VanEck, the US asset manager, said it would soon launch an actively managed exchange-traded fund investing in Ether futures as open interest in crypto derivatives continued to grow.
The fund manager said in a statement that the ETF will not invest directly in digital assets. Instead, the ETF will invest in standardized, cash-settled Ether futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission, which is currently only CME Group.
More evidence suggests #Ethereum futures ETFs will be implemented sooner than expected. https://t.co/0LHx7UIBYD
— James Seyffart (@JSeyff) September 28, 2023
The fund (EFUT) is listed on Cboe And Actively managed by Greg Krenzer, Head of Active Trading at VanEck.
“EFUT joins the VanEck Bitcoin Strategy ETF (XBTF), providing futures-focused exposure to key digital assets,” VanEck added.
The US Securities and Exchange Commission has only approved Bitcoin futures ETFs and has so far rejected all applications for spot Bitcoin ETFs. However, in July this year, VanEck was among the asset managers to file for a spot Bitcoin ETF, alongside BlackRock, Fidelity, Invesco Galaxy and WisdomTree.
Crypto futures volumes
Trade body FIA said in a blog that the CME saw a 154% year-on-year increase in the volume of its Bitcoin futures and options and an 87% increase in open interest between January and August.
Source: FIA
CME’s Ether futures and options also reached record levels of collective open interest compared to the first eight months of 2022-2023.
“In fact, open interest in CME’s Ether futures and options just reached an all-time high in August – surpassing the previous high recently reached in June,” FIA added. “CME’s record open interest in Bitcoin futures and options came in early March this year, but still shows a long-term uptrend.”
In July, CME reported higher volume and open interest in its crypto futures and options.
The exchange said it set the following records in the second quarter:
- Bitcoin Futures – ADV: 10.8K contracts (+1% vs 2022). OI averages a record 14.8k contracts (+15 compared to 2022).
- Bitcoin Options – ADV: 345 contracts (+132% vs. 2022). OI averaged a record 9.4k contracts (+175% compared to 2022).
- Micro Bitcoin Options – ADV: 504 contracts (+28% vs. 2022). OI recorded an average of a record 5,000 contracts (+7 compared to 2022).
- Ether Futures – OI averaged a record 4.3k contracts (+6% vs. 2022).
- Ether Options – ADV: 70 contracts (+268% vs. 2022). OI averaged a record 1.6k contracts (+338 compared to 2022).
SUBSCRIBE TO NEWSLETTER
And get exclusive articles on securities markets
Comments are closed.