TL;DR
- CME reported record crypto activity in Q4, led by ETH, SOL, and XRP futures.
- The exchange is shifting to 24/7 trading and launching new altcoin contracts.
- A new Nasdaq CME Crypto Index and more regulated products are planned.
Crypto products on CME reached peak activity in the fourth quarter, announced the exchange operator. The shift was driven by ETH futures, as well as the new SOL and XRP markets.
For Q4, CME marked record activity on its crypto products, with peaks in engagement, volumes, and open interest. The peak activity led to CME’s decision to offer 24/7 trading for its crypto markets, mimicking native trading.
CME completed nine years of BTC futures trading in the past year, becoming one of the main indicators for BTC’s potential direction. During those years, both CME and the crypto native market matured considerably.
Based on the strong performance in 2025, CME announced more products in its pipeline, including contracts on ADA, LINK, and XLM, available from February 9. The altcoin products are currently in regulatory review.
The market is also preparing to create a Nasdaq CME Crypto Index, to be launched by the end of 2025. The index will provide another benchmark metric for digital asset performance in the regulated environment.
CME Doubled Its Daily Volume During 2025
The year 2025 saw the ongoing expansion of crypto activity on CME. The exchange carried over $3 trillion in notional value of futures and options trading. Average daily volumes more than doubled in the past 12 months to 280,000 contracts, and average daily open interest expanded to 313,000 contracts, or $26 billion.
Trading momentum accelerated in Q4, with open interest doubling against Q4 2024. The CME market has widened its participant base, with a record of 1,039 holders of large open interest, an all-time high as of October 21, 2025.
The exchange saw its participant base increase, together with other mainstream activities such as ETF trading. The entry of new institutional participants signals growing acceptance of regulated crypto products.
ETH was one of the most widely traded assets, spiking in activity as the token retained a relatively high range in September and October. According to CME, ETH reinforced its status as appealing to institutions, which accelerated trading in Q4.
The combined open interest for ETH and Micro Ether (MET) futures hit a record of 545,000 contracts traded on November 28. ETH Options took over and reached a peak open interest of 7,240 contracts on November 26.
ETH attracted institutions for its potential recovery to a higher range, as well as Ethereum’s role in carrying decentralized finance. The platform provides infrastructure for DeFi applications that handle billions in locked value.
The remaining growth came from multiple trading records for Solana and XRP. Market demand intensified for regulated exposure to SOL and XRP products.
SOL futures traded $37.7 billion after their launch, with peak open interest of $2.25 billion on October 29. XRP open interest peaked at $1.5 billion on October 28.
In Q4, CME also launched options for its SOL and XRP products, starting from October 13. The options offered a new layer of capital efficiency for market participants.
Trading peaked in December, after the launch of spot-quoted futures for BTC, XRP, and SOL. Spot-quoted futures on BTC also reached record trading volumes in the last weeks of 2025.
Spot-quoted futures eliminate the need for conversion between futures and spot prices, simplifying trading strategies. The product facilitates arbitrage between regulated markets and native crypto exchanges.
CME operates as a bridge between traditional finance and crypto markets. Institutional participants prefer the platform for its regulatory oversight and established clearing mechanisms.
The expansion to 24/7 trading aligns CME with the continuous operation of native crypto markets. Traders can respond to price movements in real time without waiting for traditional market hours.
The additional altcoin contracts diversify the product offering beyond BTC and ETH. ADA, LINK, and XLM represent different segments of the crypto market, from smart contracts to oracles and cross-border payments.
Regulatory approval of new products indicates growing acceptance of digital assets by financial authorities. CME works with regulators to structure products that meet institutional standards.
The Nasdaq CME Crypto Index will track performance across multiple digital assets traded on the platform. Institutional investors use indices to gauge market trends and construct portfolio allocation strategies.
