CME Group began 24/7 trading of its Bitcoin futures and options on May 29. The move came as Bitcoin dropped below $70,000 and liquidations accelerated. Early volume reached 7,200 contracts worth about $50 million over the first weekend.
CME's new continuous trading on Globex replaced the prior weekend gap. Tim McCourt, the exchange's global head of equities, FX, and alternative products, said the service would bridge regulated venues with crypto's always-on nature.
Bitcoin fell below $70,000 within days of the launch for the first time in two months. Nearly $10 billion in long futures were liquidated over one week, with daily spikes reaching $1.8 billion between June 1 and June 5.
CME also started 24/7 Bitcoin Volatility futures on June 1. Terry Duffy, the exchange's chief executive, warned on June 4 that high-leverage perpetual products approved by the CFTC could pose risks to retail traders.
