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CME Sounding Out Crypto Traders to Gauge Market Demand for Ether Futures, Options

CME Sounding Out Crypto Traders to Gauge Market Demand for Ether Futures, Options

CME headquarters, Chicago (Daniel J. Macy/Shutterstock)

The Chicago Mercantile Exchange (CME), the largest U.S. regulated market for bitcoin futures, has been sounding out cryptocurrency traders to gauge their interest in a listing of futures and options for the Ethereum blockchain’s native currency.

  • Darius Sit, founder and chief information officer at Singapore-based QCP Capital, told CoinDesk in an interview that CME had asked his firm whether it might be interested in trading ether (ETH) derivatives on the exchange.
  • Ether is the second-largest cryptocurrency by market capitalization, at $41 billion.
  • A CME Group spokesperson declined to comment when reached by CoinDesk, adding, “We don’t comment on whether or not we’re developing any products.”
  • The CME has become one of the leading venues for institutional investors to bet on bitcoin, following the launch of a futures contract in late 2017 and options earlier this year.
  • Partly due to the explosive development of decentralized finance (DeFi) this year, there has been rising demand from traders for ether derivatives that can be used to make leveraged bets on price moves or simply to hedge.
  • For now, the biggest venues for trading ether futures are on non-U.S. exchanges led by OKEx, Huobi and Binance, according to the data firm Skew.
  • CME previously launched an Ether-Dollar Reference Rate in May 2018 along with an Ether-Dollar Real Time Index, but as recently as June the exchange told CoinDesk it had “no plans to introduce additional cryptocurrency products.”
  • Vishal Shah, founder of bitcoin crypto derivatives exchange Alpha5, told CoinDesk in a Telegram message that he sees CME ether derivatives as “overdue.”
  • The chatter around CME’s rumored ether products launch also comes after U.S. regulatory authorities recently brought a series of civil and criminal charges against popular derivative exchange BitMEX.

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Traders are confused by the stimulus back-and-forth and have their doubts about the market gains

Traders are confused by the stimulus back-and-forth and have their doubts about the market gains

Some are calling it “a la carte stimulus,” with aid for airlines in Column A, PPP aid in Column B. 



a group of people standing in front of a building: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, October 2, 2020.


© Provided by CNBC
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, October 2, 2020.

Whatever it is, hopes for stimulus — preelection, postelection, comprehensive package, stand-alone deal, whatever and whenever — is supporting breakouts in cyclicals like industrials, materials, consumer discretionary and banks.

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Many big names like Caterpillar, Eaton and FedEx have broken to new highs. Materials stocks like Martin Marietta, Vulcan Materials and Nucor are up 10% in the last week. Even bank stocks like US Bancorp are breaking out to multimonth highs. 

For some, the cyclical rally is getting way too stretched.

“The action over the last couple weeks is baking a lot of positive news into the market,” said Jack Miller, head of trading at Baird.

Alec Young, chief investment officer at Tactical Alpha, agrees. “We are quietly getting overbought. The market is looking a little tired, the size of the rallies is getting smaller, with little waves of selling,” he said. “It’s true cyclicals are rallying, but they have not shown any ability to do longer-term rallies.”

“I don’t think this market is very compelling, and I am pulling back and waiting to see what happens,” he added.

Others also have doubts about this rally. They note that volume on up days has been notably light while on down days it’s notably heavier. This implies there’s not much buyer conviction, that much of the rally is simply sellers holding onto stocks unless prices rise.

Jim Besaw, who manages $3 billion as chief investment officer at GenTrust, said this signals that many still don’t believe the rally: “The market is underpositioned. That’s why the markets

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Traders

Traders

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Traders Enterprise Every day

Traders Enterprise Every day

Business news,Business daily,Business ideas,Business insider,Business letter,Business line,Business plan,Business proposal,Business times,Business world,Online businessIrrespective of how rewarding your full-time job may be, finding the right facet enterprise ideas and eventually changing into absolutely self-employed is much more meaningful than great pay and stable benefits. If you happen to don’t give a crap about the business you’re building or the purchasers your corporation can be serving, then it’s best to stop what you’re doing instantly. You may have one client or multiple shoppers throughout the week and begin this kind of service with little to no up entrance costs. The overall unfamiliarity with the sector has resulted in an trade that is crammed with consultants, advisors, and assistants providing skilled data in graphic design to produce exceptionally crafted visuals for small and large companies.

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