Ethereum Futures Outpace Bitcoin in Derivatives Volume Again as Open Interest Rises

Ethereum's Derivatives Volume Surpasses Bitcoin, Altcoins Show Mixed Activity

Ethereum has overtaken Bitcoin in 24-hour derivatives volume, fueled by increased futures activity and rising open interest. Ethereum recorded $168.30 billion in trading volume, surpassing Bitcoin's $114.14 billion during the same period.

Confirmed by Glassnode, this shift in volume coincides with strong positioning activity in Ethereum markets, evidenced by a 2.17% increase in open interest. In contrast, Bitcoin's open interest decreased by 0.28%, suggesting reduced speculative engagement.

Trading Volume Leads Market Shift

According to Coinglass data, Ethereum's derivatives volume surged by 2.20% in 24 hours, with its price increasing by 3.99% to $3,604.68. Liquidations in Ethereum reached $236.86 million, the highest among all tracked assets. Its open interest-to-market cap ratio stood at 0.119, reflecting substantial leverage participation. Meanwhile, Bitcoin's trading volume rose by 4.98% despite a 0.32% dip in price. Daily liquidations for Bitcoin totaled $153.95 million, with an OI ratio of 0.0367.

Source: Coinglass

This shift has resurfaced, indicating increased market activity surrounding Ethereum as it gains momentum. The change in relative volume suggests a growing preference for Ethereum contracts over Bitcoin in the current market. Ethereum's rising open interest signals new entries, without major signs of mass liquidation, reflecting fresh positioning within the ETH futures market.

Broader Market Movement Revealed as other Altcoins See Mixed Activity

XRP registered the highest jump in volume among major tokens, with a 98.60% increase to $48.96 billion. The asset gained 5.56% in price and saw a 12.04% increase in open interest. Liquidations for XRP totaled $97.83 million. XRP's open interest-to-market cap ratio came in at 0.0543.

Solana followed with an 8.53% increase in trading volume to $27.06 billion. The asset rose 2.14% in price, while open interest rose 3.86%. Solana experienced $48.56 million in liquidations and had an OI ratio of 0.0974.

Dogecoin recorded the highest price increase at 11.22%. Its trading volume rose 55.46% to $15.47 billion. Open interest jumped 25.42%, the strongest among top assets. DOGE liquidations stood at $43.49 million. Its OI-to-market cap ratio matched Ethereum at 0.1119.

Cardano gained 5.65% in price and recorded an 80.42% increase in volume. ADA's open interest climbed 17.59%, and it saw $12.47 million in liquidations. Its OI ratio stood at 0.0545.