Bybit, one of the world’s most influential crypto derivatives exchanges, is on the cusp of launching its long-awaited ether (ETH) futures product.
The Singapore-based exchange said that trading on Ether futures contracts – ETHUSD0625 and ETHUSD0924 – will start on May 20 and May 24, respectively. The new contracts are set to debut on their respective trading days at or after 10 AM UTC if liquidity conditions are met.
The new Ether futures suit traders who prefer to hold positions for a long time as Bybit will not charge funding fees; so long as the contracts are valid.
Futures on Ether, the second largest cryptocurrency in terms of market capitalization and daily volume, expand Bybit’s suite of digital-asset derivatives. The new contracts enhance the existing ETHUSD and ETHUSDT perpetual contracts in its ETH product lineup.
The new listing allows Bybit’s client base to diversify their futures holdings outside of bitcoin and also provides an avenue for them to hedge their exposure in the spot markets. The ether derivatives also enable holders of physical Ethereum to express their bearish views on this evolving cryptocurrency.
As ever with crypto assets, speculators on Bybit platform may try to ride Ether’s momentum on futures debut for quick gains.
While bitcoin is the preferred store of value in the crypto investment arena, Ethereum has emerged as the leading ecosystem for Defi applications, which skirt traditional intermediaries such as banks.
The launch of ETH futures represents yet another significant step toward the creation of financial products built around cryptocurrencies. Just like in traditional financial markets, cryptocurrency derivatives have become the avenue of choice for different investors to jump on the crypto bandwagon.
Bybit launches ETH cloud mining service
The launch of the new derivatives also comes as crypto enthusiasts are getting more bullish on the token affiliated with the Ethereum blockchain. Some analysts are scaling up price targets for Ether after its recent record-breaking run, even predicting it to go up to $20,000 by the end of this year.
In the background, the bullish forecasts for Ether are also affected by optimism about multiple upgrades of its affiliated blockchain so it can process more transactions with lower fees.
“As the Bitcoin price continues to stagnate, traders and investors are increasingly looking towards alternatives. We are pleased to launch our new Ether futures contract as rising retail and institutional demand paves way for a new alt season. Ether futures contract and Bybit Cloud Mining join our existing ETHUSD and ETHUSDT perpetual contracts in the ETH product lineup, and will create new opportunities for our clients, whether they are looking to hedge their positions or to further capitalize on future price movements of ETH,” Said Ben Zhou, co-founder and CEO of Bybit.
Bybit has been an integral participant in the continued institutionalization of the cryptocurrency market, and the launch of Ether futures is yet another milestone.
Meanwhile, the popular exchange also plans to go live with a cloud mining service that enables anyone to participate in Ethereum mining without having to purchase specialized hardware.
Bybit’s value proposition provides risk-free cloud mining opportunities since all mining is done through remote cloud servers. The upside in Bybit’s mining-as-a-service (MaaS) product is that it gives users instant access to ether (ETH) mining from as little as $100.