The Chicago Mercantile Exchange (CME) has launched its Ether futures today.
In particular, the first block trade on the new instrument has already been executed: its volume was 20 contracts at a strike price of $1,650.
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Each CME futures contract represents 50 ETH. Thus, the transaction volume has been equal to 1,000 Ethers or $1.65M at the current exchange rate. Block trades are individually traded transactions in futures and other instruments that take place outside of CME's single order book.
CME announced the launch of its Ethereum futures in mid-December. These are calculated in fiat currency according to the CME CF Ether-Dollar Reference Rate. The minimum block trade size is 5 contracts. To provide liquidity to its new product, CME has attracted many partners, some of which are active in the cryptocurrency market, including BlockFi, Galaxy, Genesis and NYDIG.
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