Institutional investors in the crypto space have recovered from the collapse of 2022 and are now focusing on how cryptocurrencies and their underlying technologies can drive innovation, according to CME Group's head of crypto products.

The company has seen an increase in digital asset interest even before BlackRock's move to gain regulatory approval for a spot bitcoin ETF. CME has added ether and bitcoin ratio futures, which allows market participants to trade the relationship between bitcoin and ether in one single trade. The company is exploring additional types of bitcoin-linked products, including a bitcoin non-deliverable forward.