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Ethereum CME futures trading volume exceeded $ 30 million on the first day

At the end of the first trading session, the volume of Ethereum futures trading on the Chicago Mercantile Exchange (CME) amounted to 338 contracts. That’s over $ 30 million at an ETH price of $ 1,780 at the time of writing.

The open interest for the new product is 228 contracts ($ 20.2 million). One contract is equivalent to 50 ETH.

Data: CME Group.

“The response to Ethereum has been overwhelming,” said CME Group Managing Director Tim McCourt.

In anticipation of the launch of new CME futures, some market participants predicted pressure on the Ethereum price and a trend reversal, as in the case of Bitcoin-based products and the price of cryptocurrency at the end of 2017.

However, the second largest cryptocurrency by capitalization continued to grow and in less than a day set a new price record at $ 1800.

Bitstamp’s 4-hour ETH / USD chart from TradingView.

A new report from CoinShares says that investment in Ethereum-based products totaled $ 245 million last week.

“Investors are looking for opportunities to diversify assets and are becoming increasingly supportive of the fundamental characteristics of Ethereum,” the experts noted.

Ethereum’s market cap has surpassed $ 200 billion, according to CoinGecko.

Recall that on December 28, trading in bitcoin futures on the CME was suspended due to a gap of more than $ 3000.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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