Ethereum futures started trading on February 8
The daily volume of Ethereum (ETH) futures trading on the Chicago Mercantile Exchange (CME) has exceeded $ 75 million, the cryptocurrency platform Glassnode reported today.
Institutional demand: One week after #Ethereum futures launched on CME, daily trading volume reached a total of $ 75.8M yesterday – almost doubling Friday’s volume of $ 40M.
Meanwhile, open interest has increased to $ 62 million.
– glassnode (@glassnode) February 17, 2021
“Institutional demand: a week after the launch of #Ethereum futures at CME, the daily trading volume reached a total of $ 75.8 million yesterday – almost doubling Friday’s volume from $ 40 million.
Meanwhile, open interest has risen to $ 62 million.
Chart 👉 https://t.co/Z8KDbU2Gez pic.twitter.com/3pawCRnxjR ”
As reported by CryptoSlate, CME’s long-awaited ETH futures were launched on February 8. At the end of the first trading week, its daily volume totaled $ 40 million – and almost doubled today.
Futures are a type of derivative contract in which two parties agree to trade an asset at a specific price on a given date. Unlike options, futures are binding, which means that contracts must be fulfilled regardless of the asset’s market price on the maturity date.
ETH’s total open futures contracts at CME – the combined value of all open contracts – also increased to $ 62 million today, the researchers added.
There has never been so much sustained activity of addresses interacting with Ethereum.
The 3-month average of aa’s has broken over its previous ATH and it doesn’t look like it wants to go back! pic.twitter.com/Zmapg4Ah3l
– Elias Simos (@eliasimos) February 17, 2021
“There has never been so much sustained activity from addresses interacting with Ethereum.
The 3-month average of aa has broken compared to the previous ATH and it looks like you don’t want to go back! ”
According to Galssnode data, the Ethereum blockchain as a whole is also seeing an increase in activity, as pointed out by Elias Simos, a protocol specialist at blockchain infrastructure company Bison Trails
According to the Skew cryptocurrency derivative charts platform, however, CME trading volumes are still a drop in the cryptocurrency ocean. For example, the leading cryptocurrency exchange, Binance, is currently generating $ 5.99 billion in volume of Etherum futures every day. Likewise, Binance’s corresponding open interest contracts reach $ 1.47 billion.
Ethereum futures trading volumes on different exchanges. Image: Skew
This is partly because CME is primarily aimed at institutionals and not retailers – unlike Binz and other cryptocurrency exchanges. Still, such a rapid growth in ETH futures trading volumes indicates that there is clearly demand from financial institutions as well.