CME Group plans to launch Bitcoin Volatility futures on June 1, pending regulatory approval, offering investors a compliant way to trade expected volatility rather than Bitcoin’s price direction, according to a company announcement.
The Chicago-based exchange said the contracts will settle against the CME CF Bitcoin Volatility Index—a 30-day gauge of expected volatility derived from options market data.
CME described the product as regulated by the Commodity Futures Trading Commission, extending the existing framework that already governs its Bitcoin and Ether derivatives offerings.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, said the new futures respond to growing demand for regulated tools that provide exposure to market movements, allowing traders to hedge or speculate on future volatility.
The contracts would give institutional investors a direct, regulated avenue to trade Bitcoin volatility through CME’s clearing system, rather than relying on complex strategies involving options and futures or turning to offshore platforms.
Morgan Stanley managing director David Schlageter added that the product could help market participants better manage portfolio risk by enabling them to trade volatility as a standalone asset.
CME Group described the new contracts as the “first-of-their-kind regulated futures,” setting them apart from crypto-native volatility products that operate outside the US regulatory framework.
Bringing Bitcoin volatility trading onshore
Comparable instruments already exist on offshore platforms. Deribit introduced BTC DVOL futures in March 2023, linked to its implied volatility index, while BitMEX launched BVOL 30-day historical volatility futures as early as 2015.
CME entered the crypto market with cash-settled Bitcoin futures in December 2017 and has since broadened its regulated offerings to include Bitcoin options, Micro Bitcoin futures and options, as well as Ether futures and options.
The exchange is also preparing to roll out 24/7 trading for its cryptocurrency futures and options starting May 29, pending regulatory approval—bringing its market structure closer to the always-on nature of digital assets.
This move comes as crypto derivatives continue to dominate overall trading activity. A report from CoinGlass estimates total derivatives volume could reach $85.7 trillion in 2025, while Amina Group finds that derivatives account for roughly three-quarters of all crypto trading.
