ET): Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. The percentage of bitcoin profitable addresses (BTC value above the cost basis) reached a three-month high, according to Glassnode data. The leading crypto assets climactic rise and swift drops have given critics a chance to bash the cryptocurrencys volatility. Read more about what drives global markets from our Managing Director and Chief Economist, Bluford Putnam. Now lets discuss the strike prices of options on bitcoin futures. Huobi has the least open interest in terms of bitcoin options while Binance has the least volume of all the exchanges as well. BITCOIN UPDATES:STAY UP-TO-DATE ON CME GROUP BITCOIN PRODUCT DEVELOPMENTS. Fabulous at 40: WTI Futures Trading Challenge. Several analysts noted that extreme overbought conditions have unwound since April, which is providing support for the crypto rally. 0000058254 00000 n News and analysis for the professional investor. Options Market Analysis An important factor that should be considered in options market analysis, especially in noteworthy expiries, is the Max Pain Price. Comprised of four exchanges - CME, CBOT, NYMEX and COMEX - we offer the widest range of global benchmark products across all major asset classes, helping businesses everywhere mitigate the myriad of risks they face in today's uncertain global economy. CME Group, the Globe Logo, CME, Globex, E-Mini, CME Direct, CME DataMine and Chicago Mercantile Exchange are trademarks of Chicago Mercantile Exchange Inc. CBOT is a trademark of the Board of Trade of the City of Chicago, Inc. NYMEX is a trademark of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. "Bitcoin, gold and long bonds are top assets set to outperform" in the second half of 2021, McGlone wrote Monday in a report. Nearest two Decembers and nearest 6 consecutive months. Easily trade on your market view of Bitcoin. Copyright 2023 MarketWatch, Inc. All rights reserved. That makes the upcoming May expiry the smallest of 2021 in terms of nominal value. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. 55K in Bitcoin Option Set to Expire, Deribit Carries $1.95 Billion Notional Another large options expiry is set to happen on May 28, 2021, following last week's bitcoin (BTC) market sell-off. Understand how CME Group can help you navigate new initial margin regulatory and reporting requirements. Explore historical market data straight from the source to help refine your trading strategies. The token hit an all-time high of $82 on Saturday, according to Messari. The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." Critics taking comfort from Bitcoins recent dip may realize the folly of seeking to draw any conclusions from rapid short-term price fluctuations, Ardoino explained to Bitcoin.com News. Bitcoin.com does not provide investment, tax, legal, or accounting advice. How Ethereum's evolution impacts crypto markets. Head to consensus.coindesk.com to register and buy your pass now. And the cryptocurrency bounced by $4,000 to $54,000, reaching the max pain point ahead of the April expiry. What do you think about the $4 billion bitcoin options expiry set for Friday? An options strike is the price at which a call owner can purchase, or a put owner can sell, the underlying futures contract. Intraday Data provided by FACTSET and subject to terms of use. About $2.5 billion worth of options will be settled by Deribit, the world's . Be a smarter, safer investor in eight weeks. The options expiry follows the recent market carnage, Insights from Deribit indicate the exchange has a large expiry coming up tomorrow as 48,469, Deribit Insights notes that max pain for, The derivatives exchange further notes that Contango has returned with annualised yields up to 8.5% for, Last Friday, Deribits Insights Twitter account, Five days later on May 26, Skew Analytics. Almost all the options contracts will expire at 8:00 coordinated universal time (4 a.m. Hear from active traders about their experience adding CME Group futures and options to their portfolio. CME Group is the worlds leading derivatives marketplace. As yield-hungry investors embrace crypto, could it be the beginning of the end for contango of the bitcoin futures curve? F,6NW>n?y|lPG!ztnO>6FzhlZxw`ULm|Mh(b[B&@CZ\?Z;Q Uvc)t8^N|^%ui,u;\.o]g-~K]|X_t\*Yld x;N1*^6VPx7O7#Vzjy]^zy{mZy4E46 gF12h^&q5O Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards. For all other inquiries regarding margins or CME Clearings approach to risk management, please contact clearing.riskmanagement@cmegroup.com. What financial advisors need to know about crypto. Get our latest economic research delivered to your email inbox. Drawn from CFTC report data, see which trader types have positions in a market you want to trade, at what size, whether theyre long or short, and chart changes over time. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs read more. Evaluate your cleared margin requirements using our interactive margin calculator. Today on March 26, 2021, the crypto ecosystem is about to witness one of the largest options expiries to-date as more than 100k bitcoin options will expire. Let us know what you think about this subject in the comments section below. Just recently, Bitcoin.com touched upon the contango effect on bitcoin, which is the difference between spot prices and derivatives market prices. Explore historical market data straight from the source to help refine your trading strategies. 