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.
Ethereum CME futures start trading tomorrow. $ ETH pic.twitter.com/WOocvbdfAQ
– Crypto Whale (@CryptoWhale) February 7, 2021
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.
Subscribe to ForkLog news on Telegram: ForkLog FEED – the entire news feed, ForkLog – the most important news and polls.
Found a mistake in the text? Select it and press CTRL + ENTER
