Bloomberg Intelligence’s senior commodity expert Mike McGlone took to Twitter on August 9 to voice his stance on the maturation process of Bitcoin (BTC) and ETH, indicating that the 90-day futures volume of ETH hit an all-time high. He also added:
Futures trading volume
According to data from Skew Analytics, the futures trading volume reached roughly $28 billion on August 8, with all-time high interest spreading across July and August, with the largest volume of $46 billion seen on July 18 and July 28. Given that futures volumes point to the maturation of the underlying asset with the transition of ETH towards proof-of-stake (PoS) not yet fully priced in at the moment; however, if adopted successfully, McGlone considers fintech and infrastructure-building properties of ETH could be singled out more with adoption implications for the entire ecosystem. With that being considered, ETH’s price rose over 47% in the last month ahead of September’s expected Merge, which refers to the deployment from Ethereum’s execution layer to the consensus layer; while the merge could be a reason why Ethereum is seeing such high futures trading. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
