According to a report from the Financial Times, CME Group (NASDAQ 🙂 plans to launch bitcoin trading to expand its portfolio.
The newspaper, citing sources, said the Chicago-based exchange has been talking to traders who want to buy and sell bitcoins on a regulated market.
However, it was added that the plan has not been finalized yet.
Speaking to Investing.com following the report, analysts at Bitget Research noted that the CME has opened trading in futures contracts and that “market demand for trading has been very strong, as evidenced by market validation.” .
“With a current CME contract position of 137,600 BTC, valued at around $9.1 billion, it has overtaken Binance to become the largest exchange in terms of contract holdings,” the analysts stated.
They also highlighted that demand for spot trading is also strong, as is demand for futures contracts. Data from CoinMarketCap shows that Bitcoin spot trading volume in the last 24 hours reached $42 billion.
“Given the scale of this trading volume, it is normal business logic for CME to want to expand its product range and user base,” the analysts said.
