CME Group announced the launch of two new Bitcoin volatility indices, the CME CF Bitcoin Volatility Index – Real Time (BVX) and the CME CF Bitcoin Volatility Index – Settlement (BVXS), scheduled to become available on December 2 2025. The indices will provide forward‑looking, market‑based measures of 30‑day Bitcoin price volatility derived from CME’s regulated Bitcoin futures and Micro Bitcoin futures options contracts.
The BVX updates every second between 7:00 AM and 4:00 PM Central Time, while the BVXS is published at 4:00 PM London time. Both indices are calculated from the same underlying data set, but the real‑time index offers continuous exposure to implied volatility, whereas the settlement index reflects the closing volatility level for the day. This dual structure gives traders and risk managers a granular view of market expectations and a benchmark for pricing and hedging strategies.
CME’s decision to launch these indices follows a record $46 billion in equivalent notional value traded in Bitcoin options during 2025, underscoring the rapid growth of the Bitcoin options market. Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products, said the indices “provide a transparent benchmark for gauging how the market views overall Bitcoin volatility” and that they “are valuable tools for market participants to navigate shifting market conditions and sentiment.” CF Benchmarks CEO Sui Chung added that the launch “highlights the deepening maturity of the Bitcoin options market and the sophisticated tools investors now have to manage risk.”
CME’s new indices fit into a broader suite that now includes Bitcoin futures (launched 2017), Bitcoin options (2020), Micro Bitcoin futures (2021) and Bitcoin Friday futures options (2025). The company’s regulated status and deep liquidity base give it a competitive advantage in providing reliable benchmarks for digital‑asset derivatives, reinforcing its position as a trusted venue for institutional risk management.
By offering a real‑time and settlement‑based volatility benchmark, CME is positioning itself to capture additional fee income from traders who rely on implied volatility for pricing and hedging. The indices also enhance market transparency, potentially attracting more participants to CME’s Bitcoin derivatives and strengthening the overall liquidity of the Bitcoin options market.
CME’s leadership signals confidence that the launch will support continued growth in its cryptocurrency products. The company’s focus on regulated, liquid benchmarks aligns with institutional demand for sophisticated risk‑management tools, and the new indices are expected to reinforce CME’s leadership in the evolving digital‑asset derivatives landscape.
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