Ethereum Futures Breaking New Record Highs

With Bitcoin and Ethereum rallying again, the end of July brings back the spiking interest in cryptocurrency futures contracts. Furthermore, it brings the new all-time highs as well.

Ethereum futures volumes exceeded the new record highs, meanwhile, the total value of Ethereum open interest crossed the milestone mark of $1 billion this week, reports the real-time cryptocurrency data analytics Skew.

$1 billion milestone

According to the data, the total value of Ethereum futures open interest exceeded the $1 billion mark last week. This is the first time in history when the derivatives of the second-biggest crypto by market capitalization operate such an amount.

The amount of Ethereum futures open interest is rapidly growing since July 20, when the launch date of Ethereum 2.0 final testnet was officially announced and the price of the digital asset rocketed up by nearly 40% and reached the highs of $329, according to CoinMarketCap.

Open interest shows the total amount of outstanding derivative contracts held by market participants at the end of the day. It also measures the level of activity of the futures market.

Accordingly, the open interest is a significant indicator that gives hints of the future market behavior. While the increase in open interests shows the new capital is flowing into the marketplace, it also implies that the current trend might continue.

Cryptocurrency exchanges OKEx, Huobi and Bitmex were among the leading volume generators, with OKEx contributing $291 million, Huobi $220 million and BitMEX $216 million respectively.

Daily volume approaches $10 billion

Ethereum futures contracts have been on the rise as well since the Black Thursday when both crypto and traditional markets fell down according to the Covid-19 pandemic. However, the latest data from Skew reveal that the daily volumes of Ethereum futures reached the all-time highs with the current daily volumes approaching $10 billion.

According to the statistics, this Monday marked the new highs of Ethereum futures daily volumes. The Singapore-based cryptocurrency exchange Huobi was the significant volume generator with its remarkable $3.9 billion worth daily volume. The nearest competitor OKEx processed $2.3 billion respectively.

Ethereum futures volumes, although increasing, are far behind the Bitcoin futures contracts. The aggregated open interest on the world’s leading crypto has reached the $5 billion mark this week, with the monumental spike of over $40 billion worth of volume aggregated on July 27.

In the meantime, Ethereum, which is the leading network for multiple decentralized finance protocols, became the most used blockchain recently and surpassed Bitcoin in terms of the total daily value transfers.

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