CME Group's XRP futures have achieved a record level of $1 billion in open interest just three months after their launch.
Milestone Achievement
CME Group announced that XRP futures surpassed $1 billion in open interest faster than any other contract in its history. This achievement underscores increasing interest from institutional investors.
Institutional Interest in XRP
The growth in open interest reflects significant institutional demand for XRP derivatives. Analysts note the coincidence of this growth with a broader interest in cryptocurrency futures on reputable platforms like CME Group.
Impact on ETF Market
The level of open interest achieved may expedite the approval of XRP-based ETF products, as these futures have drawn considerable attention from investors and analysts. Nate Geraci, President of The ETF Store, believes that investors might be underestimating the demand for XRP ETFs.
The rise in open interest for XRP futures highlights the growing engagement of institutional investors in the crypto market, potentially paving the way for ETF products pending SEC decisions.
