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Ether Futures Volume Highest Since June 2019

As ether’s price rose to seven-month highs on Wednesday, the aggregate daily volume in ether futures exceeded $4.5 billion for the first time since June 27, 2019.

Feb 13, 2020 at 4:38 p.m. UTC
Updated Sep 13, 2021 at 12:17 p.m. UTC

As its price rose to seven-month highs on Wednesday, the aggregate daily volume in ether futures exceeded $4.5 billion for the first time since June 27, 2019.

Total ether futures volume

Volumes have risen sharply over the past three weeks from $750 million to above $4.5 billion, according to data from Skew Markets. During that time, ether’s (ETH) price rallied by nearly 70 percent, from $160 to $280. 

The surge in trading volumes and prices shows renewed interest in ether and alternative cryptocurrencies in general, as a large amount of altcoins are built on ethereum. 

“It seems the market has been gradually warming up and willing to revisit altcoins this year after a long sequence focusing on bitcoin and upcoming halving,” Emmanuel Goh, co-founder and CEO of Skew Markets, told CoinDesk. 

While bitcoin, the top cryptocurrency by market capitalization, gained over 90 percent in 2019, ether fell 1 percent. 

The tide has now turned in favor of ether this year, according to Goh. The second-most valuable cryptocurrency has doubled in price since Jan. 1, while bitcoin (BTC) is lagging, with 41 percent gains. 

BitMEX, Huobi and OKEx dominate

Three big exchanges – BitMEX, Huobi and OKEx – each traded more than $1 billion worth of ether futures on Wednesday, accounting for nearly 85 percent of the total volume.

Ethereum futures aggregate daily volume for BitMEX, OKEx, and Huobi

The big three last registered a total volume of over $3 billion on Sept. 24, 2019. 

BitMEX alone traded $1.3 billion, its highest dollar volume since July 19, when the exchange registered trading volume of $1.8 billion. 

Open interest at record highs


The recent rally in ether’s price is also backed by a solid rise in the open interest, the number of open futures contracts. 

Ether futures open interest

Aggregate open interest hit a record high of $750 million on Wednesday, an increase of over 130 percent from the Jan. 1 figure of $320 million. 

For those following technical indicators, a rise in open interest along with price is said to confirm an uptrend.


DISCLOSURE

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