During his first day at the Chicago Mercantile Group, ETH futures moved in large volumes. The funds in this cryptocurrency had been previously announced and were eagerly awaited by traders. During the first day, an amount equivalent to $ 30 million dollars, was moved in those operations.
It should be noted that they were launched on February 8. On the same day, some 388 negotiated contracts were opened. Of these, about 303 contracts were dedicated to speculation around the price of the second cryptocurrency in capitalization for the month of February.
As for the contracts negotiated for the month of March, the number was 84. For their part, only 3 were negotiated for the next month of April, CoinTelegraph reported. These are movements that stand out for their high volume and that demonstrate the importance of this currency in the world of digital commerce.
The importance of ETH futures
Being one of the most important projects in the entire ecosystem, (second only to Bitcoin), Ethereum arouses great interest. In this way, the businesses with the futures contracts of their native cryptocurrency ETH, moved large sums of money.
The expectation and interest in entering to negotiate with them, could be appreciated during the day last Monday. It is important to note that these CME contracts have a value of 50 ETH each. At the same time, the business conditions establish the minimum commercial value of five contracts, for a value of 450 thousand dollars.
This equivalent figure of Ethereum in US money, corresponds to the current price of the cryptocurrency in that monetary denomination. The value of ETH for each coin, at the time of writing, is $ 1,725.
In that sense, it should not be forgotten that CME’s ETH futures were traded for a coin value of $ 1,826. In other words, with a premium of 1.5% over the spot markets, explains the aforementioned medium. All this, taking into account that most of these contracts expire at the end of February.
Ethereum Coin’s Bullish Momentum
Another no less remarkable data is the upward momentum of Vitalik Buterin’s cryptocurrency, which broke its all-time high several times. In the days leading up to the launch of ETH futures contracts on the CME, the price per coin exploded in an unprecedented way, surpassing $ 1,500.
Several were the factors that allowed the growth of the value of this digital currency. The main one is the huge momentum of Bitcoin, which remains in a bull run with no equivalents in its history. The other factor behind ETH’s growth was the increase in transaction fees.
During the month of January, ETH miners received more than 800 million dollars for their activity. Of these, a little more than 500 million corresponded to transaction fees. The cause behind this is the massive movement within Ethereum’s Decentralized Finance.
All these factors could be the prelude that raised expectations in ETH futures in the CME, which moved volumes that at another time would have been unrealistic.
Data to take into consideration
- The second most important cryptocurrency, after Bitcoin, has had a moving debut in the CME trades.
- During their first day, ETH futures contracts moved an equivalent amount of $ 30 million.
- Most of the futures, about 303, expire in February, while 84 are scheduled for March and 3 for April.
- The expectation in the days prior to this start of operations may have been fueled by the unprecedented bullish cycle of the currency.