Trading activity in Ether futures has surpassed that of Bitcoin on the Chicago-based CME Group, marking a notable shift in the digital asset derivatives market and fueling speculation that Ether may be entering a long-anticipated “super-cycle” — a sustained, multi-year period of accelerated growth driven by rising adoption.
In a recent CME video, Priyanka Jain, the exchange’s director of equity and crypto products, said Ether (ETH) options are currently exhibiting higher volatility than Bitcoin (BTC) options. Rather than deterring participation, she said, the increased volatility has attracted traders and helped drive growth in Ether futures activity.
“This heightened volatility has served as a powerful magnet for traders, directly accelerating participation in CME Group’s Ether futures,” Jain said. “Is this Ether’s long-awaited super-cycle, or merely a catch-up trade driven by short-term volatility?”
The rotation was especially pronounced in July, when the so-called flippening saw open interest in Ether futures overtake that of Bitcoin futures on the exchange for the first time.
While Bitcoin and Micro Bitcoin futures still account for the largest share of activity when measured by US dollar value, Jain said the broader trend is clear: Market participation in Ether-linked products is expanding rapidly.
Ether Price Sees Renewed Volatility
Ether, Bitcoin, and the broader cryptocurrency market came under renewed selling pressure on Monday, extending a volatile period that has capped a difficult month for the sector. The move appeared to follow a coordinated wave of de-risking at the end of November.
Commenting on the sell-off, market analyst CTO Larsson said traders cut exposure immediately after the monthly close.
“People reduced exposure at exactly 00:00 UTC, because the monthly candle closed bad,” he said.
Meanwhile, Ether treasury companies — corporations that made holding ETH on their balance sheets a core business strategy — have seen the value of their holdings decline sharply. Companies such as SharpLink and Bit Digital are now underwater on their ETH positions, according to data from CoinGecko.