0000026784 00000 n Once the underlying futures have been settled the implied volatility skews will be used in conjunction with the futures settlement price to derive settlement prices for the options. CoinDesk journalists are not allowed to purchase stock outright in DCG. Manage risk, express a view, and unlock capital efficiencies with market-leading Cryptocurrency products. The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. The rapid ascent of technological innovation is putting the foundations in place for a new decentralized world. April is going to be one hell of a month, a person said responding to the tweet. Data from both Skew.coms main web portal and Deribits order book shows that a lions share of expiries is happening on Deribit. Bitcoin price expectations for April are high with lots of investors placing their new bets on $80k, the researchers added. 0000056010 00000 n As far as options are concerned, a great number of puts and calls will expire in two days and a touch over 12 hours from now. When trading options on bitcoin futures at CME Group, traders have the flexibility to choose between different contract expirations and strike prices. Get our latest economic research delivered to your email inbox. Data provided by Skew shows a total of 51,900 options contracts worth nearly $3 billion are due for expiry on Friday. 0000498889 00000 n trailer $|HIQrwM79$ w(d*Hl:]E{mrp|5.AP 0O@ QG Y4]nEzI(*IY Bitcoin.com does not provide investment, tax, legal, or accounting advice. 0000000016 00000 n 2023 CME Group Inc. All rights reserved. That . The foregoing limitation of liability shall apply whether a claim arises in contract, tort, negligence, strict liability, contribution or otherwise and whether the claim is brought directly or as a third party claim. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Understand how CME Group can help you navigate new initial margin regulatory and reporting requirements. Learn why traders use futures, how to trade futures, and what steps you should take to get started. Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX. Historical and current end-of-day data provided by FACTSET. First, lets look at the contract expirations. Trading in expiring futures terminates at 4:00 p.m. London time on Last Day of Trading. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% read more. Your weekly wrap of Web3 news and trends. That's because option sellers, mostly institutions, sometimes try to push prices closer to the max pain point to inflict maximum loss on options buyers. Probing the intersection of crypto and government. CME seems to be leading the way, Skew tweeted. Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days. The bitcoin options market is placing a 45% chance of BTC trading above $50,000 by the end of September, according to options data provider, Skew. Sign up for Crypto for Advisors, our weekly newsletter defining crypto, digital assets and the future of finance. Visit a quote page and your recently viewed tickers will be displayed here. Cookie Notice (). Discover a cost-efficient way to access, query, and share CME Group market data. Additionally, the resultant liquidity concentration should better enable clients to implement a wider variety of strategies, helping to build the Bitcoin option ecosystem at CME Group. This years December contract and next years December contract will also be listed. The resilience could beattributed to increased option selling in the wake of the recent spike in implied volatility. Delayed quotes will be available on cmegroup.com. Options on Bitcoin futures will be classified under Equity Index and Alternative Products. `6O_m`Q`HyaG6qX6a9HD4N_$ 3>n-yAOh=@G%0N5aaNR3lTakLK10tc#{k 7 `J(zL(.F]O (GD&$@$|^F)ByNAD8~y~\fy 4PU_oT*O@:zsn|RuADLfseuY`W"^`g{_r6[^/EmK,P'ALl^QP'75{5~%+H*77'=rY%Sm; VX7S+(S6-\GZz@Oi-$+Ht`{5V(PUeb-g To expire in a 30 minutes 08:00 UTC 99k $BTC options, USD 5.1 B notional BTC March Futures USD 240m 608k $ETH options, USD 1 B notional ETH March Futures USD 51m Total USD 6.4 billion But there's still speculation some traders might try to use the moment to push prices as high as $50,000 to increase their payoff or minimize any payouts. Modern Slavery Act Transparency Statement. HWnF}WS!z\iHZtYF%EBa@793gvxfP/_HH In terms of bitcoin options daily volume, Deribit has the most in that arena as well. 0000005171 00000 n A number of options traders are betting that bitcoin prices will tap $80,000 by May 2021. Image Credits: Shutterstock, Pixabay, Wiki Commons, Skew.com, Twitter. The strike interval listing logic is being revised to reduce the number of listed strikes whereby strike granularity is contingent not only on time until expiration, but also on the price of bitcoin. Bitcoin options contractsallowing investors to buy or sell the cryptocurrency at a specified price within a set time periodworth around 100,000 bitcoin, or almost $6 billion at today's. For example, bitcoin fell from nearly $60,000 to $50,000 in the six days leading up to the March 26 expiry, narrowing the gap between spot prices and the then-max pain point of $40,000. 