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JPMorgan Sees ‘High Anticipation’ for CME Bitcoin Options Launch

  • Strategist watching unusually strong activity in futures
  • Panigirtzoglou says Bitcoin intrinsic value still below price
Russia's Largest Bitcoin Mine Turns Water Into Cash
Photographer: Andrey Rudakov/Bloomberg

Institutional interest in Bitcoin-related contracts appears to be building and market measures indicate high anticipation of the launch of CME Group Inc. options on Jan. 13, according to JPMorgan Chase & Co.

While a consortium known as Bakkt, which includes New York Stock Exchange parent Intercontinental Exchange Inc., began offering options last month, volumes and open interest have been “rather small,” strategists led by Nikolaos Panigirtzoglou wrote in a note Jan. 10. Given the dominance of CME in trading Bitcoin futures on regulated exchanges, this new offering may change things, they said.