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.

AccessTimeIconFeb 13, 2020 at 4:38 p.m. UTC
Updated Sep 13, 2021 at 12:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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
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
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
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

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.