On-chain analytics platform Glassnode has revealed data showing divergent trends in future volumes of major cryptocurrencies like Bitcoin, Ethereum, and Solana.
Trends in Bitcoin, Ethereum, and Solana Futures
Data from Glassnode indicates that Bitcoin's futures volume has diverged from those of Ethereum and Solana. Traders have opened more leveraged positions in Bitcoin pairs, creating optimism about possible price swings. Bitcoin futures volume began the year at $60 billion, reaching a yearly peak of $63 billion in February before decreasing to $40 billion. Recently, the volume rose again to $57 billion. Meanwhile, Ethereum and Solana futures volumes have remained flat.
Impact on Prices and Market Trends
Leverage interest can drive prices either higher or lower depending on traders' sentiments. Increased volume provides more market liquidity, potentially impacting Bitcoin's price significantly. According to Coinglass, the long/short ratio on Bitcoin derivatives is neutral, showing restrained market sentiment. Bitcoin is trading at $81,558, down 2.37% over the day. Ethereum decreased by 1.9% to $1,885, and Solana by 3.2% to $123.48.
Market Expectations: Is the Bull Market Over?
Persistent selling pressure has raised discussions about the end of the bullish season. CryptoQuant founder Ki Young Ju opines that the current Bitcoin cycle is over, advising against expecting significant bullish movements soon. However, analyst Rekt Capital forecasts that the bull run may continue into late 2025.
The divergent trends in BTC, ETH, and SOL futures underline market uncertainty and varying participant expectations. Investors are watching closely, particularly ahead of the Federal Reserve meeting.
