Key metrics of the derivatives market for cryptocurrency assets indicate growing interest among speculators in Ethereum (ETH), reports RBC Crypto with reference to Coindesk.
According to Coindesk, the price of Ethereum significantly lags behind Bitcoin (BTC) in terms of growth dynamics, which is especially noticeable over large time periods: over the year, ETH grew by 89%, while the first cryptocurrency showed an increase of 163%.
However, writes Coindesk, this gap may soon be greatly reduced. By data Velo Data analytical service, over the past five days, open interest in Ethereum futures on the Chicago Mercantile Exchange (CME) increased by 30%, to $711 million, ahead of Bitcoin (19%) in this indicator.
In mid-November, the world’s largest investment company BlackRock submitted an application to the regulator of the American state of Delaware and the US Securities and Exchange Commission (SEC) to place a spot ETF on Ethereum (ETH).
Currently, there are only Ethereum futures ETFs on the market. It is a spot ETF that gives investors exposure to the asset itself, while an investment in a futures ETF is effectively just a bet on a later price of the asset without any impact on the market.
On November 10, 2023, CME for the first time surpassed Binance in terms of open interest in Bitcoin futures and took first place among all trading platforms for this indicator. On December 1, the open interest in Bitcoin futures trading on the CME was $4.17 billion, which was a record and also the highest among all trading platforms.
Source: Cryptocurrency
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