The recent implementation of the Shapella hard fork on the Ethereum network has led to a surge in institutional interest in ether (ETH) futures trading on the Chicago Mercantile Exchange (CME). Since April 10, the number of active ether futures contracts trading on CME has risen 39% to 6,248, and open interest has increased by over 70% to $633 million. The recent influx of institutional interest in ETH futures has been attributed to the reduced risk of staking the cryptocurrency following the Shapella upgrade. The futures basis has widened, and the rising premium has drawn carry traders to the market. Open interest has also increased on other exchanges, including Deribit.

(By Omkar Godbole)