CME Ethereum Futures Volume Reaches $118 Billion

In July, the CME Ethereum futures market recorded a historic trading volume of over $118 billion, marking an impressive 82% increase from the previous month. Open interest in these futures also surged by 75%, climbing from $2.97 billion in June to a new record of $5.21 billion, driven by heightened demand from traders. This surge in interest isn't only confined to the CME; across all exchanges, the monthly trading volume of Ethereum futures reached a staggering $2.12 trillion in July. This represents a 38% increase over the previous month and exceeds the last all-time high of $1.87 trillion recorded in May 2021 by 13%. With an aggregated open interest of Ethereum futures nearing historic peaks at $36.3 billion as of August 9, the price of ETH surged to over $4,300, its highest level since December 2021. However, the aggregated funding rates for ETH remain below the levels seen during December 2024 when prices were similarly elevated. Interestingly, Google search interest for Ethereum is hitting its highest point since June 2022, even before the month concludes. ETH continued its rally into Monday, trading above $4,350 before experiencing some price corrections. Currently, the price sits approximately 14% lower than its all-time high of around $4,878 set in November 2021. For those interested in cryptocurrency trends and market dynamics, this analysis stems from The Block's Data & Insights newsletter, aimed at providing valuable information about the industry's evolving landscape.