Ethereum Futures Outpace Bitcoin in Derivatives Volume Again As Open Interest Rises

Ethereum recorded $168.30B in derivatives volume, surpassing Bitcoin's $114.14B, with open interest up 2.17%.

ETH liquidations hit $236.86M, the highest across all tracked assets, with an OI/market cap ratio of 0.119.

XRP, DOGE, and ADA also saw sharp volume and OI increases, while FARTCOIN had the highest OI ratio at 0.6945.

Ethereum has overtaken Bitcoin in 24-hour derivatives volume, driven by increased futures activity and rising open interest. Ethereum posted $168.30 billion in trading volume, while Bitcoin recorded $114.14 billion during the same period.Confirmed by Glassnode, the shift in volume comes amid strong positioning activity in Ethereum markets, marked by a 2.17% gain in open interest. In contrast, Bitcoin’s open interest dropped by 0.28%, indicating reduced speculative engagement.

Trading Volume Leads Market Shift

According to Coinglass data, the Ethereum derivatives volume surged by 2.20% in 24 hours, with its price climbing 3.99% to $3,604.68. Liquidations in Ethereum reached $236.86 million, the highest among all assets tracked. Its open interest-to-market cap ratio stood at 0.119, reflecting substantial leverage participation. Meanwhile, Bitcoin’s trading volume rose by 4.98% despite a 0.32% dip in price. Daily liquidations for Bitcoin totaled $153.95 million, with an OI ratio of 0.0367

Source: Coinglass

The sudden flip has resurfaced for the second time, reflecting increased market activity surrounding Ethereum as it gains more and more The shift in relative volume indicates a growing preference for Ethereum contracts over Bitcoin in the current market. Ethereum’s rising open interest shows new entries, with no major signs of mass liquidation. This signals fresh positioning within the ETH futures market.

Broader Market Movement Revealed as other Altcoins See Mixed Activity

XRP registered the highest jump in volume among major tokens, with a 98.60% increase to $48.96 billion. The asset gained 5.56% in price and saw a 12.04% increase in open interest. Liquidations for XRP totaled $97.83 million. XRP's open interest-to-market cap ratio came in at 0.0543. Solana followed with an 8.53% increase in trading volume to $27.06 billion. The asset rose 2.14% in price, while open interest rose 3.86%. Solana experienced $48.56 million in liquidations and had an OI ratio of 0.0974.

Dogecoin recorded the highest price increase at 11.22%. Its trading volume rose 55.46% to $15.47 billion. Open interest jumped 25.42%, the strongest among top assets. DOGE liquidations stood at $43.49 million. Its OI-to-market cap ratio matched Ethereum at 0.1119. SUI remained mostly flat, gaining only 0.08% in price, with an 18.32% rise in volume. Open interest for SUI rose 15%, while liquidations hit $7.61 million. Its OI ratio was 0.1528, the highest among the top seven.

Cardano gained 5.65% in price and recorded an 80.42% increase in volume. ADA’s open interest climbed 17.59%, and it saw $12.47 million in liquidations. Its OI ratio stood at 0.0545. declined by 1.36%, despite a 21.94% rise in volume. Its OI fell 1.71%, with liquidations limited to $971.84K. The OI ratio was 0.1399. FARTCOIN fell 1.60% in price, with volume increasing 2.11%. Its open interest dropped 7.38%, while liquidations totaled $6.69 million. The OI ratio was highest overall at 0.6945.