CME Group booked the opening trades in its new Bitcoin Volatility Index futures on June 5, executed as block transactions between crypto trading firm DV Chain and asset manager Monarq Asset Management. The contracts allow institutions to take a position purely on the magnitude of Bitcoin’s price swings, not the direction. The launch landed amid a sharp pullback that pushed Bitcoin below $59,200 as leveraged longs unwound, underlining the demand for such a hedge instrument.
DV Chain and Monarq Open a Direction-Neutral Market
Giovanni Vicioso, CME’s Global Head of Cryptocurrency Products, said early backing for the contracts reflects growing client demand for tools that guard against adverse market moves. He noted that CME shifted its crypto futures and options to 24/7 trading on May 29, and the new volatility contracts sit inside that always-on framework, letting investors manage volatility exposure at any hour. Monarq CEO Shiliang Tang described the product as a natural evolution for a maturing asset class, where sophisticated risk-management tools arrive as Bitcoin settles into mainstream institutional portfolios. DV Chain CEO Dave Vizsoly cited the regulated venue as the key differentiator: “The ability to trade pure volatility independent of price direction on a regulated platform is a critical evolution for both our clients and the broader marketplace.”
CME’s Crypto Volumes Underpin the Launch
The new volatility product rides on a growing CME crypto suite. Average daily volume has reached 266,900 contracts year-to-date, up 38% year-over-year, while average daily open interest stood at 274,500 contracts, up 18%. The suite now covers more than 75% of total crypto market cap, with average daily open interest near $25 billion in 2025. The move to round-the-clock trading on May 29 closed the gap between CME’s regulated contracts and the never-stopping spot market. The first 24/7 crypto weekend saw 7,200 contracts and roughly $50 million in notional volume, providing an early read on weekend appetite for regulated exposure.