CME Group Deepens Crypto Push With Avalanche, Sui Futures Citing ‘Strong Volumes’ Of $8 Billion Daily

• Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products, said the firm saw average daily volume on the platform rise 19% year-over-year in March.
• He said the company continues to see “strong volumes” and nearly $8 billion in average notional value traded daily.
• Sui and Avalanche futures contracts will be offered in both micro-sized and standard formats to serve a wider range of traders.

CME Group announced on Tuesday that it plans to expand its cryptocurrency derivatives offering with futures tied to Avalanche (AVAX) and Sui (SUI).

The derivatives marketplace said the futures would go live on May 4 once regulatory approval comes in. It added that both cryptocurrencies will be available to trade in both micro-sized and larger-sized contracts. 

"We continue to see strong volumes as market participants turn to our markets to manage risk and pursue opportunities, with March average daily volume up 19% year-over-year and nearly $8 billion in average notional value traded daily,” said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products, in a statement.

AVAX, SUI Prices Drop Amid Crypto Selloff

AVAX’s price fell over 8% in the last 24 hours to around $8.66 amid broader weakness in the cryptocurrency market. Retail sentiment around the altcoin on Stocktwits flipped to ‘bearish’ from ‘bullish’ territory, while chatter rose to ‘extremely high’ from ‘high’ levels. 

SUI’s price dropped 4.2% in the last 24 hours to around $0.86. On Stocktwits, retail sentiment around the token rose to ‘bullish’ from ‘neutral’ territory over the past day, accompanied by ‘high’ levels of chatter. 

CME Deepens Crypto Derivatives Offering

CME Group said it will offer AVAX futures sized at 5,000 AVAX and Micro AVAX futures at 500 AVAX, alongside SUI futures sized at 50,000 SUI and Micro SUI futures at 5,000 SUI.

The addition of Avalanche and Sui futures builds on CME Group’s expanding suite of cryptocurrency derivatives, which already includes contracts tied to Cardano (ADA), Chainlink (LINK), and Stellar (XML). CME also said that its cryptocurrency futures and options will be available for trading 24 hours a day, seven days a week, starting May 29.

Read also: ‘Hedge Against Bitcoin’ Outperforms BTC Amid Crypto Market Dip On Record Shielded Supply

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