Ethereum is gaining ground on Bitcoin—not just in price, but in trader behavior.
New data from Glassnode shows a sharp uptick in ETH-related futures activity, signaling growing confidence in the asset’s upside potential.
As of July 29, Ethereum accounted for nearly 40% of the total open interest in the perpetual futures market, its highest share since April 2023. Historically, only a small portion of trading days have seen ETH dominate to this extent.
In a rare twist, Ethereum’s trading volume in perpetual futures has also surpassed Bitcoin’s—something not seen since the depths of the 2022 bear market.
This widening gap suggests traders are rotating out of BTC and taking on more exposure to ETH in anticipation of further gains.
These shifts in market dynamics reflect a notable change in sentiment, with ETH attracting speculative momentum amid renewed optimism across the broader crypto landscape.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/ethereum-news-futures-activity-surges-as-traders-shift-away-from-bitcoin/