According to CME Group data, open interest in futures contracts on the Chicago Mercantile Exchange (CME) has risen to its highest level since March 2022, indicating that institutional traders are flocking to the crypto market. Ethereum implemented the much-anticipated Shapella hard fork, also known as the Shanghai upgrade, on April 12, reducing the risk of staking the blockchain's native token ETH by allowing locked tokens to be withdrawn at will. This key event has stimulated institutional interest in ETH. Since April 10, the number of active or open Ethereum futures contracts traded on CME has increased by 39% to 6,248ETH. In US dollar terms, open interest has increased by more than 70% to $633 million.

Institutions generally prefer regulated products such as CME futures, which allow them to gain exposure to digital assets without owning them. Therefore, CME futures pegged to ETH and BTC are widely considered to be a proxy for institutional activity. (CoinDesk)