Jamie Crawley is a CoinDesk news reporter based in London.
The plunge led to over $250 million worth of bullish bets being liquidated, the worst hit since early July. Bitcoin is priced around $64,200 at the time of writing, a drop of almost 3.5% in the last 24 hours. The broader digital asset market, as measured by the CoinDesk 20 Index , has fallen 5.6%. The slump follows the tech-heavy Nasdaq 100 index posting its biggest drop since 2022 after Google parent company Alphabet and Tesla reported mixed quarterly earnings.
The previous peak of 7,550 contracts was set one month ago. The standard contract is sized at 50 ETH. CME witnessed 14,736 contracts change hands on Tuesday, which is three times higher than the average daily volume of 5,010 contracts seen throughout July. Tuesday was also one of the top 10 volume days for ether futures.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, attributed the surge in activity to the onset of spot ether ETF trading in the U.S.Coinbase Asset Management Plans Tokenized Money-Market Fund, a Hot Area After BlackRock's BUIDL Success: Sourcesin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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