The launch of Chicago Mercantile Exchange’s (CME) Ether futures had more than $30 million worth of contracts traded in its first day. The latest product had over 388 contracts traded on its first day, with 303 of the contracts being mobilized to speculate on February’s price. Each of CME’s contracts is valued at 50 Ether. The exchange set the minimum trade value at five contracts worth more than $450,000 at current prices. CME’s ETH futures was last traded for $1,826.5 at a 1.5% price premium over the spot markets. Launch of the CME Ether Futures Saw Ethereum Rallying Into New ATH The much-anticipated launch of the CME product saw Ethereum rallying into new all-time highs above $1,500, along with increased social engagement. Along with Ether’s increased on-chain activity and surged in the gas fees. The ranking of Ethereum’s Google search interest and market cap is at roughly one-quarter of Bitcoin’s. Also, Ether’s active addresses are at 53% and trade volume is at 74%. The Flippening Index is currently at an all-time high of 72.4%. Data from Coinmetrics suggest that Ethereum (ETH) has now surpassed Bitcoin (BTC) by the value of on-chain settlement through the cryptocurrency, indicating another flippening event. The Flippening Index measure Ethereum’s strength relative to Bitcoin by eight key metrics. The second-largest cryptocurrency has already overtaken Bitcoin by indicators such as transaction count, node count, transaction volume, and total transaction fees. Another flippening. Ethereum is now settling more value in ETH than Bitcoin is settling in BTC. Ethereum is now the largest network for trustless money settlement. They say reserve currency status is the last to fall when an economic power gets outcompeted. 1 flippening left. pic.twitter.com/W0Wq65Da25 — Ryan Sean Adams – rsa.eth 🏴 (@RyanSAdams) February 9, 2021 Binance Currently Leading With $1.3 Billion in Open Interest At CME’s closing reference rate of $1,732 on Monday, there was $33.6 million in volume the first day, with $19.7 million in open interest at the close. Outside of CME, Ether futures are already an almost $6 billion market. Currently, Binance is leading the game with $1.3 billion in open interest at the time. However, despite the recent bullish activity of bitcoin, the ETH/BTC pair has gone bearish, indicating that traders are selling Ether (ETH) cryptocurrency for Bitcoin (BTC).
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