Ethereum Futures Volumes Hit New High of $14 Billion

Considering the futures For Ethereum currency ETH On centralized platforms, it reached a new record, reaching $14 billion. In conjunction with the Ethereum price increasing by 18% in the last 24 hours, to $3,650.

An unprecedented increase in commercial activity

This record indicates Futures contracts Ethereum, the second largest cryptocurrency by market capitalization. To a notable increase in commercial activity. And according to For the data CoinGlass: Total open Ethereum futures reached a record high of $14 billion on Tuesday.

Open Ethereum futures have seen a daily increase of more than 40% since the start of 2024, when they were worth around $10 billion. This increase in open contracts reflects market activity and traders' sentiments towards this digital currency.

Optimism regarding Ethereum ETFs

This rise in Ethereum (ETH) futures coincides with an 18% rise in its price over the past 24 hours. This is partly due to growing optimism that the SEC will approve Ethereum ETFs. ETH Immediacy.

Bloomberg analysts reported that the chances of the U.S. Securities and Exchange Commission (SEC) approving these funds increased from 25% to 75%. Reportedly, the agency has asked issuers to update and resubmit Form 19b-4. This is the document that must be approved by the Authority before Ether spot trading funds come into effect.

The submission deadline for the first round of ETH ETF spot applications is approaching this week. The deadline for VanEck is May 23 and for Ark Invest/21Shares is May 24.

Interest in Ether futures is expected to continue to grow in the near future, especially if Ether spot trading funds are approved. This can increase liquidity and reduce price volatility ETH.