CME’s Ether futures drove more than $30M volume on first day

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The launch of Chicago Mercantile Group’s extremely anticipated Ether futures noticed greater than $30 million value of contracts traded throughout the first day of commerce.

Launched on Feb. 8, CME’s new Ether product noticed 388 contracts traded in its first day, with 303 of the contracts being mobilized to take a position on February’s worth. Whereas 84 contracts expiring in March had been additionally traded, solely a single April contract modified palms.

Every of CME’s contracts represents 50 Ether, with the change setting the minimal commerce worth at 5 contracts — value greater than $450,000 at present costs.

CME’s ETH futures final traded for $1,826.5, a 1.5% worth premium over the spot markets. With the vast majority of contracts traded set to run out in February, merchants seem like speculating that Ether will shut the month close to its present worth ranges.

CME ETH futures, 15-min chart: TradingView

The times main as much as the launch noticed vital bullish momentum for Ethereum, with worth rallying into new all-time highs above $1,500 and social engagement at unprecedented levels

With Ether’s on-chain exercise and transaction charges surging, Mythos Capital founder Ryan Adams declared that “one other flippening” has transpired, pointing to CoinMetrics information indicating that Ethereum has now surpassed Bitcoin by the worth of on-chain settlement utilizing its native coin.

In accordance with Blockchain Middle’s “Flippening Index,” which seeks to measure Ethereum’s power relative to Bitcoin by eight key metrics, Ethereum has already overtaken Bitcoin by half of its indicators — transaction rely, node rely, transaction quantity, and complete transaction charges.

The index ranked Ethereum’s Google search curiosity and market cap at roughly one-quarter of Bitcoin’s, whereas Ether lively addresses are at 53% and commerce quantity is at 74%. All instructed the Flippening Index is at present sitting at an all-time excessive of 72.4%.