The volume of Ethereum futures trading hits a 3-month high before the Merge

Despite the countless worries on the crypto markets and experts’ predictions of new crypto winter, investor confidence looks to be recovering. Futures trading has steadied, and the 90-day volume of Ethereum (ETH) has reached an all-time high.

Mike McGlone, a senior commodities specialist at Bloomberg Intelligence, went to Twitter on August 9 to comment on the maturity process of Bitcoin (BTC) and ETH, revealing that the 90-day futures volume of ETH reached an all-time high.

“If CME-listed futures are any indication, Bitcoin and Ethereum are maturing rapidly, with price ramifications. Due to the Merge, Bitcoin open interest is rising rapidly, the 90-day volume of Ether futures is at an all-time high, and the curve is sloping toward profit.”

He added, “Listed futures have served as a guide for the development of crypto assets, and the Ethereum shift to proof-of-stake may be in the early stages of being priced in, with adoption consequences. The impending merger is reflected in the CME-traded futures curve.”

Futures trading volume

According to statistics from Skew Analytics, the volume of futures trading hit around $28 billion on August 8, with record-breaking interest spanning July and August, with the highest amount of $46 billion occurring between July 18 and July 28.

While the move of ETH towards proof-of-stake (PoS) is not yet wholly priced in, futures volumes suggest that the underlying asset is maturing, and McGlone thinks that ETH’s fintech and infrastructure-building features might be highlighted further if the transition is successful.

In light of this, ETH’s price increased by over 47 percent in the final month before September’s projected Merging, which refers to the deployment from Ethereum’s execution layer to its consensus layer; the merge might be a factor in Ethereum’s substantial futures trading volume.

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