Jul 09, 2024
CFB Talks Digital Assets Episode 28: Why our CF Bitcoin Volatility Index is the Missing Link for Institutional Crypto Risk Management and Trading
With Bitcoin’s realised volatility still regularly touching 50%, this year's multibillion dollar launch of US spot Bitcoin ETFs underlines institutions’ need for more efficient ways to manage that risk.
This makes our new CF Bitcoin Volatility Index (BVXS) – the only direct measure of CME Group BTC implied volatility – a timely addition to our roster of regulated benchmarks.
But how does BVXS work, exactly?
Our Head of Product, Thomas Erdösi joined Ken Odeluga and Gabe Selby, CFA, on the CFB Talks Digital Assets podcast, for a step by step guide – on the index, and crypto volatility in general.
Just a few of many highlights:
- What CBOE VIX’s history tells us about how institutions may deploy BVXS
- A peek at the only true CME Bitcoin Volatility Surface you’ll encounter in the wild...
- Use cases: from streamlined and granular tail-risk hedging, to pure sentiment gauges, hashtag ETPs and more
- Why BVXS is a major inflection point — for the CME CF Bitcoin Liquidity Complex, and institutional BTC participation overall
Click below to catch this episode on your favourite platform!
Listen on Spotify
Listen on Apple Podcasts
Watch on YouTube
Watch on Vimeo
Watch all episodes here
Subscribe for updates!
The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell any of the underlying instruments cited including but not limited to cryptoassets, financial instruments or any instruments that reference any index provided by CF Benchmarks Ltd. This communication is not intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. Please contact your financial adviser or professional before making an investment decision.
Note: Some of the underlying instruments cited within this material may be restricted to certain customer categories in certain jurisdictions.
Weekly Index Highlights, March 23, 2026
Crypto’s retreat deepened into the end of last week, with Bitcoin -6.5% and ETH -9%. DeFi and Culture tokens were also particularly pressured. Just as concerning, APT's staking reward rate halved, realized BTC volatility overshot implied, and Bitcoin funding kinked sharply at the front end.
CF Benchmarks
Factor Friday - March 20, 2025
The market's strongest four-week rally of 2026 saw liquidity top weekly factor rankings for the first time, signaling broadening risk appetite beyond value and growth. Downside beta's lead is eroding fast. The rotation is encouraging, but with YTD losses at -28.4%, a full risk-on pivot is premature.
Mark Pilipczuk
The M2-Bitcoin Relationship: What the Data Actually Shows
Global M2 has grown over 12% in the past year while Bitcoin has declined roughly 12%. We analyzed two decades of cross-asset data to determine whether this is a temporary dislocation or a structural regime change in how Bitcoin responds to monetary expansion.
Gabriel Selby