Volatility in the cryptocurrency market began to increase toward the end of Q2 along with the price of Bitcoin and Ether. Clients continued to use the trusted cryptocurrency suite from CME Group to efficiently and effectively manage risk/exposure. Increased client demand for hedging tools led to higher volume and open interest across our Cryptocurrency futures and options offerings.
As the cryptocurrency market recovers from last year’s events, both Bitcoin and Ether have rallied. Bitcoin’s price has increased 81% compared to the beginning of the year while Ether’s price has increased 54% since the start of the year. The resiliency of the leading two cryptocurrencies by market capitalization has attracted additional institutional interest for our suite of trusted cryptocurrency products leading to record volume and open interest across our futures and options. Traders of all kinds are using our cryptocurrency products to manage risk/exposure around-the-clock and protect and benefit from price movements in Bitcoin and Ether.
These new contracts complement our existing monthly and quarterly Cryptocurrency options. View the FAQ.
Bitcoin futures (BTC) institutional interest continued to increase throughout the quarter as investors sought regulated venues/products to hedge rising market volatility and manage risk and exposure. Q2-23 ADV was over 10.6K contracts and OI averaged 14.3K contracts. The number of LOIHs averaged a record 107 in Q2-23. Bitcoin options had a record average OI of 9.9K in Q2-23, +12% vs. Q1-2023.
Ether futures (ETH) Over 3.1M contracts (156M equivalent ether) traded since launch just over two years ago. LOIHs averaged 62 throughout the quarter. Options on Ether futures have now traded over 10K contracts since their September 2022 launch. A record 421 Ether options were traded May 5 and OI reached a record 2.6K on June 30.
Micro Bitcoin and Micro Ether futures (MBT and MET) provide precise, cost-effective tools to manage cryptocurrency risk. Micro Bitcoin and Ether futures Q2-23 ADV was a combined 21K (+6% vs. Q1-23). MET OI averaged 16K contracts while MBT OI averaged 10K. Since their respective launches, over 8.7M MBT contracts have traded and over 6.4M MET contracts have traded. Micro Bitcoin and Micro Ether options offer greater flexibility and granularity to manage risk, over 600K contracts have traded since launch.
All data accurate of June 30, 2023, unless otherwise indicated.
Cryptocurrency futures and options
ADV: 38.6K contracts
Open interest: 79.2K contracts
Delivering deeper liquidity, greater capital efficiency, and now lower fees. View the fee schedule for details, including member exchange discounts.
Futures (through August 31, 2023):
Options (through January 31, 2024):
Launched February 6, the Trading at Settlement (TAS) functionality allows participants to enter a trade at a spread to the yet-to-be-determined daily settlement price of the Bitcoin and Micro Bitcoin futures contracts calculated at 4:00 p.m. ET. TAS enables clients to transact at or near the futures settlement price, making it particularly useful when replicating an index.