On July 10, 2025, Ethereum's daily futures trading volume exceeded that of Bitcoin for the first time, marking a significant shift in the cryptocurrency market. Data from Glassnode indicated that Ethereum's 24-hour futures volume reached $62.1 billion, surpassing Bitcoin's $61.7 billion. This development coincided with Ethereum's price testing the $3,000 level, suggesting a potential change in trader sentiment and capital allocation.
The surge in Ethereum's futures volume reflects increased speculative interest and could lead to higher price volatility in the short term. Sustained high futures volume may signal a long-term shift in market dominance towards Ethereum. Regulatory developments and technological advancements are expected to play a crucial role in Ethereum's future trajectory. Investors are advised to monitor market trends and regulatory news to make informed decisions.
In the second quarter of 2025, Ether futures average daily volume reached a record 16,000 contracts, with Micro Ether futures also setting a new record of 83,800 contracts. Trading volume in Ether and Micro Ether futures saw a 200% increase compared to the same quarter in 2024. Ether futures open interest climbed to an all-time high of 27,900 contracts on June 24. This increased trading activity coincided with a sharp reversal in the Ether/Bitcoin ratio, which rallied more than 30% to end the quarter at 0.023394. For traders focused on relative value strategies, the Ether/Bitcoin Ratio (EBR) futures contract is designed to trade this specific relationship directly, without slippage.
The increased trading activity in Ethereum futures suggests a growing interest among traders and investors. The rise in open interest and trading volume indicates a shift in market dynamics, with Ethereum gaining traction in the derivatives market. This trend may lead to increased institutional adoption and a potential restructuring of the crypto market hierarchy. As the market continues to evolve, it will be interesting to observe how these dynamics play out and whether Ethereum can maintain its lead in futures trading volume.