VolatilityShares' leveraged ETH ETF is tremendously popular and represents a massive part of both the U.S. ETH ETF market and CME's OI. It's dominance in ETH is many magnitudes above its relative significance in BTC markets. BlackRock's ETH ETF has seen net inflows of 1.3bn so far this year, and surprise, surprise, VolatilityShares' 2x leveraged long ETH ETF has seen the second strongest flow YTD. VolatilityShares explains *THE ENTIRE* (and more so) surge in CME ETH OI over the past two months. The 2x leveraged ETF holds CME contracts worth 694,150 ETH. The ETH equivalent exposure of the fund has grown by 305,100 ETH since April 8. In the same period, CME ETH OI has grown by 295,250 ETH. In other words, without VolatilityShares, CME's ETH OI would have declined by 9,850 ETH over the past two months. It is concerning to see one single entity cornering such a massive share of the market on CME, and it originates from a bunch of traders thirsting for leveraged long exposure in ETH. VolatilityShares' leveraged ETH instrument is a behemoth on CME and a massive ETF compared to spot peers. Below, I compare VolatilityShares' market share in CME BTC futures vs. ETH futures to contextualize ETHU's mind-blowing dominance on CME. VolatilityShares holds two-thirds of CME's ETH OI, compared to one-third of CME's BTC OI. Lastly, it's fascinating to compare the notional exposure of these leveraged instruments to the notional exposure of spot ETF peers. At 694,000 ETH, ETHU holds an exposure equivalent to 18.3% of all the ETH held by U.S. spot ETH ETFs. BITX's notional exposure of 51,935 BTC is far more modest relative to the U.S. spot BTC ETF holdings at 4.3%.