The Chicago Mercantile Exchange (CME Group) has launched ETH futures trading. Trading started today, February 8, at 2 am Moscow time.
The announcement of the launch of ETH futures took place in mid-December 2020. Like BTC futures, the new product will be calculated in fiat currency, and its price will be based on the CME CF Ether-Dollar Reference Rate index. The volume of the monthly contract is 50 ETH, which, at the current exchange rate, is about $80,000.
The CME website provides a fairly extensive list of new product liquidity providers. These include BlockFi, Galaxy Digital, Genesis Trading, CoinShares, NYDIG, and other companies. Some of the firms on this list are also liquidity providers for other CME products.
Note that this is the first such product in the United States – before that, institutional and qualified traders had access to futures exclusively on bitcoin.
In early February, the ETH rate reached $1,500 for the first time and even rose to $1,700. At the time of publication, the second cryptocurrency is trading at $1,620. Some analysts worry that the launch of ETH futures could put pressure on the coin’s exchange rate.