By the day of the launch of Ether (ETH) futures on the Chicago Mercantile Exchange (CME) a total of 388 contracts had been traded, leading to 19,400 ETH or $ 33 million.
The report was stated by CME Managing Director Tim McCourt today, describing the launch as having received overwhelming response to the second largest currency after Bitcoin (BTC).
The first time CME announced the launch of ETH futures was in mid-December 2020.
Each of these contracts represents 50 ETHs and is settled in cash, based on the CME CF Ether Dollar Reference Rate which is the platform for finding price mechanisms for ETH. Minimum trade is set at 5 contracts.
ETH futures are actually not something new because previously CME also launched bitcoin futures on 13 January 2020.
According to McCourt, on the first day of the launch of 1000 bitcoin futures contracts were traded. By December, the open interest in bitcoin futures reached nearly $ 1.5 billion.
McCourt also admitted that at this time they have received pressure to increase supply for other products. At the same time, he is also interested in seeing an increase in interest following the launch of ETH futures today.
At the time of writing, Ethereum is trading at a price of $ 1,712, jumping almost 7% in 24 hours. ETH also recorded an all-time high of $ 1,770 last night.
