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Bitcoin Futures Open Interest Smashes $15 Billion, CME Registers Over $33 Million in ETH Contracts Skip to main content

Bitcoin Futures Open Interest Smashes $15 Billion, CME Registers Over $33 Million in ETH Contracts

Following the revelation that Tesla now owns $1.5 billion in bitcoin, crypto spot markets across the board skyrocketed. Data shows that crypto derivatives markets also saw significant demand as bitcoin futures open interest tapped $15 billion on Monday. Moreover, this week was the start of ethereum futures on CME Group’s exchange, and ether-based futures registered $33 million worth on the first day of launch.

Bitcoin Futures Open Interest Jumps to $15 Billion

Bitcoin (BTC) derivatives markets are in high demand these days and other cryptocurrencies like ethereum (ETH) and bitcoin cash (BCH) derivative products are as well. Just recently, news.Bitcoin.com reported on Bit.com’s introduction of BCH options which saw volumes double every day since the launch.

Then on February 8, 2021, it was discovered that Tesla had purchased $1.5 billion worth of BTC, and the crypto asset saw its largest daily candle to date. Moreover, the action also caused massive demand for BTC futures and the crypto derivatives analysts over at skew.com tweeted about the subject on Tuesday.

Skew tweeted:

Bitcoin futures open interest new all-time-high yesterday >$15bln.

Bitcoin Futures Open Interest Smashes $15 Billion, CME Registers Over $33 Million in ETH Contracts

The open interest is an aggregate from all the derivatives exchanges that offer bitcoin futures including Kraken, Bybit, CME, Bitfinex, Bitmex, and many others. On Monday Skew also noted that “short positions are being unwound by leveraged funds on CME bitcoin futures.”

Bitcoin Futures Open Interest Smashes $15 Billion, CME Registers Over $33 Million in ETH Contracts

Skew has also has been discussing the recently launched ETH-based futures on CME as well. ETH/BTC sold off tweeted the following day on Tuesday. “ETH/BTC implied vol spread collapsed,” Skew added.

CME Group’s Ether-Based Futures Sees $33 Million Contracts on Day One

CME Group Inc (NASDAQ: CME) Exchange also launched its ETH-based futures product on Monday and contracts are dubbed ETH1. Contracts started to be initiated right away as soon as the market opened and by the closing bell, 388 contracts worth over 19,400 ETH were registered.

Bitcoin Futures Open Interest Smashes $15 Billion, CME Registers Over $33 Million in ETH Contracts

Following the ether futures introduction on CME, ETH spot markets reached a 2021 high at over $1,800 per token. Ethereum’s price has retreated from that range and hovers just above the $1,700 handle.

Michael Moro, CEO of Genesis Global Trading discussed the CME launch on Monday and said CME Group has helped bolster digital currencies into a new asset class. “CME Group has been an integral participant in the continued institutionalization of this asset class, and the launch of Ether futures is yet another milestone,” Moro said.

“Genesis is excited to continue to work closely with CME in this effort,” the executive added.

What do you think about the increased demand for crypto derivatives products and markets? Let us know what you think about this subject in the comments section below.

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