{"id":174653,"date":"2021-02-10T06:20:53","date_gmt":"2021-02-10T03:20:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cmes-ether-futures-drove-more-than-30m-volume-on-first-day\/"},"modified":"2021-02-10T06:20:53","modified_gmt":"2021-02-10T03:20:53","slug":"cmes-ether-futures-drove-more-than-30m-volume-on-first-day","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cmes-ether-futures-drove-more-than-30m-volume-on-first-day\/","title":{"rendered":"# CME\u2019s Ether futures drove more than $30M volume on first day"},"content":{"rendered":"

“# CME\u2019s Ether futures drove more than $30M volume on first day <\/strong>”<\/p>\n

The launch of Chicago Mercantile Group\u2019s highly anticipated Ether futures saw more than $30 million worth of contracts traded during the first day of trade.<\/p>\n

Launched on Feb. 8, CME\u2019s new Ether product saw 388 contracts traded <\/a>in its first day, with 303 of the contracts being mobilized to speculate on February\u2019s price. While 84 contracts expiring in March were also traded, only a single April contract changed hands.<\/p>\n

Each of CME\u2019s contracts represents 50 Ether, with the exchange setting the minimum trade value at five contracts \u2014 worth more than $450,000 at current prices.<\/p>\n

CME\u2019s ETH futures last traded for $1,826.5, a 1.5% price premium over the spot markets. With the majority of contracts traded set to expire in February, traders app<\/a>ear to be speculating that Ether will close the month near its current price levels. <\/p>\n

CME ETH futures, 15-min chart: TradingView<\/a><\/figcaption><\/figure>\n

The days leading up to the launch saw significant bullish momentum for Ethereum, with price rallying into new all-time highs above $1,500 and social<\/a> engagement at unprecedented levels.\u00a0<\/p>\n

With Ether\u2019s on-chain activity and transaction fees surging, Mythos Capital founder Ryan Adams declared that \u201canother flippening\u201d has transpired, pointing to CoinMetrics data indicating that Ethereum has now surpassed Bitcoin by the value of on-chain settlement using its native coin.<\/p>\n

\n

Another flippening.<\/p>\n

Ethereum is now settling more value in ETH than Bitcoin is settling in BTC. Ethereum is now the largest network for trustless money settlement.<\/p>\n

They say reserve currency status is the last to fall when an economic power gets outcompeted.<\/p>\n

1 flippening left. pic.twitter.com\/W0Wq65Da25<\/a><\/p>\n

\u2014 Ryan Sean Adams – rsa.eth (@RyanSAdams) February 9, 2021<\/a><\/p><\/blockquote>\n