Ethereum futures trading was launched on the Chicago Mercantile Exchange (CME Group) yesterday, 8 February. During the first day, 388 contracts were traded.
According to the managing director of CME Tim McCourt (Tim McCourt), the site management did not expect such a demand for the product. Since each contract equals 50 ETH, 19,400 ETH ($ 33 million) were traded on the first day.
“The response to the ETH futures product has been overwhelming,” McCourt said.
He noted that 1,000 contracts were traded on the first day of Bitcoin futures launch. If we compare the capitalization, popularity and other indicators of these cryptocurrencies, the adoption of Ether futures turned out to be very positive.
According to McCourt, clients of the site are expecting the launch of other derivative cryptocurrency products, but so far the management of CME Group is keeping the plans under wraps. McCourt noted that the adoption of ETH futures needs to be evaluated first.
The plans to launch ETH futures on the CME exchange became known in mid-December last year. Trading started yesterday, 8 February.
Telegram channel!
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
