19 Apr 2023

ETH open interest up 39% on CME

Massive surge in ETH activity following Shanghai, while BTC activity reigns stale. Are institutions rotating exposure?
Source: CME Group, Skew

In Short

Following Shanghai, we observe a massive surge in ETH activity on CME while CME's BTC futures face stagnation.


  • Ether OI on CME up 39% since April 10
  • BTC OI down 2% in the same period
  • ETH basis starting to reflect staking yields
CME ETH OI up 39% since Shanghai
After Shanghai, the open interest in CME’s ETH contracts exploded, seeing a growth of 39% from April 10 to April 17, as open interest surged from 220,800 ETH to 312,400 ETH. CME’s ETH OI has only been higher on two previous occasions, amidst the FTX collapse in November and during the end of year settlement in 2022.
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