Before diving into a record-breaking Q4, we are celebrating two major milestones that paved the way for today’s crypto trading ecosystem.

• Nine years of the Bitcoin Reference Rate: Launched in November 2016, the CME CF Bitcoin Reference Rate (BRR) established the transparent, regulated price foundation that underpins our entire derivatives market and the majority of crypto ETFs.
• Eight years of Bitcoin futures: Since its launch in 2017, our single product has evolved into a comprehensive marketplace for Cryptocurrency derivatives, now including over 20 futures and options.

Our expanding marketplace solidified the liquidity and confidence that defines our Q4 achievements.

Our Crypto suite saw massive expansion in 2025. We facilitated nearly $3T notional in Cryptocurrency futures and options trading, with average daily volume (ADV) more than doubling to 280K contracts ($12B) and average daily open interest (ADOI) climbing to 313K ($26B).

The momentum accelerated in Q4, with ADV up 92% and open interest (OI) surging more than 100% from Q4 2024, as participants moved to regulated platforms. Institutional depth also reached a new milestone on October 21, as large open interest holders (LOIH) hit a record 1,039, signaling a significant broadening of the market's participant base.

Cryptocurrency futures and options
Average daily volume: 378.5K* contracts, $12.7B notional
Average daily open interest: 470.4K* contracts, $30.7B notional

Figures mentioned in the number of contracts.
*Indicates a new all-time record. 

Ether reinforced its status as a core institutional holding in Q4. The combined OI for Ether (ETH) and Micro Ether (MET) futures hit an all-time high of 545K contracts on November 28. This traction extended to Ether options, which reached a peak OI of 7,240 contracts on November 26.

Responding to market demand for diversified, regulated exposure, our Solana (SOL) and XRP product suite set multiple records in Q4 (notional value detailed below).

• Solana (SOL) futures and options: Traded $37.7B, setting a new record ADV of $590M, while OI peaked at $2.25B on October 29.
• XRP futures and options: Reached an OI of almost $1.5B on October 28, with trading volume totaling $21.5B.
• Options: Launched regulated options for the SOL and XRP product suites on October 13, providing new layers of capital efficiency for market participants.

December was a standout month, showcasing a major leap in precision risk management driven by the expansion of our Spot-Quoted futures (SQFs) suite and headlined by the successful launch of Spot-Quoted XRP and SOL on December 15.

The momentum culminated in a year-end surge for Spot-Quoted Bitcoin (QBTC) futures, which shattered previous records.

• December 30: Achieved a new record of 128K contracts ($107M+ notional).
• Monthly milestone: QBTC reached its highest volume month, trading over 1M contracts.

Our broader SQF suite showed consistent strength throughout the quarter, with a single-day surge on December 30 of 131K contracts ($109M) traded, contributing to a December ADV of 52K contracts. 

Source: CME Group

Our innovation in Q4 set the stage for 2026. Now, more than ever, we are focused on providing global participants with the tools needed for a non-stop market, including: 

• Volatility benchmarks: The recent launch of the CME CF Bitcoin Volatility Index (BVX) and its associated Settlement Rate (BVXS) enables participants to accurately quantify 30-day forward-looking bitcoin implied volatility.
• Expanded execution via TAS: Following the Trading at Settlement (TAS) launch for SOL and XRP futures late last year, TAS has expanded to Micro Bitcoin. This expansion, covering the front, second and third contract months and associated calendar spreads, provides greater flexibility in trading at the daily settlement price.
• Product pipeline: Cardano (ADA and Micro ADA), Chainlink (LINK and Micro LINK) and Stellar (Lumens and Micro Lumens) futures will be available for trading on February 9, pending regulatory review.
• 2026 and beyond: Institutional-grade access continues to evolve with the upcoming Nasdaq CME Crypto Index launch and our move toward 24/7 crypto trading.