Recent data shows a significant increase in Ethereum futures volume, indicating growing interest in this altcoin compared to Bitcoin.
Record Futures Volume for Ethereum
According to data from Glassnode, Ethereum futures volume hit $104.2 billion in a 24-hour period, significantly surpassing Bitcoin's $67.5 billion. This is a rare occurrence where Ethereum surpasses Bitcoin, indicating rising investor interest in this cryptocurrency.
Comparison with Bitcoin
Despite Bitcoin still leading in overall futures open interest at $64.2 billion, Ethereum shows confident growth with an open interest of $32.2 billion. Over a day, open interest in Ethereum increased by 6.1%, while Bitcoin's dipped by 1.4%.
Market Prospects and Analysis
Despite the jump in volume and open interest, Ethereum's funding rate remains relatively neutral at 0.0096%, slightly below Bitcoin’s 0.01%. This suggests that while capital is flowing into the market, traders aren’t yet overly bullish.
The data on increasing volumes and open interest in Ethereum indicates a growing speculative demand and strengthening positions, setting the stage for potential upside without immediate risk of overheating.
