ETH is trading for under $ 1,800 after following Bitcoin’s upward trajectory to all-time highs. Part of the positive movement and momentum has been created by the introduction of ETH futures on the Chicago Mercantile Exchange, also known as the CME Group.
During the launch week, the open contract (OI) of the futures contracts totaled $ 55 million.
ETH futures contracts launched on CME Group, OI surged to $ 55 million in the first week
Unlike the Bitcoin launch on the CME Group futures trading platform, the ETH rollout raked in $ 55 million in just the first few days.
CME Group added ETH futures on Feb. 8 to provide institutional traders with exposure to more assets besides Bitcoin. ETH is the second largest cryptocurrency by market cap and the next logical choice.
ETH is also among the few cryptocurrency assets that have regulatory support thanks to a fully decentralized, guaranteed distribution model.
Trading volume itself is relatively stable at around $ 35 million, but OI continues to rise from its launch week, according to the most recent Arcane Research report.
Similarities between ETH and Bitcoin at launch on CME
First week trading volume and OI results show a positive correlation with the larger cryptocurrency market trend. However, after rising for the first few days in the course of trading, ETH price has fallen from its recent record levels.
However, this should not be alarming, as when Bitcoin was introduced on the CME for futures trading on December 17, 2017, it was exactly the top of the bull market.
This is not the case at the moment, as evidenced by the fact that the ETH price is still up from its initial launch and that the larger uptrend has not reached the level of exhaustion at the end of 2017.
According to most reviews, Bitcoin’s ascent is only just beginning, and with the strike price for ETH options at $ 10,000 or more, it doesn’t seem like a peak for ETH at the moment. .
Can ETH do what even Bitcoin cannot and overcome the sudden emergence of short sellers in the market? Or will this mark the same temporary vertex as last time?