CME Ethereum futures trading volume hits record high of $118 billion in July… Signs of market overheating

The monthly trading volume of Ethereum (ETH) futures on the Chicago Mercantile Exchange (CME) in the United States reached an all-time high last July.

According to The Block, a leading cryptocurrency media outlet, CME Ethereum futures trading volume for the month of July recorded $118 billion (approximately ₩160 trillion), a sharp 82% increase from the previous month. Open Interest (OI) also broke records, rising 75% from $29.7 billion in June to $52.1 billion.

It's not just CME. The total monthly trading volume of Ethereum futures across all global exchanges also set a new all-time high at $2.12 trillion. This figure marks a 38% increase compared to June and is 13% higher than the previous record ($1.87 trillion) set in May 2021.

As of August 9, the global total of open interest in Ethereum futures reached $363 billion, approaching a record high. While both trading volume and open interest hit new highs, the price of Ethereum surpassed $4,300 on the 10th, reaching its highest level since December 2021.

Additionally, Google search interest for Ethereum is at its highest level since June 2022.

However, the funding rate—a typical indicator of overheating in the derivatives market—remains below the surge seen in December last year.

Meanwhile, as of 8:23 a.m. on the 12th (KST), Ethereum was trading at $4,229 on CoinMarketCap, down 0.29% from the previous day.