The second largest crypto asset by market cap, Ethereum, trading on the CME Group futures have risen to record-breaking highs, having hit 5,469 in volume and 2,462 in open interest, which equals 273.5k and 123.1k Ether, respectively.
The data by the CME group revealed that Ether futures trading is gaining aggressively, with its new record set in volume and open interest.
It can be deduced from the volume scored that Ether is gaining traction from institutional investors.
Flashback to 2020, when Ethereum was trading at about $175, before it slid due to the COVID-19 pandemic, still it gained traction, which seen the addition of Ethereum future in the CME Group in Q4 of the same year, that later ended at $750 price value.
If the current price of Ether, $2,300, is compared to its previous value, it has risen by a factor of 13.14x within a year and 3.06x since 2021.
This means Ethereum is gaining more institutional interest, as they become more exposed to it through futures contracts, which determines its growing value.
Similarly, Ether will achieve more institutional adoption, especially as Ether ETFs are gaining ground in Canada thereby reassuring confidence in prospective investors.