group are broadened to incorporate Solana and XRP options.
CME Group, the world's leading and most diverse derivatives marketplace, has announced plans to launch options on Solana (SOL) and XRP futures in the first half of 2024, subject to regulatory approval. This move comes in response to the growing demand for diversified crypto derivatives beyond Bitcoin and Ethereum.
The launch of these options follows a strong surge in demand for CME Group's crypto futures products over the past year. Both Solana and XRP futures have seen significant trading activity since their launches earlier this year. According to data, average daily volume for Solana futures hit a record 9,000 contracts in August, while average daily volume for XRP futures logged a record 6,600 contracts during the same month.
In August, open interest for Solana futures averaged 12,500 contracts, and open interest for XRP futures reached 9,300 contracts. Since March, more than 540,000 Solana futures and 370,000 XRP futures have traded, totaling over $22 billion and $16.2 billion in notional value, respectively.
Market makers like Cumberland and FalconX have confirmed they will support the new Solana and XRP instruments. These firms have cited increased demand for diversified crypto derivatives as their reason for backing the new options.
The new options will be available on both standard and micro futures contracts, providing institutions and active traders with more flexibility to manage their exposure. Giovanni Vicioso, CME Group's Global Head of Cryptocurrency Products, stated that the new contracts give institutions and active traders more flexibility to manage their exposure.
The addition of Solana and XRP options further cements CME Group's role as the leading regulated venue for crypto derivatives. With expiries offered daily, monthly, and quarterly, participants will have a wide range of options to suit their investment strategies.
XRP futures have seen particularly strong momentum. Since May, more than 370,000 contracts have been traded, reaching $16.2 billion in notional volume. This growth in trading activity is a clear indication of the growing institutional participation in Solana and XRP.
The introduction of these options marks a significant milestone in the evolution of the crypto markets. As more institutions enter the space, we can expect to see continued growth and innovation in the crypto derivatives market. Stay tuned for more updates on this developing story.
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