CME Group and CF Benchmarks to Launch CME CF Bitcoin Volatility Indices

Core Insights - CME Group and CF Benchmarks are launching two new bitcoin volatility indices on December 2, 2025, namely the CME CF Bitcoin Volatility Index - Real Time (BVX) and the CME CF Bitcoin Volatility Index - Settlement (BVXS) [1][2] Group 1: Indices Overview - The new indices provide forward-looking, market-based measures of expected bitcoin price fluctuations over a 30-day period [2] - These indices are not tradable futures products but serve as indicators of implied volatility in CME Group's regulated options on Bitcoin futures [2] Group 2: Market Context - In 2025, nearly $46 billion in equivalent notional value was traded in CME Group's Bitcoin options, establishing them as a benchmark for assessing market views on bitcoin volatility [3] - The launch of these indices is seen as a significant milestone for the crypto asset class, reflecting the increasing sophistication of tools available for managing risk in the bitcoin options market [3] Group 3: Calculation and Publication - The BVX is calculated and published every second during trading hours from 7 a.m. to 4 p.m. Central, while the BVXS is published at 4 p.m. London time [3]