The performance also supported CME’s broader activity, with overall average daily volume reaching 28.1 million contracts in 2025, up 6% year-over-year. In practical terms, crypto derivatives became a more material component of institutional flow while the spot market narrative stayed mixed.
Record Activity and What the Numbers Say
CME said its crypto business reached an annual average daily volume of roughly $12 billion in notional value, translating to about 278,000 contracts traded per day and marking a 139% increase versus the prior year. The pace remained elevated into year-end, with Q4 setting a quarterly record of 379,000 contracts in average daily volume and December averaging 339,000 contracts, or about $9.4 billion in notional.
The composition of activity showed micro-sized products as a major contributor, with Micro Ether futures averaging 144,000 contracts and Micro Bitcoin futures averaging 75,000 contracts across the year, while standard Ether futures averaged about 19,000 contracts per day. The mix matters because micro contracts lower notional exposure per trade and let participants size hedges and tactical positions with more precision.
Two structural forces were tied to the expansion: the draw of regulated venues amid clearer frameworks, and the accessibility of smaller contract sizes. Together, they helped broaden participation by making futures and options exposure feel operationally safer and capital-efficient for institutions looking to hedge or scale risk.
CME explicitly pointed to Micro Bitcoin and Micro Ether futures as key to expanding participation, describing them as “a critical gateway” for firms that want reduced notional commitments while managing risk. That framing positions micro contracts as an institutional on-ramp rather than a retail novelty.
Why Derivatives Grew While Spot Softened
The record derivatives activity occurred while spot markets weakened across 2025, with Bitcoin down about 6.3% and Ether down roughly 11% for the year. The divergence suggests that volatility, hedging demand, and relative-value strategies were major drivers of turnover, rather than purely directional bets on higher prices.
The results reinforced CME’s role as a price-discovery venue for regulated crypto markets and helped justify a roadmap aimed at expanding product depth. The exchange has signaled that it intends to broaden its crypto suite and improve access for institutional participants as liquidity continues to build.
One of the operational steps highlighted is CME’s plan to introduce 24/7 trading for cryptocurrency derivatives in early 2026, extending hours to better align with round-the-clock spot venues. The next practical test will be whether always-on trading and added options structures deepen liquidity and pull more global crypto flow into regulated derivatives rails.