Data from futures markets revealed that Ethereum (ETH) started to grab market share from Bitcoin (BTC).
On-chain analysis platform Glassnode analyzes futures markets to better understand market dynamics. Ethereum-Bitcoin balance worked.
Transferred data in January 2022 All open positions of Bitcoin futures (open interest) 55% While this ratio shows that it creates 2023 within the year up to 66.2% climbed. on the other hand Ethereum futures dominance 2022-2024 between decreasing from 45% to 33.8% It lost significant market share.
However, according to Glassnode, the reason why Bitcoin has become so dominant is spot Bitcoin exchange-traded fund (ETF) The expectation for the approval of their applications lay. According to data On January 10, 2024 Following mass approval of ETFsextracts were converted back to Ethereum and this situation was also reflected in the futures markets.
Following Spot Bitcoin ETF approval, Ethereum’s share in the futures market 34% from level to 40% It experienced a significant increase and strengthened its market share again.
US Securities and Exchange Commission (SEC) May While the expectation that spot Ethereum ETF applications could be approved in 2018 increased, investors’ interest at this point began to grow like an avalanche. Analysts predict Ethereum’s share in the futures market may increase further in the coming days predicted.