The open interest (OI) value in Ethereum 
$2,301 futures traded on the CME surpassed $10 billion, marking a significant milestone. The steady climb in institutional demand is noteworthy as BitMine, a firm spearheaded by Tom Lee, announced its ambitious plan to own 5% of Ethereum’s total supply.
Historic Growth in Ethereum Futures
According to data from CryptoQuant, open interest in CME Ethereum futures broke the $10 billion mark for the first time ever. This figure represents the total market value of active contracts. Moreover, as of early August, the number of investors holding substantial open positions reached an unprecedented count of 101.
The CME market features both standard contracts of 50 ETH and micro contracts of 0.1 ETH, the latter gaining considerable attention. Over 500,000 micro contracts remain open, while the options market reported an OI exceeding $1 billion. Furthermore, as per SoSoValue data, spot Ethereum ETFs in the US witnessed inflows of $3.69 billion since the start of August, pushing the total inflow to $13.64 billion.
Another supportive metric for rising institutional appetite is the activity around BlackRock’s Ethereum ETF. On August 25 alone, the world’s largest asset management company attracted 67,899 ETH, approximating $314.9 million in value.
Currently, Ethereum is trading at $4,584, having reached an all-time high of $4,953 on August 24.
Tom Lee’s BitMine Aims for a 5% Stake in Ethereum
Tom Lee, a renowned analyst leading BitMine, aims for the company to control 5% of Ethereum’s total supply. Holding 1.7 million ETH already, BitMine needs an additional purchase of 4.3 million ETH to reach this goal, amounting to an approximate investment of $19.5 billion at current prices.
BitMine’s recent maneuvers indicate progress towards such objectives. The company’s treasury expanded by $2.2 billion within a short span, which includes a new acquisition of 190,000 ETH valued at $873 million. Consequently, total Ethereum assets under BitMine’s control rose from 1.52 million to 1.71 million, with a total asset worth of $8.8 billion.
Lee has long been optimistic about cryptocurrencies, holding a price target of $1 million for Bitcoin 
$75,013 and $60,000 for Ethereum. He is also known for comparing early crypto adoption to a global model of universal basic income that has yielded significant profits for early adopters.
