For the first time since 2022, Ethereum’s perpetual futures trading volume has overtaken Bitcoin’s, signaling a shift in market dynamics that highlights ETH’s growing dominance.
According to Glassnode data, Ethereum recorded $90.8 billion in perpetual futures volume over the past week, surpassing Bitcoin’s $82.9 billion. Analysts attribute the milestone to institutional inflows, particularly BlackRock’s recent $1.2 billion accumulation of ETH.
BlackRock’s Role in Ethereum’s Momentum
BlackRock’s aggressive buying spree has been central to the surge in Ethereum derivatives activity. In just one week, the asset management giant added over 280,000 ETH to its holdings, reinforcing confidence in Ethereum’s role as both a financial settlement layer and a yield-bearing asset through staking.
Why Futures Volume Matters
Perpetual futures are one of the most important metrics for assessing trader sentiment and liquidity. Higher ETH volume signals:
Greater institutional hedging and speculation activity
More liquidity across derivatives exchanges
Growing interest in ETH as a trading vehicle
This shift is seen by many as symbolic, reflecting Ethereum’s expanding utility across DeFi, NFTs, stablecoins, and tokenized assets.
Market Impact
Ethereum’s price has responded positively, consolidating near $3,900 after briefly surpassing $3,850 earlier this week. Bitcoin, by contrast, has struggled to break above $118,500, despite macroeconomic tailwinds from the Fed’s rate pause.
Analysts note that ETH’s derivatives surge suggests a potential price breakout above $4,000, especially if institutional demand continues.
Ethereum vs Bitcoin: Shifting Narratives
Historically, Bitcoin has dominated derivatives markets due to its liquidity and first-mover advantage. However, Ethereum’s multi-functional ecosystem is increasingly drawing trader and institutional attention.
Key factors driving ETH’s narrative include:
Spot ETH ETFs attracting billions in inflows within weeks
Staking yields generating sustainable income
Stablecoin dominance on the Ethereum network
Ongoing network upgrades improving scalability
