ByBit to launch Ether futures contract as Bitcoin dominance recedes further

Karthik Subramanian

Bybit, one of the top crypto derivatives exchange in the world, announced that it would be launching the Ether futures contract for trading from May 20.

The June contract would be available for trading from May 20 while the September contract would be available from May 24 and traders can hold their positions in these contracts free of charge.

Ethereum has consolidated its position as the second-largest crypto behind bitcoin, over the last few months. This has been helped, in no small deal, by the rapid rise in price which has led to a lot of interest and speculation in the cryptocurrency.

While the rise in the price of bitcoin last year helped to bring in a lot of large investors and institutions into bitcoin, 2021 seems to be the year of ethereum so far. Its supporters have long held that ethereum is a much more usable blockchain on which several applications can be built and a whole community can be built around it while bitcoin has pretty much-limited resources and uses.

But till this year, interest in ethereum was limited to the developer community which continued to plough on in the hope that it would get the recognition that it deserved someday. Those days seem to have arrived now with rapid interest growing in the ethereum blockchain and in the Defi community built around it. This has been accompanied by a rapid price rise.

“As the Bitcoin price continues to stagnate, traders and investors are increasingly looking towards alternatives,” said Ben Zhou, co-founder and CEO of Bybit. “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.”

Improvements continued to be made in the ethereum protocol which is aimed at reducing the gas fee which seems to be the biggest complaint against its usage at this point with the Berlin upgrade and EIP1559 fee market overhaul expected to reduce the fees drastically.

Bybit had previously announced a Ether Cloud Mining as a service product that helps users to immediately start ether mining and this would also begin on May 24 and is expected to be widely used by miners and normal users alike.

Bybit had recently faced a setback with its UK operations being shut down due to the ban on crypto CFDs there and it would hope that the introduction of these derivatives along with other instruments in the future would help to regain back some of the trading volume and revenue that was lost.

  • Read this next

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.


    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX, Uncategorized

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.


    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”

    Executive Moves

    GCEX appoints Ignacio Corral and Helen Man to UK operation

    GCEX has announced the appointment of Ignacio Corral and Helen Man to its UK FCA-regulated operation based in London as the firm further expands its global business on account of increasing demand for its digital prime brokerage services.