CME Futures Open Interest Hits Record $10B

The CME’s regulated ether (ETH) futures market is heating up as the ongoing rotation out of bitcoin BTC$112,945.95 accelerates.

The total notional open interest (OI) in ETH futures recently surpassed $10 billion for the first time on record, according to data shared by the exchange with CoinDesk. Early this month, the number of large open interest holders hit a record 101.

Notional OI represents the dollar value of the number of active or open contracts at a given time. The CME offers standard contracts sized at 50ETH and micro contracts sized at 0.1 ETH. The large holders are those that hold at least 25 ether contracts open at a given time.

The new high in open interest accompanies other record-breaking metrics, including the number of open micro ether contracts, which has exceeded 500,000, and ether notional options open interest topping $1 billion. Ether options OI in contract terms reached a year-to-date high of over 4,800 contracts.

“We’re certainly seeing a resurgence and renewed enthusiasm in Ether futures — especially as it relates to institutional participation. Our Ether futures Large Open Interest Holders (LOIH) hit a record of 101 during the week of August 5. This is a critical indicator for market participants as it signals a strengthening of the institutional and professional ecosystem around ether,” Giovanni Vicioso, global head of cryptocurrency products at CME Group, told CoinDesk in an email.

“As far as broader trends around the surge, increased network activity, corporate treasury accumulation of ether, and positive regulatory developments have further contributed to a broad-based rally around ether and ether-based derivatives,” Vicioso added.

While the ether market is booming, open interest in standard bitcoin BTC$112,945.95 futures, sized at 5 BTC per contract, remains subdued at 137,300 BTC ($15.3 billion), significantly lower than the December high of 211,000 BTC, according to data source Velo.

Ether hit record high

Ethereum’s native token ether, the second-largest token by market value, has risen 23% this month, hitting lifetime highs above $4,900 at one point, according to CoinDesk data.

The U.S.-listed spot exchange-traded funds (ETFs) have attracted $3.69 billion this month, validating the gains in ether prices. The continued inflows extend a four-month streak of positive net investments, according to data from SoSoValue.

Meanwhile, bitcoin ETFs have registered a net outflow of $803 million, hinting at an end of the four-month streak of positive flows.