ChainDD (WeChat ID: ChainDD) reported on July 25 that with the first listing of Ethereum spot ETF, the open interest of CME Ethereum futures contracts rose to a record 7,661 contracts on Tuesday, equivalent to 383,650 ETH (notional value of US$1.4 billion). The previous peak of 7,550 contracts was set a month ago, with a standard contract size of 50 ETH. In terms of trading volume, CME Ethereum futures contracts traded 14,736 contracts on Tuesday, three times the average daily trading volume in July (5,010 contracts). Tuesday was also one of the 10 days with the highest trading volume for Ethereum futures.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, attributed the surge in trading activity to the launch of U.S. spot Ethereum ETF trading. “The approval and subsequent trading of the U.S. Ethereum spot ETF has injected vitality into the market, driving a significant increase in trading volume for Ethereum products on the platform, with open interest in Ethereum futures contracts hitting a new high,” Vicioso said in an email.
Vicioso added: “As more traders seek to gain exposure to cryptocurrencies, our full suite of regulated, reliable, liquid bitcoin and ethereum futures products will continue to provide transparent tools for managing risk and taking advantage of market opportunities.” (CoinDesk)
