Bitcoin continues to be the main entry point for institutions seeking exposure to the crypto market, but investor interest has expanded to other digital currencies, such as Ethereum, Solana, and XRP.

This is the analysis of Giovanni Vicioso, director of crypto assets at CME Group, during the Digital Assets Conference (DAC) 2025. Leading the cryptocurrency area of the largest derivatives market in the world, he has closely followed the evolution of the industry since the launch of Bitcoin futures in 2017, up to the current explosive growth of contracts linked to altcoins.

According to Vicioso, the futures of Solana and XRP, which debuted at CME in March and May of this year, recorded historic highs in open interest in August. "On August 22, the two contracts totaled $1 billion in open interest. The case of XRP was even more impressive: in just three months, it became the product that reached this mark the fastest, surpassing even Bitcoin and Ethereum," he stated.

This advancement, explains the executive, is related to the entry of more institutional investors and the expectation for the approval of spot ETFs for Solana and XRP in the U.S., expected in October.

Ethereum has also gained prominence recently, spurred by the approval of the Genius Act, a law that regulates stablecoins in the United States. The measure caused a leap in the volume of Ether futures, which historically was about 25% of Bitcoin's volume and, in August, reached 80%. "Ether jumped from $2 billion to $6 billion per day, nearly matching Bitcoin. This shows that institutions are allocating more to Ethereum and Solana, the main networks for issuing stablecoins," he explained.

Despite the strength of altcoins, the executive emphasizes that Bitcoin remains the protagonist: "It's not abandonment, it's expansion. BTC still represents almost 60% of market capitalization and remains solid. The difference is that investors now want alternatives and feel more confident in diversifying into Ether, Solana, and XRP as well."

Expansion of crypto derivatives at CME

Upon noticing the changes in investor interest, Giovanni Vicioso reports that CME has been betting on new formats of contracts, such as spot-quoted futures, launched this year, which replicate the spot price and have annual expiration.

They are small — 1/100 of a Bitcoin or 0.2 of an Ether — to be accessible to retail investors as well. "These are products designed to democratize access, but within a regulated and reliable environment. We have already moved more than 100,000 contracts per day, reaching $500 million in notional value, and they were launched just a few weeks ago," he said.

In addition, CME also plans to take advantage of the recent interest from investors in Solana and XRP and will launch options on the futures of both cryptocurrencies in October, both in large contracts and microcontracts.

"Derivatives are there to provide tools for the investor. Our role is to offer liquidity and security so that they can protect themselves from volatility and manage risks efficiently," he concluded.