CME Group · Bitcoin · Wall Street · CryptoSlate
Wall Street opened its weekend hedge window in the middle of a leverage shakeout
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CME crypto futures and options now trade continuously on Globex, with a weekly maintenance window, while weekend and holiday trades carry the following business day's trade date, clearing, and regulatory reporting.
Key facts
- Alongside the 24/7 rollout, CME made its new Bitcoin Volatility futures available around the clock starting June 1
- CME Bitcoin open interest had been rolling over since late May, sliding from the 115,000 to 120,000 BTC area toward roughly 100,000 BTC by June 9, and open interest across crypto exchanges fell
- Nearly $1.5 billion in liquidations in a single 24-hour window on June 2 as Bitcoin sank to a two-month low, the heaviest forced selling they've seen since February
- Within days, Bitcoin had slid below $70,000 for the first time in two months, and the market had to absorb one of its sharpest deleveraging waves of the year, with almost $10 billion in long-futures
Summary
Wall Street got to trade Bitcoin around the clock in time to watch the market fall apart. Within days, Bitcoin had slid below $70,000 for the first time in two months, and the market had to absorb one of its sharpest deleveraging waves of the year, with almost $10 billion in long-futures liquidations over a single week. Could CME's always-on market become the volatility equalizer Bitcoin has needed for years, giving institutions regulated tools to hedge through the exact windows that used to belong to offshore exchanges, perpetual futures, and retail leverage? Wall Street opened its weekend hedge window in the middle of a leverage shakeout, and it remains genuinely unclear whether professional access calmed weekend crypto risk or simply made it trade faster.