CME plans to launch Bitcoin Volatility futures in June, what is CME's BVX index?

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CME Group announced that it will launch Bitcoin volatility futures on June 1, tracking the CME CF Bitcoin Volatility Index (BVX). This allows institutional investors to bet on the volatility of Bitcoin rather than its price direction through standardized contracts in a regulated U.S. market for the first time. (Context: As geopolitical risks persist, why has Bitcoin become a key liquidity asset?) (Background: CME Group plans to launch its own token "CME Coin," which may be used as tokenized margin.) The announcement states that Bitcoin volatility futures are expected to go live on June 1, pending regulatory approval. In its official press release, CME Group stated that BVX does not concern itself with the price level of Bitcoin, but rather measures the market's expectation of how drastically Bitcoin will fluctuate over the next four weeks. Data Source The index is calculated based on real-time order book data from CME Bitcoin options. Update Frequency It is updated and published once per second during CME trading hours (7:00 AM to 4:00 PM Central Time). For institutions, this opens up a brand-new dimension of operations: portfolio managers can hedge against extreme market conditions without exposure to directional risk, while hedge funds can bet directly on the rise or fall of volatility itself, rather than Bitcoin spot. At nearly the same time, competitor Cboe also announced the launch of the Cboe IBIT Volatility Index (BITVX). The two take different approaches: BVX pulls order book data directly from CME Bitcoin options, while BITVX follows the methodology of Cboe's famous VIX, calculating based on options tracking the iShares Bitcoin Trust ETF (IBIT) from BlackRock. The simultaneous moves by the two major regulated exchanges mean that the volatility toolkit for U.S. institutions is about to be filled from scratch. Before CME and Cboe made their moves, the crypto options market was long dominated by the offshore exchange Deribit. Due to regulatory restrictions, U.S. institutions could only gain exposure to Bitcoin volatility through options or other indirect tools, lacking direct, regulated contracts. This is why asset management firm CoinShares has already preemptively filed for a series of BVX-related ETFs with the SEC, covering direct tracking, leveraged, and inverse versions, in an attempt to secure retail distribution positions before the volatility futures go live.

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