CME Group and CF Benchmarks to Launch CME CF Bitcoin Volatility Indices

Rhea-AI Summary

CME Group (NYSE:CME) and CF Benchmarks will launch two bitcoin volatility indices on December 2, 2025: the CME CF Bitcoin Volatility Index - Real Time (BVX) and the CME CF Bitcoin Volatility Index - Settlement (BVXS).

Both indices measure market‑implied 30‑day bitcoin volatility derived from CME regulated options on Bitcoin and Micro Bitcoin futures. The BVX updates every second between 7:00 AM and 4:00 PM Central, while the BVXS publishes at 4:00 PM London time. The release cites roughly $46 billion in equivalent notional bitcoin options traded in 2025 as context for the indices' liquidity basis.

Positive

• Launch date set for December 2, 2025
• BVX publishes every second between 7:00 AM–4:00 PM Central
• BVXS publishes at 4:00 PM London time
• Indexes reference $46 billion equivalent notional traded in 2025

Negative

• Indices are not tradable futures products
• Real‑time BVX coverage limited to 7:00 AM–4:00 PM Central

Insights

Derivatives-market structure analyst

CME and CF Benchmarks launching two bitcoin volatility indices strengthens market transparency and institutional risk tools.

The new CME CF Bitcoin Volatility Index - Real Time (BVX) and CME CF Bitcoin Volatility Index - Settlement (BVXS) convert implied volatility from CME-regulated Bitcoin options into continuous, observable metrics. These indices tie directly to liquidity in CME’s options on Bitcoin and Micro Bitcoin futures and quantify 30-day forward-looking volatility; the release cites $46 billion of equivalent notional traded in 2025 as the underlying market scale. Publishing cadence—every second for BVX during trading hours and a single daily BVXS print at 4pm London time—gives both high-frequency and settlement benchmarks useful for pricing, risk overlays, and model inputs.

Dependencies and risks include uptake by professional desks, data governance, and alignment between index methodology and the options market structure; if options order flow or liquidity concentrates away from the referenced contracts, index representativeness could weaken. The indices are not tradable products themselves, so their practical impact depends on productization (ETPs, volatility-linked instruments) or adoption in internal risk systems. Watch the initial publication on December 2, the evolution of quoted spreads and open interest in the referenced options, and any methodological notices or governance updates over the following 1–3 months for signs of market acceptance and robustness.

CHICAGO and LONDON, Nov. 20, 2025 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, and CF Benchmarks, the leading provider of cryptocurrency benchmark indices, today announced plans to launch two new bitcoin volatility indices on December 2 – the CME CF Bitcoin Volatility Index - Real Time (BVX) and the CME CF Bitcoin Volatility Index - Settlement (BVXS).

These indices represent forward-looking, market-based measures of how the market expects the price of bitcoin to fluctuate over a 30-day constant maturity time horizon. The indices are not tradable futures products, but they serve as transparent indicators of the implied volatility embedded in CME Group's regulated, deeply liquid options on Bitcoin futures and Micro Bitcoin futures contracts.

"With nearly $46 billion in equivalent notional value traded in 2025, our Bitcoin options now serve as the benchmark for gauging how the market views overall bitcoin volatility," said Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products. "As the crypto market continues to mature, we're seeing more and more institutional investors enter the space who are looking for sophisticated tools to meet their investing needs – and they're looking to manage their risk with trusted, regulated venues like CME Group. The BVX and BVSX Indices are valuable tools for market participants to navigate shifting market conditions and sentiment so they can better calibrate their trading strategies."

"The launch of the CME CF Bitcoin Volatility Indices is a major milestone for the crypto asset class," said Sui Chung, CEO of CF Benchmarks. "The index gives investors a measure of bitcoin volatility expectations, a vital indicator of institutional sentiment towards bitcoin, as well as the broader asset class. Liquid benchmarks are vital market infrastructure, and the launch of these indices underscores the deepening maturity of the bitcoin options market, and the more sophisticated tools investors now have available to manage and tailor their risk exposures."

The BVX is calculated and published every second between 7 a.m. and 4 p.m. Central, and the BVXS is calculated and published at 4pm London time.

For more information on these products, please visit www.cmegroup.com/cryptobenchmarks.

About CME Group
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

About CF Benchmarks
CF Benchmarks is the leading regulated cryptocurrency index provider. Authorized as a registered benchmark administrator under the UK Benchmarks Regulation (UK BMR). CF Benchmarks (FRN 847100) is on the FCA Benchmarks Register. Benchmark indices are provided through fully replicable public methodologies and transparent governance, for tracking, valuing and settling risk in cryptocurrency products and services.

CF Benchmarks' indices are integrated into some of the largest regulated crypto products by assets. This includes six out of the 11 spot bitcoin ETFs in the US (IBIT, ARKB, EZBC, BITB, BRRR & BTCW) and 99% of the regulated crypto derivatives market, including crypto derivatives offered by CME Group. In total, over $40bn of assets are referenced to CF Benchmarks indices.

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View original content:https://www.prnewswire.com/news-releases/cme-group-and-cf-benchmarks-to-launch-cme-cf-bitcoin-volatility-indices-302621439.html

SOURCE CME Group

FAQ

What are the CME CF Bitcoin Volatility Indices launching Dec 2, 2025 for CME?

They are two 30‑day implied bitcoin volatility indices: BVX (real time) and BVXS (settlement) launching on December 2, 2025.

How often is the CME BVX (Real Time) updated for CME?

The BVX is calculated and published every second between 7:00 AM and 4:00 PM Central.

When is the CME BVXS (Settlement) published for CME?

The BVXS is calculated and published at 4:00 PM London time.

Do the CME CF Bitcoin Volatility Indices trade like futures on CME?

No. The indices are not tradable futures products; they serve as transparent volatility indicators.

What market data underpins the CME CF Bitcoin Volatility Indices for CME?

They reflect implied volatility embedded in CME regulated, liquid options on Bitcoin and Micro Bitcoin futures, supported by about $46 billion equivalent notional traded in 2025.

Where can investors find more information on CME's bitcoin volatility indices?

Detailed product information is available at www.cmegroup.com/cryptobenchmarks.