CME Group Announces Ethereum Options Release Date
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Answer CME Group Announces Ethereum Options Release Date
Chicago-based CME Group announced that it will launch Ethereum options on September 12, just three days before the long-awaited merger upgrade.
The volume of the new product will be 50 Ethereum per contract.
The contract will track the price of the second largest cryptocurrency and the benchmark rate of “CME CF Ether-Dollar.”
Tim McCourt, Global Head of Equities and FX Products said:
The current Ethereum futures contract has witnessed significant growth.
According to McCourt, nearly 1.8 million contracts have been traded so far.
According to data provided by cryptocurrency analytics firm Coinglass, CME Group ranks seventh in terms of total open interest for Ethereum futures (behind Binance, FTX, OKEx and some other cryptocurrency exchanges).
Read:Project “Algorand” launches a blockchain application to help fight the Corona virus
CME Group introduced Ethereum futures contracts in February 2021 after launching Bitcoin futures in late 2017.
In November, the trading giant announced the launch of its micro-Ether futures contract.
The world’s largest derivatives exchange also announced the launch of small-volume Bitcoin and Ethereum futures contracts in late March 2022.
Ethereum is trading at $1,740 at the time of writing this article.
It appears that the rise of Ethereum has lost steam ahead of the much-anticipated Merge upgrade, which will mark the transition of the second-largest blockchain to a Proof of Stake consensus mechanism rather than the current mining mechanism.
Read:The start of burning “MATIC” after activating the “EIP-1559” protocol on the “Polygon” blockchain
Earlier, former BitMEX CEO Arthur Hayes stated that the best time to open a short position on Ethereum is the closest to the Merge upgrade.
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