CME Group has recorded the first block trades in its new Bitcoin Cash and Uniswap futures, moving the contracts from a planned expansion into an operating market. The Chicago derivatives operator said on October 20 that institutional crypto firms FalconX and GSR executed the inaugural trades. The products began trading after an October 19 launch and extend CME's regulated digital-asset lineup beyond its largest existing contracts.

Four contracts cover two crypto assets

CME's product specifications offer a standard and micro-sized contract for each asset. Bitcoin Cash futures, ticker BCA, represent 250 BCH, while Micro Bitcoin Cash futures, ticker MCH, represent 25 BCH. Uniswap futures use the UNI ticker and cover 10,000 UNI; Micro UNI futures, ticker MUN, cover 1,000 UNI. CME says all four contracts are eligible for privately negotiated block trades that must still be reported under exchange rules.

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The first transactions were block trades rather than evidence of broad screen-based volume across a large group of participants. CME did not disclose the size, price or terms of the inaugural transactions in its announcement. That distinction matters because the existence of a first trade confirms that the market is functioning, but it does not by itself demonstrate deep liquidity, tight spreads or sustained open interest.

A wider regulated derivatives menu

The contracts give professional traders additional ways to hedge or gain price exposure without holding the underlying tokens directly. CME says the products trade within its 24/7 cryptocurrency marketplace and are listed on and subject to CME rules. Its broader single-asset suite already includes futures linked to Bitcoin, Ether, XRP, Solana, Cardano, Chainlink, Stellar, Avalanche and Sui.

CME reported more than 242,000 contracts in average daily crypto futures and options volume during 2026 through the announcement date, representing $7.9 billion in notional value. Average daily open interest was almost 240,000 contracts, or $14.3 billion notional. Those figures describe CME's crypto complex as a whole, not trading specifically in the new Bitcoin Cash and Uniswap contracts.

Why the first trade matters

For asset managers, proprietary trading firms and market makers, standardized futures can centralize collateral and clearing while adding instruments for portfolio hedging. The micro versions lower the unit size and may allow more precise exposure. FalconX said the assets reflect institutional interest beyond the largest cryptocurrencies, while GSR said it supplied liquidity from the first day. Both comments came from participants in the launch and should be read as their commercial assessments.

Independent coverage from FX News Group confirmed the two firms' participation and the first-trade status. CME's own product page provides the contract tickers and sizes, while its launch notice says the products are part of a CFTC-regulated marketplace. Regulation of the venue does not remove ordinary derivatives risks: futures can involve leverage, margin calls and losses that exceed a trader's initial expectations.

Liquidity is the next test

The next useful measures will be daily volume, open interest, bid-ask spreads and participation beyond the launch counterparties. A durable market would require repeat trading and enough liquidity for firms to enter or exit positions efficiently. For now, the inaugural block trades establish a verifiable operational milestone and expand the set of crypto assets available through U.S.-regulated futures infrastructure, without proving how widely the new contracts will be adopted.

Sources

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