Open Interest In Ethereum Future Nearing $1,500,000,000

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Ethereum has seen a surge in the recent past, recording a profit for its investors. It continues to remain stable over the span of time. According to derivatives data provider Bybt, open interest in Ethereum futures reached a new high of $1.46 billion.

The estimated future comes a few days after king crypto Bitcoin achieved the same feat. In the beginning of the month, the OI surged to $5.58 bln, the highest point since mid-February, right before the cryptocurrency market endured a significant correction.

Meanwhile, in the recent times, cryptocurrency exchange OKEx which is based out of Malta, is in the lead with $321.06 mln worth of outstanding contracts.

Its Singapore based competitor Huobi is at the second spot. Its OI for Ethereum contracts is currently standing at $308.55 mln, trailing OKEx by a razor-thin 0.8 percent margin.

It is the combined tally of BitMEX, OKEX and Huobi are responsible for 61.64 percent of all the market activity for Ethereum futures.

Coming in the fourth and fifth place respectively are FTX and Binance.

U.Today reported that regulated Bitcoin futures offered by Chicago-based CME Group snagged third place in terms of the number of open positions, setting yet another new high.

“As the next wave of more sophisticated participants enters the crypto space, volume will inevitably shift towards safer, more trustworthy venues,” CME Group’s Tim McCourt said.