0000056279 00000 n $80,000 bitcoin prices are much higher than they are today, but historically BTC prices do well during the month of April. 2z,7R! The BRR is geared towards resilience and replicability. Bitcoin is currently trading near $34,100, having put in lows below $29,000 last week, according to CoinDesk 20 data. It is one of the greatest expiries in 2021, with a net valuation of close to $3.2 billion at press time. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Data from skew.com shows theres close to $15 billion in open interest across exchanges offering bitcoin options. The max pain point for Friday's expiry is $50,000 more than 25% above the current price of $39,500. 0000123843 00000 n 0000057327 00000 n The cost of carry is rounded to the nearest minimum increment of the underlying futures contract. Stream live futures and options market data directly from CME Group. Standard expiration date for equity, equity index, ETF & ETN Options (Equity LEAPS expire in December, January, and June) Last day to trade expiring standard AM-settled equity index options Last day to trade expiring VIX options VIX optons standard expiration date 2024 equity and ETP LEAPS added Expiration at the close for End-of-Month . Now live: Take a position on daily futures price moves in 10 major global markets, all with predefined risk. The run matched the streak of outflows recorded in early 2018, the report noted. Near-the-money strikes will be more granular to allow for greater precision when hedging. Be a smarter, safer investor in eight weeks. 0000007200 00000 n 10-year Treasury yield closed at 1.251%, compared with 1.261% on Friday. News and analysis for the professional investor. See which of our classes qualify for GARP creditshere. E-mini S&P 500 options approach strike granularity and listing ranges by evaluating time until expiration (35 days, 186 days, 366 days). The final settlement value will be based on the CME CF Bitcoin Reference Rate (BRR) at 4:00 p.m. London time on the expiration day of the futures contract. Robert Kiyosaki Says World Economy on the Verge of Collapse Warns of Bank Runs, Frozen Savings, Bail-Ins, Binance Tests AI-Infused NFT Platform Bicasso in Limited 10K Mint Run, Ripple Lawyer Argues SEC Chair Gensler Has Prejudged Crypto Asset Cases, UBS Strategists Predict Minimal Impact of Upcoming Mt Gox Payouts on Bitcoin Value, Logium V1: The Simple Way to Profit From Crypto Betting, Biggest Movers: LTC Hits 9-Day High, While MATIC Snaps Recent Losses, Crypto Economy Swelled 80,466% Since 2013, Despite $1.5 Trillion Loss in 2022 Downturn, Bitcoin, Ethereum Technical Analysis: BTC Rebounds, Following Decline in US Consumer Confidence, Puerto Rico Defines Act 60 Tax Exemptions for Blockchain Companies, Zimbabwean Blockchain Startups Launch Service to Help Migrants Efficiently Move Funds Across Borders, Crypto Exchange LBank Signs With Encryptus for Crypto to Payout Infrastructure. Sign up for Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. For spot position holders, an EFP can swap a long spot position with futures exposure that can be rolled forward. The largest concentration of open interest is seen at the $50,000 strike price, which is also a key technical resistance level. 0000045970 00000 n endstream endobj 5 0 obj <> endobj 6 0 obj <>/Resources<>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/Rotate 0/TrimBox[0.0 0.0 792.0 553.196]/Type/Page>> endobj 7 0 obj <> endobj 8 0 obj <> endobj 9 0 obj <> endobj 10 0 obj <>stream Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Expiry Details; Margin Rates; Return to Product List Digital Assets; Bitcoin; Bakkt Bitcoin (USD) Monthly Futures 72035464. Learn why traders use futures, how to trade futures, and what steps you should take to get started. Please use this link to access available tools. 0000236533 00000 n Hear Alex Thorn share his take on "Bitcoin and Inflation: Its Complicated at Consensus 2023. Understand how CME Group can help you navigate new initial margin regulatory and reporting requirements. The flagship cryptocurrency shed more than 6% and dropped to under $48,000 on Tuesday. When June expires, there will be no need to add a December expiration because it already exists. How Ethereum's evolution impacts crypto markets. Upon termination of trading, in-the-money options, expire into 1 bitcoin futures contract which immediately cash settles to the CME CF Bitcoin Reference Rate (BRR). At this juncture, some cryptos can continue to do well if policymakers neglect inflationary pressures and regulatory issues dont become a mainstream problem.. Bitcoin options markets are set to see a large expiry on Friday as more than 77,000 BTC worth over $4 billion in derivatives contracts are set to expire. Your weekly wrap of Web3 news and trends. Practice trading with the most liquid Crude Oil futures benchmark in the world. The strike increment for very far, out-of-the money strikes will be larger than for the at the-money strikes. The BRR reflects bitcoin trading activity on Constituent Exchanges that contribute transactional information for the rates calculation. Also, there will be two December options contracts. 