The recent historical data for Ethereum futures trading volume on CME ( has surpassed Bitcoin for the first time in terms of contract quantity. Members of the team responsible for equity and encryption products at CME revealed that the volatility of ETH options is greater, attracting more and more traders to enter the market.

In fact, as early as July this year, the open interest in Ethereum futures had already outpaced Bitcoin. Although Bitcoin still dominates in terms of USD transaction volume, the activity of Ethereum derivatives is rapidly increasing.

Recently, Fundstrat co-founder Tom Lee spoke out again, giving a rather aggressive prediction: he believes that Ethereum may rise significantly after the upcoming Fusaka upgrade, with a target price range between $20,000 and $50,000.

Why should we pay attention to this person's viewpoint?

Let's first take a look at his historical record. When the cryptocurrency market plummeted in 2018, Tom Lee used the miner cost model to determine that Bitcoin had bottomed out, and the subsequent long-term trend validated his judgment. At the end of 2022, when the market was generally pessimistic, he remained bullish on a rebound in U.S. stocks in 2023, with his target prediction for the S&P 500 showing almost no deviation. He has repeatedly taken long positions against the market's panic mood, and his accuracy in judging macro trends and sector rotations is quite high.

Why is he focusing on Ethereum this time?

First is the technical aspect. The Fusaka upgrade plan will be activated on December 3, and it is expected to significantly enhance network performance. Vitalik has also recently been testing the privacy protocol feature of Ethereum. If the privacy feature is indeed integrated into the mainnet, considering the huge demand for privacy protocols in the encryption field, it may become a new growth point.

Secondly, there is the macro environment. The Federal Reserve's policy direction in December left room for imagination regarding market liquidity.

More importantly, Tom Lee is not just saying that he directly purchased 96,798 Ethereum on BitMine, where he serves as chairman, last week, with a week-over-week increase of 39% in purchase volume. This is a real money operation.

From the market signals, BitMine currently holds over 3.72 million ETH, with a total value of its cryptocurrency and cash assets amounting to approximately 12.1 billion USD. The company has publicly expressed optimism about the December market and has proactively increased its buying power.

Summary:

CME Ethereum futures volume has surpassed Bitcoin for the first time, indicating an increase in participation in the derivatives market. An analyst with a successful prediction record has set a bold target price, and the company he controls is significantly increasing its holdings. Coupled with the upcoming network upgrade and the macroeconomic environment, the future trend of Ethereum is worth continuous observation.