CME Group to launch Bitcoin volatility futures in U.S. market

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Ciaran Ryan

06.05.2026

CME Group to launch Bitcoin volatility futures in U.S. market — Bitcoin Volatility Futures Launch

CME Group is preparing to expand its regulated crypto derivatives lineup with Bitcoin volatility futures scheduled for June 1, pending regulatory review. The contracts are designed to let investors trade expected swings in Bitcoin rather than the cryptocurrency's price direction, adding a new tool for hedging and portfolio risk management.

Highlights

CME Group will launch CFTC-regulated Bitcoin volatility futures settled to the CME CF Bitcoin Volatility Index, distinguishing it from unregulated offshore products.
The new contract allows traders to hedge or invest in 30-day Bitcoin volatility directly through CME's clearing framework instead of combining options or relying on offshore markets.
CME will move cryptocurrency futures and options trading to a 24/7 schedule from May 29, aligning with a global crypto derivatives market estimated at $85.7 trillion for 2025.

Launch plan and contract structure

As reported by PR Newswire, CME Group says the new contracts will settle to the CME CF Bitcoin Volatility Index, a 30-day gauge of expected Bitcoin volatility derived from CME options markets. The Chicago-based exchange describes the product as a CFTC-regulated futures contract focused specifically on Bitcoin volatility, extending the U.S. framework that already covers its Bitcoin and Ether derivatives.

Giovanni Vicioso, CME Group's global head of cryptocurrency products, says in the release that market participants are looking for regulated instruments that provide exposure to market moves. He says the futures will allow traders to invest in or hedge against future Bitcoin volatility through CME's clearing framework instead of assembling similar positions through combinations of options and futures or relying on offshore venues.

In the same release, Morgan Stanley managing director and head of derivatives sales David Schlageter says the contracts should help investors manage portfolio risk by trading volatility directly. CME also characterizes the product as the first regulated futures contract of its kind, setting it apart from crypto-native volatility products available outside the U.S.-regulated futures market.

Onshore competition and broader derivatives push

Bitcoin volatility products already exist on offshore and crypto-native platforms. Deribit launched BTC DVOL futures in March 2023 tied to its implied-volatility index, while BitMEX introduced BVOL 30-day historical volatility futures in January 2015.

CME entered the crypto derivatives market with cash-settled Bitcoin futures in December 2017 and has since expanded into Bitcoin options, Micro Bitcoin futures and options, Ether futures and options, and other cryptocurrency contracts. The group is also preparing to move its cryptocurrency futures and options to 24/7 trading from May 29, subject to regulatory review, as it aligns its market structure more closely with the around-the-clock nature of digital asset trading.

The launch comes as crypto derivatives continue to dominate overall activity in the sector. A CoinGlass report estimates 2025 crypto derivatives volume at about $85.7 trillion, while Swiss bank Amina Group finds that derivatives account for roughly three-quarters of all crypto trading.

Our earlier coverage of U.S. retail crypto adoption highlighted how executives argue that transparent product design, clear limitations, and user control matter more than technology alone for building trust. The discussion stressed cautious rollouts, stronger compliance and risk controls, and avoiding overly aggressive offerings that first-time investors may not fully understand—priorities that also shape demand for regulated, onshore crypto instruments.

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