0000056653 00000 n Some Asia-based family offices and ultra-high-net-worth individualssold put optionsearlier this week. During the July through November expirations, a contract is added. Current rules should be consulted in all cases concerning contract specifications. @9P(tw?mR. The idea is that the max pain point acts as a magnet for spot prices while heading into expiration. promo. He has a passion for Bitcoin, open-source code, and decentralized applications. Long-term momentum behind bitcoin has strengthened and the 200-day (40-week) moving average is rising again, supporting a bullish long-term outlook, she wrote. This Friday $6 billion in options contracts are set to expire, the Glassnode founders shared Twitter account noted. There is more open interest in call options than put, a recurring trend since early 2021. While nominal value has declined with the price drop, the number of contacts open on Deribit has remained mostly stable in the aftermath of the price crash. There are massive jumps if I compile 2020 and 2021 together. For example, a record $6 billion worth of contracts expired at the end of March, while exchanges settled more than $4 billion of options earlier on April 30. Crypto Investing Course Be. Importantly, the BTC USD price exhibited significant decreases in price of 31.66%, 26.29%, 18.97%, and 27.20% prior the options expiration dates of Jan 29, 2021, Feb 26, 2021, Mar 26, 2021, and April 23, 2021, respectively, which occurred over 21, 6, 12, and 10 days, respectively. Efficiently manage exposure to the second largest cryptocurrency by market capitalization. 0 It may not be clear but because the jump went from USD 5,900+ to 28,000+ USD in a year. To learn more about Bitcoin options, visit cmegroup.com/bitcoin. "The firstborn crypto may have solved the age-old problem of a global reserve asset that's easily transportable and transactionable, has 24/7 price discovery, is relatively scarce and is nobody's liability or project.". By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. Any questions related to the launch of Options on Bitcoin futures can be directed to equities@cmegroup.com. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 0000034934 00000 n Despite implied volatility softening over the past few weeks, $50K is a large psychological barrier and the open interest concentration could prove choppy going into expiration, Gregoire Magadini, co-founder and CEO of Genesis Volatility, wrote in a Telegram chat. Over $4 Billion in Bitcoin Options Set to Expire Friday, BTC Derivatives Markets Still Frothy . Privacy Notice | For all products, the interest rate used will be the rate on the Overnight Index Swap (OIS) curve corresponding with the expiration date for each contract. The six consecutive monthly futures listed are: January, February, March, April, May, and June. %PDF-1.4 % The details of the listing cycle can be found on the contract specifications page. Crypto funds netted $21 million of inflows last week, snapping a six-week streak of outflows. Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Thank you for completing the form. European (with no contrarian instructions). 77k bitcoin options expiring this week, Skew tweeted. Options on Bitcoin futures will be available to trade on CME Globex as well as via transactions on CME Clearport, Yes, Options on Bitcoin futures can be transacted 24/7. When a nearby December expires, a June and a second December will be listed. Save on potential margin offsets between Bitcoin futures and options on futures. 0000013338 00000 n The biggest crypto news and ideas of the day. Options on Bitcoin futures will be listed on CME and will reside in the IOM Division. Copyright 2020 CME Group Inc. All rights reserved. Meanwhile, the cofounders of the data analytics team Glassnode detailed that there are a number of traders betting BTC will be $80,000 on the April 30, 2021 expiry. All quotes are in local exchange time. The exchange Deribit captures more than $12 billion of the aggregated open interest. For those interested in using Phoenix Ascending and Bad Ass Bollinger Bands, please see David Ward's @WyckoffMode publications for an education on how to properly use and interpret the indicators. Apr 27, 2021 . 0000004840 00000 n Those whose thinking is intertwined with a dissolving paradigm may crumble on shifting sands. Although the Constituent Exchanges are not presently regulated as securities or derivatives markets, each exchange proactively institutes KYC/AML policies. Moreover, bitcoin fans on Reddit say after Fridays expiry happens, people should strap on for some serious action next week and beyond.. The Glassnode executives also mentioned the massive expiry set to end at the end of the day. Please note that the indicators have bee made publicly available on Trading View by David Ward @WyckoffMode. Thus, the max pain effect may not have big influence on the market ahead of Friday's settlement. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles and only a portion of those funds should be devoted to any one trade because traders cannot expect to profit on every trade. Follow us for global economic and financial news. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. Options on Bitcoin futures market data will be available on MDP Channel 319. He stressed: "This case is important, not just for Ripple, its read more. OPTIONS ON MICRO BITCOIN AND MICRO ETHER FUTURES. Yes, market participants be able to net margins between CME bitcoin options and CME bitcoin futures. Real read more. Statistics further show, as far as options are concerned, Deribit captures the lions share of contracts with 48,469 bitcoin options contracts ($1.95 billion notional) set to expire. Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'. Meanwhile, over 100,000 bitcoin options worth more than $6 billion are set to expire on Friday, smashing the previous record expiry seen in January. Probing the intersection of crypto and government. Chart shows open interest at various strike prices. If nearest six consecutive months comprise nearest December, one additional deferred December will be listed. Disclaimer |Privacy Notice |Cookie Notice |Terms of Use |Data Terms of Use |Modern Slavery Act Transparency Statement | Report a Security Concern. Dependent upon the Bitcoin futures price or expiry, strike intervals will be available at 50, 100, 500, 1,000, 5000, and 10,000. Additionally, all examples in this communication are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. However, if the current years December contract is one of the front six consecutive listings there will be only one additional December listing. BTIC is now available on Bitcoin, Micro Bitcoin, and Ether futures. Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Image Credits: Shutterstock, Pixabay, Wiki Commons, Glassnode. Customers have access to analytics tools on CME options via Quikstrike. Right now, bitcoin and other cryptos have enjoyed technical support (as they were becoming mildly oversold), Santiago Espinosa, a strategist at MRB Partners, wrote in an email to CoinDesk. Meanwhile, while spot markets have bounced back, derivatives contracts from both bitcoin futures and options have stayed frothy. The price and size of each relevant transaction is recorded and added to a list which is portioned into 12 equally-weighted time intervals of 5 minutes each. Backtest bitcoin trading strategies using historical prices as tracked by the CME CF Bitcoin Real-Time Index and CME CF Bitcoin Reference Rate indicators. Each option will expire into its underlying futures contract, and that futures contract instantaneously settles into cash. The event is prompting suggestions that options traders might try to apply "max pain" to the cryptocurrency market before expiry. Discover the precision and efficiency of trading bitcoin using a contract 1/10 the size of one bitcoin. Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework. Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX. New Bitcoin options listing rules add a further level of precision, by additionally considering the price of the underlying asset itself. Bitcoin strikes will be listed symmetrically, 50% above and 50% below the prevailing underlying price. The information within this communication has been compiled by CME Group for general purposes only. Persistent strikes of: $500,000; $100,000; $50,000; $10,000; $5,000; $1,000, If bitcoin> $100K: strike increment = $5,000, If bitcoin <= $100K: strike increment = $1,000, If bitcoin <= $10,000: Strike Increment = $500, If bitcoin <= $5,000: Strike Increment = $100, If bitcoin <= $2,500: Strike Increment = $50. CME Group will list six consecutive months of options on Bitcoin futures. That was just before the crypto winter, when cryptocurrency prices tanked and failed to return to all-time highs for more than two years. Industry executives and analysts believe that in terms of spot market action bitcoin (BTC) will see a lot of growth. All existing expiries and strikes will remain intact, and there will be no effect to current open interest of any Bitcoin options currently available. The minimum trade size is 5 contracts. ET (5:00 p.m. - 4:00 p.m. CT) with a 60-minute break each day beginning at 5:00 p.m. A little more than one day remains for this year, and it seems that BTC will end 2021 beneath the $50K price mark. The upcoming expiry is 30 percent larger than the one that took place on March 26th, which coincided with a 17 percent plunge in the price of Ether over five days, bottoming out at around $1550. This browser is no longer supported at MarketWatch. The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk read more. Crypto funds saw $21 million of net inflows last week as digital-asset markets rallied, pushing the total assets under management (AUM) to $57.3 billion, the highest level since May, a new report shows. Following the December expiration, June is added along with the following December expiration. The latest data reflected a reversal after six consecutive weeks of outflows, according to the report Monday by digital-asset manager CoinShares. 49 0 obj <>stream Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. 0000009717 00000 n CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. CF Benchmarks Ltd., Chicago Mercantile Exchange Inc. (including each of their respective subsidiaries and affiliates), their respective officers, directors, employees, agents, consultants and licensors shall not be liable to any person for any losses, damages, costs or expenses (including, but not limited to, loss of profits, loss of use, and direct or indirect, incidental, consequential or punitive damages), arising from any errors or inaccuracies made in connection with the calculation or distribution of the CME CF Cryptocurrency Indices.