Ethereum Perptual Futures volume share hits a record high! Reaching 67% surpassing Bitcoin, indicating a rise in speculation sentiment for alts.

On-chain data shows that the trading volume of Ethereum Perpetual Futures has for the first time risen to a dominant position of 67%, setting a new historical high and significantly outpacing Bitcoin. This phenomenon indicates a sharp increase in investor speculation interest in alts, or suggests that market risk appetite is accelerating, with Ethereum becoming a key barometer for Altseason.

1. Ethereum Perptual Futures volume dominance rate breaks 67%

(Source: Glassnode)

According to the latest data from on-chain analytics company Glassnode, the trading volume of Ethereum Perptual Futures has recently surged significantly, reaching 67% of that of Bitcoin, marking a historical high. This trend indicates that traders' focus is shifting from Bitcoin to Ethereum, and the gap between the two continues to widen, reflecting an increasing speculative interest in the second-largest cryptocurrency by market capitalization.

2. Ethereum as an Altcoin Market Sentiment Barometer

Glassnode's report points out that Ethereum has traditionally been regarded as a benchmark asset for the altcoin market, with its periods of excellent performance typically highly correlated with the overall cryptocurrency market's "altcoin season." Therefore, the significant shift in trading activity this time may indicate that investors' attention towards the altcoin sector is comprehensively increasing, while also suggesting an accelerated rise in risk appetite within the current market cycle.

3. Open interest indicators show synchronized growth, alts collectively hit new highs.

(Source: Glassnode)

Apart from the volume, Ethereum's dominant position in the perpetual futures open interest has also continued to grow, currently accounting for 43.3%. Although it is still lower than Bitcoin's 56.7%, the gap has significantly narrowed compared to the beginning of the year. In addition, the total open interest of major alts, including Ethereum, Solana, XRP, and Dogecoin, recently reached a historic high of 60.2 billion USD, although it quickly fell back by 2.6 billion USD, recording the tenth largest single-day drop in history. This still reflects the high activity and volatility of funds in the altcoin market.

IV. Market volatility has intensified, and speculative sentiment has significantly increased.

(Source: Glassnode)

Glassnode emphasizes that the rapid fluctuations in open interest indicate that altcoins are attracting significant investor attention, while also exacerbating the reflexivity and fragility of the digital asset market. The high proportion of trading volume combined with the sharp changes in open interest points to an increase in market speculative sentiment, necessitating caution regarding the risk of short-term price corrections.

5. ETH price short-term pullback, currently reported at 4200 USD.

As of the time of writing, the price of Ethereum hovers around $4200, having dropped nearly 7% in the past 7 days, forming a short-term divergence with the all-time high in Perptual Futures trading volume, reflecting the market entering a sensitive phase in the tug-of-war between bulls and bears.

[Conclusion]

The trading volume of Ethereum Perptual Futures has reached a record high, not only highlighting its market position as the leader among alts but also indicating that the altcoin season may soon be fully underway. Investors need to closely monitor the trend of divergence in Bitcoin and Ethereum derivatives indicators, manage position risks appropriately, and seize structural opportunities in the market cycle.