CME Bitcoin Futures Hit 10 Million BTC in Cumulative Volume

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The Chicago Mercantile Exchange (CME), one of the world’s largest financial derivatives marketplaces, recently announced a major milestone in the institutional adoption of digital assets: cumulative trading volume of its Bitcoin futures contracts has surpassed 10 million BTC—equivalent to over 200 million contract units, given each contract represents 5 BTC. This achievement, confirmed via CME Group’s official social media channel and supported by accompanying data, marks a pivotal moment in the evolution of crypto derivatives.

As of July 23, the total notional value of these trades exceeded $70 billion, underscoring growing confidence among institutional investors, hedge funds, and traditional financial players in regulated cryptocurrency exposure. The milestone reflects both the resilience and maturation of Bitcoin as an asset class since the launch of CME’s cash-settled Bitcoin futures in December 2017, following regulatory approval from the U.S. Commodity Futures Trading Commission (CFTC).

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The Birth of Regulated Bitcoin Futures

The introduction of Bitcoin futures at CME and the Chicago Board Options Exchange (CBOE) in late 2017 was widely seen as a turning point for mainstream crypto acceptance. While CBOE launched the world’s first Bitcoin futures product just nine days after receiving CFTC clearance, CME quickly followed with its own offering—featuring a larger contract size of 5 BTC per contract, compared to CBOE’s 1 BTC.

This structural difference played a critical role in shaping long-term market dynamics. Experts suggest that CME’s higher-denomination contract attracted more institutional participation, as it aligned better with large-scale risk management strategies and portfolio hedging needs. Meanwhile, retail-focused platforms often favored smaller entry points, but lacked the infrastructure and liquidity to sustain institutional-grade trading activity.

Despite initial excitement and a surge in Bitcoin’s price—peaking near $20,000 in December 2017—the months that followed saw a sharp correction across the entire cryptocurrency market. Some analysts have debated whether the launch of futures accelerated the downturn, arguing that increased short-selling capabilities and speculative leverage may have contributed to downward pressure.

Divergent Paths: CME vs. CBOE

Over time, the two exchanges took dramatically different trajectories in their approach to Bitcoin derivatives.

CBOE, despite being the pioneer, struggled with declining trading volumes. Data from TradeBlock shows that daily trading value on CBOE’s Bitcoin futures fell from nearly $2 billion in January 2018** to below **$500 million by September 2018, eventually dropping to around **$250 million by year-end**. By mid-2019, average daily volume had dwindled further, with no single day surpassing $1 billion in activity since May of that year.

In contrast, CME maintained steady growth. According to reports from Bitwise, CME’s Bitcoin futures averaged $85 million in daily trading volume**, while CBOE lagged behind at just **$6 million—representing less than 7% of CME’s volume. This disparity highlights how product design, liquidity depth, and institutional trust can determine success in highly competitive financial markets.

By March 2019, CBOE announced it would cease renewing its Bitcoin futures contracts. The final contract expired in June 2019, effectively ending its foray into crypto derivatives—at least for the time being.

CME’s Continued Momentum

Far from slowing down, CME has strengthened its position as the leading regulated venue for Bitcoin futures. Market data from May 2019 revealed a 36% month-over-month increase in average daily volume, reaching over 13,600 contracts per day—equivalent to approximately 5.15 billion USD in notional value. Year-over-year growth exceeded 250%, signaling strong demand amid renewed market optimism.

Open interest—the total number of outstanding derivative contracts—also hit record highs. In May, open interest reached 4,602 contracts, an 80% increase compared to the previous year. By June, this figure climbed further to 6,069 contracts, reflecting sustained investor appetite and growing confidence in price stability and regulatory clarity.

Additionally, CME reported the creation of over 950 new trading accounts dedicated to Bitcoin futures in 2019 alone, with overall client registrations rising by 30%. These figures point to expanding institutional onboarding and a deepening ecosystem around compliant crypto investing.

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Why Institutional Investors Prefer CME

Several factors explain why CME has outperformed its peers:

These advantages make CME a trusted gateway for pension funds, asset managers, and family offices seeking exposure without direct custody risks.

Frequently Asked Questions (FAQ)

What is a Bitcoin futures contract?

A Bitcoin futures contract is an agreement to buy or sell Bitcoin at a predetermined price on a future date. It allows investors to speculate on price movements or hedge existing positions without owning the underlying asset.

How does CME’s Bitcoin futures differ from spot trading?

Unlike spot markets where actual Bitcoin changes hands immediately, futures are derivative instruments traded on margin. They offer leverage and are settled in cash based on BTC’s reference rate, making them accessible within regulated frameworks.

Why did CBOE discontinue its Bitcoin futures?

Low trading volume and lack of sustained institutional interest were key reasons. Despite being first to market, CBOE failed to maintain liquidity and competitiveness against CME’s more scalable model.

Is CME planning to launch other crypto derivatives?

Yes. Following Bitcoin futures’ success, CME has already introduced Ethereum futures and continues evaluating additional digital asset products based on market demand and regulatory feasibility.

Can retail traders access CME Bitcoin futures?

Technically yes, but due to high contract value (5 BTC ≈ $300,000+ depending on price), most retail investors participate indirectly through funds or brokers that pool capital.

Could CBOE restart Bitcoin futures trading?

There have been indications. In June 2019, a CBOE spokesperson stated they were “evaluating plans” to potentially relaunch Bitcoin futures, though no concrete timeline has been announced.

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Conclusion

The journey of Bitcoin futures—from experimental product to multi-billion-dollar institutional market—has been defined by strategic innovation, regulatory navigation, and competitive differentiation. While CBOE made history as the first mover, it was CME that built lasting infrastructure capable of sustaining long-term growth.

With cumulative volume now exceeding 10 million BTC and open interest steadily climbing, CME has cemented its role as a cornerstone of the regulated digital asset economy. As global interest in blockchain-based finance grows, platforms offering secure, transparent, and scalable access will continue to lead the charge—setting the standard for what responsible crypto innovation looks like in 2025 and beyond.