ETF Ethereum Futures Trading Volume Hits All-Time High
ETF Ethereum Futures trading volume has reached an all-time high amidst increasing anticipation of spot product approvals.
ETF Ethereum Futures Trading Volume Hits All-Time High. Image: Bloomberg
On May 22, trading volumes for Ethereum Futures ETFs hit a record $47.75 million USD, marking a 40% increase from the previous peak of $34.18 million USD set on March 5.
ETF Ethereum Futures Trading Volume. Source: The Block
The ProShares Ether Strategy ETF (EETH) dominated the overall portfolio, contributing $43.14 million USD, which accounted for 90% of yesterday's trading volume. Following closely were VanEck's EFUT and Bitwise's AETH, generating volumes of $2.6 million USD and $2.01 million USD, respectively.
However, Ethereum Futures ETF trading volume still pales in comparison to Bitcoin Spot ETFs despite being introduced earlier. Nevertheless, Bitcoin Spot ETF volumes have significantly declined after reaching a record $9.93 billion USD on the same day, March 5, when Bitcoin first surpassed the previous cycle peak of $69,000 USD.
Bitcoin Spot ETF Trading Volume. Source: The Block
At the same reference frame, Ethereum (ETH) is approaching $4,000 USD and has risen over 25% in the past week.
1H chart of ETH/USDT pair on Binance at 10:40 AM on May 23, 2024
These records come amidst escalating predictions of Ethereum Spot ETF approvals. According to Bloomberg analysts Eric Balchunas and James Seyffart, the approval odds for such products have been raised to 75% amid consolidating signs, especially following recent SEC requirements replacing previous hesitancy.
However, the SEC's sudden 180-degree turn is suspected to stem from political motivations, as approval of Ethereum Spot ETFs could favor the Democratic Party in this year's election.
