Volatile Trading Pushes CME Crypto Futures to All-Time High of 795K Contracts

CME Group is experiencing a major surge in crypto derivatives activity, with both institutional and retail demand pushing its average daily volume up 132% year-on-year and open interest higher by 82%.

The exchange set a new all-time high on November 21, recording 794,903 cryptocurrency futures and options contracts traded in a single day. The figure surpasses the previous record set in August and reflects renewed interest in regulated crypto markets amid sharp price swings.

Crypto trading activity at CME has climbed steadily throughout 2025. According to Giovanni Vicioso, the firm’s global head of cryptocurrency products, the surge highlights a growing need for robust risk-management instruments as volatility remains elevated.

“Amid ongoing market uncertainty, demand for deeply liquid, regulated crypto risk management tools is accelerating,” Vicioso said.

The derivatives track major assets such as bitcoin (BTC) and ether (ETH), enabling traders to hedge exposure or take directional positions without owning the tokens themselves. For example, a fund anticipating short-term weakness in bitcoin can short CME’s futures to protect its spot holdings.

So far this year, CME’s crypto average daily volume has risen to 270,900 contracts, representing $12 billion in notional value—an increase of 132% from the same period last year. Open interest has reached 299,700 contracts, or $26.6 billion in notional terms, up 82% year-over-year.

Trading has accelerated even further in the fourth quarter. Average daily volume has jumped 106% from Q4 2024 to 403,200 contracts, with notional value climbing to $14.2 billion. Open interest for the quarter has increased 117%, reaching 493,700 contracts valued at $35.4 billion.

The rapid expansion of CME’s crypto derivatives business indicates rising demand for regulated market access as volatility persists. Since launching bitcoin futures in 2017, CME has continued to broaden its crypto suite to support this growing investor appetite.