The cryptocurrency market spotlight began trading Ethereum futures on the Chicago Mercantile Exchange (CME).
According to foreign media reports, on the 8th (local time), the Ethereum futures contract began at 00:00 UTC on the CME, recording 68 transactions in February and 26 transactions in March.
Ethereum futures traded at $ 1,689.50 in February and $ 1,658.25 in March as of 7:50 am New York time. In comparison, the Ethereum spot price based on CoinMarketCap data was $ 1,655.72.
Block said that futures contracts usually receive some premium in a bull market for certain stocks, but Ethereum futures can be seen as reflecting positive market sentiment since the contract has just begun.
Cointelegraph indicated that it remains to be seen if the performance of Ethereum, which has just started contracts, will be able to continue, or if it will trigger a larger correction, as in the case of past bitcoin futures, leading to a bear market.
In response, cryptocurrency analyst Michael Van Defov tweeted the day before that he had no intention of entering the Ethereum futures market and that he was looking forward to the next few weeks, capitalizing on the gains first.
He predicted that if Ethereum futures corrected after launch, the support level for futures prices would be much lower than spot prices.
