CME Ethereum Futures Saw Over $30 Mln Worth Of Contracts Sale.

CME Ethereum Futures Saw Over $30 Mln Worth Of Contracts Sale.

2021-02-10 | Eddy Morgan

CME Ethereum Futures Saw Over $30 Mln Worth Of Contracts Sale.

The launch of CME [Chicago Mercantile Group] highly anticipated Ethereum futures saw over $30 Mln worth of contracts traded during the primary day of trade. Revealed earlier on 8th Feb., CME’s new Ethereum product saw 388 contracts traded in its primary day, with 303 of the contracts being mobilized to take a position on February’s price. While 84 contracts expiring in March were also traded, solely one April contract changed hands. Each of CME’s contracts represents 50 Ethereum, with the exchange setting the min trade value at five contracts – worth over $450k at present prices. CME Ethereum Futures Saw Over $30 Mln Worth Of Contracts Sale. CME’s ETH futures last traded for $1,826.5, a 1.5% price premium over the spot markets. With the bulk of contracts traded set to expire later in February, traders appear to be speculating that Ethereum will close the month near its present price levels. The days leading up to the launch saw significant bullish momentum for Ethereum, with price rallying into new all-time highs over $1,700 and social engagement at unprecedented levels. With Ethereum’s on-chain activity & transaction fees surging, Mythos Capital founder Ryan Adams revealed that “another flipping” has transpired, pointing to CoinMarketCap data revealing that Ethereum has now surpassed Bitcoin by the worth of on-chain settlement employing its native coin. In line with Blockchain Center’s “Flippening Index,” which seeks to live Ethereum’s strength relative to Bitcoin [BTC] by eight key metrics, Ethereum has already overtaken Bitcoin [BTC] by half of its indicators - transaction count, node count, transaction volume, and total transaction fees. The index ranked Ethereum’s Google search interest & market capitalization at roughly one-quarter of Bitcoin [BTC], while Ethereum [ETH] active addresses are at 53% & trade volume is at 74%. Altogether the Flippening Index is presently sitting at an all-time high of 72.4%.

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