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Home Technical analysis ETH

Ethereum Debuts On CME To $55M In Futures Open Interest

Tony Spilotro by Tony Spilotro
1 week ago
in ETH
Reading Time: 3min read
ethereum eth cme futures
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Ethereum price is trading at just below $1,800 per token after following Bitcoin’s upward trajectory to new all-time highs. Part of the buzz and momentum was generated by the introduction of Ether Futures trading on the Chicago Mercantile Exchange, also known as CME Group.

During the altcoin’s debut week, Futures open interest reached a grand total of $55 million. Here’s how the second-ranked cryptocurrency’s first week trading on CME compares to Bitcoin’s, and what happened in the weeks to follow.

Ether Futures Debut On CME Group, Open Interest Rises To $55M In First Week

Unlike the launch of Bitcoin’s debut on CME Group’s Futures trading platform which was referred to as “tepid,” Ethereum’s introduction has already resulted in as much as $55 million during the first few days trading.

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Related Reading | Ethereum Beats Bitcoin Performance Two Years Straight, What’s Next?

CME Group added Ether Futures on February 8 to give institutional traders exposure to more crypto assets than just Bitcoin. Ethereum as the second-largest cryptocurrency by market cap, was the next logical choice.

ethereum cme open interest

Ether open interest shot up to $55 million in the first week trading | Source: Skew Analytics, via Arcane Research

Ethereum is also among the few crypto assets that has regulatory support thanks to its early distribution model ensuring sufficient decentralization.

Trading volume itself stayed relatively steady at around $35 million, but open interest continued to climb as the debut week continued, according to the most recent report from Arcane Research.

The Similarities Between Ethereum And Bitcoin At CME Launch

First week trading volume and open interest results show a positive correlation with the greater crypto market trend. However, after rising the first few days during trading, Ether prices have since turned down from the recent record set.

This wouldn’t otherwise be alarming, however, when Bitcoin was first introduced on CME for Futures trading on December 17, 2017, it was the exact top of the bull market.

Already this time is different with Ether prices still rising beyond the initial debut, and the greater bull trend isn’t anywhere near as exhausted as it was in late 2017.

ethusd btcusd ethereum bitcoin

The introduction of BTC Futures on CME marked the peak. Is this time different? | Source: ETHUSD on TradingView.com

By most measures, Bitcoin’s bull run is only just getting started, and with a strike price for Ether options contracts at $10,000 and above, it doesn’t look like a top is in for Ethereum at this point either.

Related Reading | Altcoin Market Cap On The Verge Of Life-Changing Breakout

Can Ethereum do what even Bitcoin couldn’t and overcome the sudden introduction of more short-sellers in the market? Or will this mark a temporary top for crypto now just like it did the last time around?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: altcoinsbitcoincryptoDeFiETHethbtcethereumethusdETHUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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