The Chicago Mercantile Exchange (CME) announced record-breaking activity for its cryptocurrency derivatives products in the fourth quarter of 2025, driven by surging institutional demand for Ethereum, Solana, and XRP futures. The exchange operator reported peak engagement, volumes, and open interest, leading to a strategic decision to offer 24/7 trading for its crypto markets, aligning with the continuous operation of native crypto exchanges.
CME's 2025 performance was historic, with the exchange carrying over $3 trillion in notional value from futures and options trading. Average daily volumes more than doubled in the past 12 months to 280,000 contracts, while average daily open interest expanded to 313,000 contracts, representing approximately $26 billion. Trading momentum accelerated sharply in Q4, with open interest doubling compared to Q4 2024. The participant base widened significantly, reaching a record 1,039 holders of large open interest as of October 21, 2025.
Ethereum was a primary driver of the futures activity surge. ETH reinforced its institutional appeal, with the combined open interest for ETH and Micro Ether (MET) futures hitting a record 545,000 contracts on November 28. Ether options also peaked, reaching an open interest of 7,240 contracts on November 26. Institutions were attracted to Ethereum's potential for price recovery and its foundational role in decentralized finance (DeFi).
Substantial growth also came from the newly launched Solana and XRP markets, where demand for regulated exposure intensified. SOL futures traded $37.7 billion after their launch, achieving a peak open interest of $2.25 billion on October 29. XRP open interest peaked at $1.5 billion on October 28. In Q4, CME further expanded these markets by launching options for SOL and XRP products starting October 13, adding a new layer of capital efficiency. Trading activity peaked again in December following the launch of spot-quoted futures for BTC, XRP, and SOL, with BTC spot-quoted futures also reaching record volumes in late 2025.
Building on this strong performance, CME has announced an expanded product pipeline. New futures contracts for Cardano (ADA), Chainlink (LINK), and Stellar (XLM) are slated to become available starting February 9, pending regulatory review. Furthermore, the market is preparing to launch a Nasdaq CME Crypto Index by the end of 2025, which will serve as a new benchmark metric for digital asset performance within the regulated environment.
