30-7-2025 – Ethereum has captured nearly 40% of total perpetual futures open interest, reaching its highest market share since April 2023 as traders increasingly favor ETH over Bitcoin, according to new data from blockchain analytics firm Glassnode.
The surge represents a dramatic shift in derivatives market dynamics, with Ethereum’s perpetual futures trading volume now exceeding Bitcoin’s for the first time since the 2022 bear market depths. This reversal suggests significant capital rotation as speculators position for potential ETH price appreciation amid broader cryptocurrency market optimism.
Historically, Ethereum has dominated futures open interest on only a limited number of trading days, making the current 40% share particularly noteworthy. The widening gap between ETH and BTC futures activity indicates growing speculative momentum behind Ethereum, potentially driven by upcoming network developments or institutional interest in the asset.
