As Ethereum spot ETF starts trading, CME Ethereum contract open interest hits a new high

Odaily Odaily News: With the debut of the Ethereum spot ETF, open interest in CME Ethereum futures contracts rose to a record 7,661 contracts on Tuesday, equivalent to 383,650 ETH (notional value of $1.4 billion). The previous peak of 7,550 contracts was set a month ago, with a standard contract size of 50 ETH. In terms of trading volume, CME's Ethereum futures contract trading volume on Tuesday was 14,736, three times the average daily trading volume in July (5,010). Tuesday was also one of the 10 highest days for Ethereum futures trading. Giovanni Vicioso, global head of cryptocurrency products at CME Group, attributed the surge in trading activity to the opening of U.S. spot Ethereum ETF trading. Vicioso said in an email: "The approval and subsequent trading of the US Ethereum spot ETF has injected vitality into the market, driving a significant increase in trading volume of Ethereum products on the platform, including a record high in open interest in Ethereum futures contracts." Vicioso added: "As more traders seek to gain cryptocurrency exposure, our full suite of regulated, reliable, and liquid Bitcoin and Ethereum futures products will continue to provide transparent tools for managing risk and taking advantage of market opportunities." (CoinDesk)