Major derivatives marketplace Chicago Mercantile Exchange Group has expanded its crypto offerings to include a micro Ether futures product.

In a Monday declaration, the CME Group said it had launched a micro Ether (ETH) futures contract sized at 0.1 ETH, giving institutional and individual traders another product for Ether exposure. The greenbacks-settled micro ETH derivatives offer is trading nether the Globex code METZ1 and joins crypto derivatives products at the substitution including micro Bitcoin (BTC) futures, Bitcoin futures, options on Bitcoin futures and Ether futures.

Tim McCourt, CME Group's global caput of alternative investment products, said the offering would allow investors "to hedge their spot Ether price gamble or more nimbly execute Ether trading strategies." Genesis Global Trading, one of the liquid providers for CME Grouping's crypto derivatives offerings, said it had already executed a contract for the micro ETH futures product in partnership with crypto investment firm XBTO.

"The Micro Ether futures contract fills a need for greater flexibility and more precise delta hedging," said Joshua Lim, Genesis' caput of derivatives.

Related: Kelly Strategic Management files for Ethereum futures ETF

The announcement came post-obit the price of ETH and many cryptocurrencies including Bitcoin falling significantly over the weekend. According to data from Cointelegraph Markets Pro, the ETH price has dropped more than than xv% since hitting an best high of $four,785 on November. 8. At the fourth dimension of publication, the price of the second-largest cryptocurrency by market capitalization is $4,016, having fallen more 13% in the last seven days.

CME Group first launched its Bitcoin futures contracts in Dec 2022 amongst the major bull run. The substitution's micro Bitcoin futures production launched in May, with the visitor reporting on Thursday that it had traded more than than 3.iii million contracts.