Data shows the Ethereum futures volume has flipped that of Bitcoin, a sign that strong speculative interest is flooding into the asset.
Below is a table that shows how this metric compared between Bitcoin and Ethereum at the time of Glassnode’s post.
As is visible, Bitcoin registered a futures trading volume of $67.5 billion, notably lower than the $104.2 billion figure witnessed by Ethereum. This isn’t something that ordinarily happens, as the number one cryptocurrency usually observes more speculative demand than ETH or the altcoins.
The same indicator for ETH was at $32.2 billion, indicating that the original digital asset was still far ahead in terms of total market positioning. That said, the 24-hour change in the metric stood at a positive 6.1% for Ethereum, while Bitcoin saw a drop of 1.4%
When this metric is green, it means the long investors are paying a premium to the short ones in order to hold onto their positions. Such a trend implies the presence of a bullish mentality among the traders.
From the table, it’s apparent that the Funding Rate stood at 0.0096% for Ethereum even after the spike in futures trading volume. This was less than Bitcoin’s value of 0.01%. Thus, while fresh positioning is occurring for ETH, it seems the investors are still not getting too optimistic.
“This setup leans bullish: strong speculative interest, rising OI, and no signs of overheating yet,” notes the analytics firm.
At the time of writing, Ethereum is trading around $3,600, up almost 21% in the last week.
