Ether futures traded on CME Group, the derivatives exchange operator, hit record highs in both volumes and open interest in early April.
Launched on the exchange on February 8, ether futures give institutions a method of hedging against price movements in the price of the cryptocurrency.
Open interest in the product – the number of outstanding contracts still to be settled – has grown steadily since it launched. As of April 7, according to the latest data published by CME Group, there were 1,822 contracts outstanding, equivalent to roughly 91,100 ether (or $225 million). Volumes also hit a new high at 2,247, which represents 112,500 ether (or $278 million).
According to CME Group, an average of 820 contracts are being traded every day through the exchange, with 36% of overall volume coming from outside the United States.
Crypto trading on CME has become a barometer for broader institutional activity in the digital assets sector. It may also offer a window into the appetite among institutions for specific tokens.
According to CME’s latest update, average daily volume in ether futures and average daily open interest are growing relative to the exchange’s bitcoin futures product, which went live in December 2017.