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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Altseason Things: Ethereum Perps Volume Sets New Record Against Bitcoin

Keshav Verma
Keshav Verma
4 weeks ago
2 mins read
Ethereum Vs Bitcoin

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Data shows the Ethereum perpetual futures volume dominance has set a new all-time high relative to Bitcoin, a sign of elevated speculative interest in altcoins.

Ethereum Perpetual Futures Volume Dominance Has Hit 67%

According to data from on-chain analytics firm Glassnode, the Ethereum perpetual futures volume has shot up recently. Below is the chart cited by Glassnode, showing the trend in the perpetual futures volume dominance breakdown between Ethereum and Bitcoin.

Ethereum vs Bitcoin Perps Volume
Looks like ETH has taken the lead recently | Source: Glassnode’s The Week Onchain – Week 33, 2025

As displayed in the above graph, Ethereum overtook Bitcoin in perpetual futures volume a while ago, indicating that speculators shifted their attention from BTC to ETH.

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The two have only continued to diverge since then, meaning that trader interest in the coin ranked number two by market cap is only going up. Following the latest continuation to the increase, the ETH perpetual futures volume dominance has reached the 67% mark, which is a new all-time high (ATH).

The analytics firm explains,

Over the years, Ethereum has generally been considered a bellweather asset, with periods of its out-performance usually correlated with broader a “altseason” phase in the digital asset market.

As such, this pronounced rotation in trading activity can be a sign of growing focus on the altcoin sector among the investors. Glassnode also notes the trend could point to “an acceleration of risk appetite within this market cycle.”

Ethereum’s dominance has also grown in terms of another perpetual futures market indicator: the Open Interest. This metric measures the total amount of contracts related to a given asset that are open on all centralized derivatives exchanges.

Here is a chart that shows how ETH’s dominance of this metric has changed relative to BTC over the past few years:

Bitcoin vs Ethereum OI
ETH is closing the gap to BTC on this metric | Source: Glassnode’s The Week Onchain – Week 33, 2025

As is visible in the above graph, the Ethereum perpetual futures Open Interest dominance has climbed to 43.3% recently. Bitcoin remains dominant with the metric sitting at 56.7%, but compared to earlier in the year, the difference is a lot closer.

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In terms of the futures sector as a whole, the combined Open Interest across major altcoins (Ethereum, Solana, XRP, and Dogecoin) set a new ATH of $60.2 billion recently.

Altcoin Open Interest
The trend in the Open Interest of four major altcoins over the past year | Source: Glassnode’s The Week Onchain – Week 33, 2025

Though, this high couldn’t last, as the indicator suffered a sharp $2.6 billion drawdown soon after. This drop in the Open Interest of the major altcoins is the tenth largest on record. The report notes,

These rapid fluctuations underscore that altcoins are currently drawing a significant amount of investor attention, and have meaningfully contributed to heightened reflexivity and fragility across digital asset markets.

ETH Price

At the time of writing, Ethereum is floating around $4,200, down almost 7% in the last seven days.

Ethereum Price Chart
The asset seems to have witnessed a downtrend in recent days | Source: ETHUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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