July 2023 marked a significant month for Ethereum, with record futures trading volumes and notable price increases.
CME Record Levels
In July, Ethereum’s monthly futures trading volume at CME reached $118 billion, marking an 82% increase from the previous month. Data from CoinGlass highlights a dramatic 75% surge in open interest, rising from $2.97 billion in June to $5.21 billion.
Global Trends and Ethereum Pricing
The global trading volume of Ethereum futures across all exchanges hit $2.12 trillion in July, reflecting a 38% monthly increase and surpassing the previous May 2021 record of $1.87 trillion by 13%. Ethereum's price exceeded $4,300 and reached $4,350 on Monday, remaining 14% below the all-time high of $4,878 set in November 2021.
Investor Interest Dynamics
Another significant factor in the markets is that funding rates are not at the extreme levels seen in December 2024, indicating that despite increased trading volumes, there’s no excessive leverage usage. Google search data shows a rising interest in Ethereum, with 'Ethereum' search volumes reaching their peak since June 2022 by mid-month.
July has proven to be pivotal for Ethereum, showcasing record trading volumes and increasing investor interest, indicating a resilient appetite for this cryptocurrency.
