The data show that the volume of Ethereum’s term contracts overthrew that of Bitcoin, a sign that a strong speculative interest floods in the active.
Ethereum’s volume of term contracts has climbed alongside the price rally
According to data from the Glassnode analysis company, Ethereum has managed to overcome Bitcoin in terms of long -term trading volume. The volume of trading here naturally refers to the amount of trading that a given asset has seen on the various centralized exchanges during the last day. In the context of the current subject, the volume associated with the term market is specifically interested.
You will find below a table which shows how this metric is compared between Bitcoin and Ethereum at the time of the Glassnode post.
Looks like the ETH futures volume far outweighs the BTC one | Source: Glassnode on X
As visible, Bitcoin has recorded a volume of term negotiation of $ 67.5 billion, in particular lower than the figure of $ 104.2 billion observed by Ethereum. It is not something that occurs normally, because the number one cryptocurrency generally observes more speculative demand than ETH or altcoins.
In the same table, the data of some other indicators linked to term contracts are also presented. The BTC Open Interest, a metric which maintains a trace of the total amount of the term posts currently open on all derived platforms, experienced $ 64.2 billion at the time of the position.
The same indicator for ETH was $ 32.2 billion, which indicates that the original digital asset was still well in terms of market positioning. That said, the 24 -hour change in metric was 6.1% positive for Ethereum, while Bitcoin experienced a 1.4% drop
ETH’s new request came while its price broke away from the market, accompanied by a sharp wave of entries in the funds negotiated in exchange (ETF).
Interestingly, while all this attention came to cryptocurrency, its average funding rate has still not become too positive. The financing rate is an indicator that maintains a trace of the amount of periodic costs that traders on the term market exchange between them.
When this metric is green, this means that long investors pay a premium to the shorts in order to keep their positions. Such a trend implies the presence of an upward mentality among traders.
Since the table, it is obvious that the funding rate was 0.0096% for Ethereum even after the tip of the trading volume in the long term. It was less than the Bitcoin value of 0.01%. Thus, while a new positioning occurs for ETH, it seems that investors still do not become too optimistic.
“This configuration is optimistic: a strong speculative interest, an increase in the OI, and no sign of overheating,” notes the analytical company.
Ethn price
At the time of writing the editorial staff, Ethereum is negotiated about $ 3,600, up almost 21% last week.
The price of the coin has surged during the past few days | Source: ETHUSDT on TradingView
Dall-E star image, Glassnode.com, tradingView.com graphic
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