The world’s largest smart contract network has built on weekly momentum to tap the new peak and notch up a 6% gain on the day. Over the past seven days, ETH has added 10%, and it is up 34% over the past month. At the time of writing, Ethereum (ETH) has retraced to trade at $4,589.77.

Read Also: Shiba Inu Tokens Burned by Ethereum’s Vitalik Buterin Five Months Ago Would Now be worth $27.8 Billion

PrimeXBT partner “₿yzantinΞ General” commented that there probably wouldn’t be many tokens that outperform ETH over the next couple of months.

₿yzantinΞ General tweeted, “ETH making new all time highs while funding rates are low, meanwhile the rest of the market has very high rates. I think the most important question right now is “what’s going to outperform ETH next couple months?”. And the answer is probably: “not much”.

$ETH making new all time highs while funding rates are low, meanwhile the rest of the market has very high rates.

I think the most important question right now is "what's going to outperform ETH next couple months?".

And the answer is probably: "not much". pic.twitter.com/CAQCrunEwI

— ₿yzantinΞ General (@ByzGeneral) November 3, 2021

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CME Launches Micro ETH Futures

The most recent price pump came shortly after the Chicago Mercantile Exchange announced a new ETH initiative. According to a press release from PR Newswire, Micro Ether futures are sized at a mere tenth of the asset’s size. However, they still retain the features and benefits of CME’s existing Ether futures.

The product comes months after CME’s launch of Micro Bitcoin futures, which are respectively sized at one-tenth the size of BTC. Over 2.7 million of those contracts have been traded since being launched in May. Meanwhile, Ether futures have traded 675 000 contracts since launch, amounting to about 33.8 million ETH.

Both Micro Ether and Micro Bitcoin Futures allow organizations to fine-tune their trading for each cryptocurrency. As both Ether and Bitcoin have recently reached all-time highs, trading each at full value can be rather imprecise.

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Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products, recognizes why this makes Micro ETH futures necessary:

“Since the launch of Ether futures in February, we have seen steady growth in liquidity in these contracts, especially among institutional traders. At the same time, the price of ether has more than doubled since these contracts were introduced, creating demand for a micro-sized contract to make this market even more accessible to a broader range of participants.”

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The post Ethereum Surges to New All-Time High after CME Launched Micro ETH Futures appeared first on Times Tabloid.

This inflowing of big money has also been significantly having a positive impact on the price of Ethereum (ETH) over the past couple of months.

Read Also: Largest Ethereum Mining Pool in the World to Stop Serving Miners in China

Data from different crypto analytics platforms show that institutional investors are trying to join the Ethereum bandwagon before the cryptocurrency becomes an important part of traditional finance markets.

Ethereum (ETH) being more valuable than the flagship cryptocurrency has been a top topic for debate in the crypto ecosystem.

Despite the fact that Bitcoin (BTC) is the most popular and valuable crypto asset, JPMorgan analyst is showing that institutional investors are taking more positions in Ethereum rather than Bitcoin.

In recent months, Bitcoin has experienced multiple price crashes, which is, in turn, dissuading institutional investors and making its bullish trend less predictable.

Read Also: Analyst Who Accurately Predicted Current Pullback Says Ethereum Has Bottomed and Ready for New All-Time Highs

Big-money Investors Are Shying Away From Bitcoin Futures

As written by a JPMorgan analyst and reported by Business Insider, Big-money investors have started to shy away from the Bitcoin Futures trade and moving to Ethereum Futures instead, as interest in the largest cryptocurrency drops.

According to the report, in September, Bitcoin Futures on the Chicago Mercantile Exchange traded below the price of an actual Bitcoin.

JPMorgan analyst wrote:

“This is a setback for bitcoin and a reflection of weak demand by institutional investors that tend to use regulated CME futures contracts to gain exposure to bitcoin”

Under healthy demand, futures usually trade at a premium to actual Bitcoin. According to previous JPMorgan research, this occurs because high Bitcoin storage costs and the juicy yields available for passive crypto investing push up futures prices.

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However, for now, according to the note, the reverse is the case for Bitcoin. The dynamic has made the current weakness in futures bearish for Bitcoin.

On the other hand, institutional investors have started to pivot to Ethereum steadily since August. According to CME data cited in the note by JPMorgan, over actual ETH prices, the 21-day average Ethereum futures premium surged to 1%, indicating a healthier demand for Ethereum by institutional investors compared to Bitcoin.

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The post Big-Money Investors Are Dumping Bitcoin (BTC) For Ethereum (ETH) –JPMorgan Analyst appeared first on Times Tabloid.