CME says Q3 open interest for bitcoin, ether derivatives hit all time highs

Futures and options contracts for bitcoin and ethereum are soared in Q3 as institutions continue to grow more interested

article-image

Zephyr_p/Shutterstock modified by Blockworks

share

The CME Group, which operates the Chicago Mercantile Exchange, told Blockworks Tuesday that volumes and open interest for crypto derivatives soared in the third quarter of 2023. 

In fact, with the ongoing bitcoin rally, CME Group said via email that Monday’s “trading session marked a record [open interest] for CME Group Bitcoin futures at 20K contracts.”

Open interest simply denotes the total number of active derivatives contracts (futures or options) held by traders. The metric demonstrates how many people in the market are interested, as the term suggests, in holding a position.

But Monday’s trading day, when bitcoin (BTC) flashed up from around $30,500 to nearly $35,000, was no fluke according to CME Group. 

The third quarter set a record average of 15,800 contracts for bitcoin futures, up 11% quarter over quarter. Open interest for ether futures and options jumped 22% from the second quarter. 

Ether options contracts really skyrocketed in the third quarter though, increasing 75%. Open interest also soared 55% higher on a quarterly basis.

Read more: $325 million in shorts liquidated amid crypto-wide market rally

CME Group noted that this derivatives frenzy occurred despite major price declines in BTC and ether (ETH) in the third quarter.

“While volatility and prices have remained mostly range bound along with trading volumes this year, CME Group continues to see increases in open interest across the Cryptocurrency suite,” analysts wrote in a newsletter.

Obviously, the environment is different now, with BTC and ETH each trading on Coinbase at elevated prices of around $34,500 and $1,800, respectively, at the time of writing.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

For just $54, you, too, could send a memecoin 500% higher

article-image

Memecoins, tech, and inflation have dominated the first half of the year

article-image

As the Trump administration continues to test Fed independence, markets are beginning to react

article-image

An Aave interest rate shock prompted over 475,000 validators to exit and pushed stETH into a prolonged depeg

article-image

While Roman Storm’s team is set to present its case, it’s not yet clear if the Tornado Cash founder will testify

article-image

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors