The highly-anticipated launch of Ethereum futures on the CME Group’s derivatives exchange has gone live today, with $5 million being traded over the initial 12-hours.
The listing gives institutional traders the opportunity to long or short Ethereum, although it’s worth noting that all collateral and settlement is dealt in US Dollar.
The amount of volume is minimal compared to Ethereum markets on cryptocurrencies exchanges, which regularly exceeds $40 billion over the course of 24-hours.
At the time of writing, just 68 contracts valued at 50 Ether each ($5 million total) have been traded on CME, a stark contrast to Bitcoin’s launch in December, 2017, when more than $100 million was traded.
However, it’s worth noting that a true figure won’t be determined until the end of today’s trading session, especially as traders in the US typically begin to trade at 9:30 EST.
Ethereum is in the midst of a ferocious bull market that has seen it eclipse its previous all-time high, with it currently trading at $1,650.
Analysts suggested that Ethereum’s arrival on the CME’s exchange may be the catalyst for a bear market reversal, as that was the case in 2017, however so far those fears have been quelled as Ethereum remains defiant.
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