In this report
ADV and open interest
Cryptocurrency futures and options volume averaged 44K contracts per day in October 2023 (+73% vs. Sep-2023)
Cryptocurrency open interest averaged 83.4K contracts per day for the month of October 2023 (+2% vs. Sep-2023)
Ether/Bitcoin Ratio futures launched July 31, enabling traders to capture the relative value of Ether and Bitcoin in a single transaction. The new contract is cash settled based on the settlement prices of the corresponding futures contracts. Like inter-commodity spreads, ratio futures can help maintain price alignment between the two underlying contracts, potentially improving the bid-ask spreads for the outright contracts. Read the FAQ to learn more.
Bitcoin futures and options
Amid recent market-moving events, open interest in CME Group Bitcoin futures reached an all-time high of 20,369 contracts (nearly 102,000 equivalent bitcoin or $3.6 billion notional) on October 25, demonstrating strengthening institutional interest. The October ADV for Bitcoin futures was 13K (+35% MoM), while OI averaged a record 17K (+10% MoM).
Bitcoin options have traded over 163K since launch. October ADV was 502 (+83% MoM) and OI averaged 7.5K.
Micro Bitcoin futures
Launched May 21, Micro Bitcoin futures have traded nearly 9.5M contracts since. The futures are 1/10 of a Bitcoin and settled to the CME CF Bitcoin Reference Rate. Micro Bitcoin futures October ADV was 11.5K (+96% MoM), while OI averaged 9.2K (+6% MoM). Over 51K contracts traded on 10/24, the second-highest volume day since launch.
Micro Bitcoin and Micro Ether options
CME Group introduced options on Micro Bitcion futures and options on Micro Ether futures starting March 28. The options are right-sized at 1/10th of their respective tokens. Now, over 600K contracts traded since launch across the various expiries with trades submitted from EMEA, APAC, and North America. New expiries are now available. Enjoy greater precision and versatility in managing short-term bitcoin and ether risk with the expansion of weekly options expiries across our Cryptocurrency options suite. Over 750K micro options contracts have traded, with trading picking up across the newly listed expiries. Micro Bitcoin options October ADV was 751 (+60% MoM), and OI averaged 19.3K (+59% MoM). Micro Ether options October ADV was 2.0K, +130% MoM, and OI averaged 13.7K. Learn more with the Micro Crypto futures and options page, fact card, or FAQ.
CME Group launched Ether futures on February 8, 2021. The contract is cash settled and based on the regulated CME CF Ether-Dollar Reference Rate. Nearly 3.5M CME Ether futures contracts have traded since launch (equivalent to 174M Ether). Ether futures October ADV was 5.5K (+40% vs. Sep), and OI averaged 4.7K.
Launched September 12, Ether options offer another way to efficiently manage ether exposure at a 50x multiplier. Nearly 26K contracts have traded since launch, equivalent to over 1.3M ether. Ether options October ADV was a record 286 (+83% vs. Sep), reaching a record 927 on October 24. Open interest was a record average 4.6K with a record 5.8K reached on October 26. Learn more about Ether options with the landing page, fact card, or FAQ.
Micro Ether futures
Launched December 2021, nearly 6.6M contracts have traded since launch. October ADV was 10.4K (+150% vs. Sep), and OI averaged 19.3K (+59% vs. Sep). Sized at 1/10 of one ether, the contract provides an efficient, cost-effective way to manage exposure to one of the largest cryptocurrencies by market capitalization. Enjoy the same features of the larger Ether futures (ETH) at a fraction of the size, settled to the regulated CME CF Ether-Dollar Reference Rate.
Bitcoin Euro and Ether Euro futures
CME Group launched Bitcoin Euro and Ether Euro futures in August 2022. The new contracts are designed to match that of their U.S.-denominated counterparts at five bitcoin or 50 ether per contract. The contracts will settle to the respective CME CF Bitcoin-Euro Reference Rate (BTCEUR_RR) and CME CF Ether-Euro Reference Rate (ETHEUR_RR). To learn more, visit the cryptocurrency page, Bitcoin Euro or Ether Euro pages, Cryptocurrency futures FAQ, or fact card.