The Chicago Mercantile Exchange (CME) is experiencing a significant surge in demand for Bitcoin futures following the launch of spot Bitcoin ETFs in the US earlier this year. Giovanni Vicioso, Head of Crypto at CME, spoke to Blockworks about the impact of these ETFs, the overall crypto market, and the upcoming Bitcoin halving.

Vicioso highlights a key takeaway - the introduction of spot Bitcoin ETFs hasn't happened in a vacuum. CME has been building this market since 2016, laying the groundwork with the introduction of Bitcoin reference rates and futures contracts. These products provide a solid foundation for the newly launched ETFs.

The impact is undeniable. CME is witnessing a substantial jump in both book volume and open interest. Daily trading volume for cryptocurrency futures has more than doubled compared to last year, currently averaging over 75,000 contracts. Daily trading across the entire suite now sits at close to $5 billion, more than double the figures from 2023.

Looking ahead, Vicioso acknowledges the potential for new ETFs, like a spot Ether ETF, to influence CME's approach to crypto. While they already list Ether futures and various indexes, they're waiting for more regulatory clarity before introducing additional futures contracts.

The upcoming Bitcoin halving in 2024 is another factor generating excitement. Vicioso observes a positive shift in client conversations. Institutional interest is no longer just focused on trading cryptocurrencies, but also on the underlying technology and its potential applications like tokenization. This broader interest suggests the crypto market has matured and is here to stay.