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Perpetual futures market sees Bitcoin reclaim dominance over Ethereum

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Quick Take

Perpetual Futures have traditionally attracted significant open interest and trading volumes for both Bitcoin (BTC) and Ethereum (ETH). This trend underscores their widespread popularity as the futures products of choice within the crypto investment milieu.

Historically, BTC has maintained a trading volume supremacy over ETH in this market. However, this trend underwent a notable reversal between July 2022 and January 2023. During this time, Ethereum’s trading volume dominance started to match and eventually eclipse that of Bitcoin.

This shift can be attributed to a combination of events, including the Ethereum merge in September and the subsequent collapse of Luna and FTX. These occurrences triggered a sharp drop in the Perpetual Futures volume for Bitcoin.

Despite this, the landscape began to alter from 2023 onwards. Bitcoin reasserted its leading position in the Perpetual Futures market, claiming 65% dominance, with Ethereum accounting for the remaining 35%. Even in the wake of the historic shift and market turbulence, the Perpetual Futures market has continued to flourish, with Bitcoin at the forefront. The announcement of the ETFs has further fueled Bitcoin’s ongoing dominance.

Perpetual Volume Dominance: (Source: Glassnode)

The post Perpetual futures market sees Bitcoin reclaim dominance over Ethereum appeared first on CryptoSlate.

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