Ethereum News Today: Ethereum Surpasses Bitcoin in Futures Volume, Hits 40% Open Interest High Since April 2023

Ethereum’s (ETH) recent surge in trading activity has triggered a notable shift in capital flows within the cryptocurrency market. Glassnode’s analysis reveals that ETH’s perpetual futures volume dominance has surpassed Bitcoin (BTC) for the first time since 2022, marking the largest volume skew in favor of the altcoin in over a year [1]. This trend underscores a growing appetite for riskier assets, as traders increasingly allocate capital to Ethereum and other altcoins. The open interest dominance of ETH has also climbed to nearly 40%, the highest level since April 2023, a metric observed historically on only about 5% of days. Such a rare market condition highlights a clear preference for Ethereum-based positions over Bitcoin, signaling a structural rotation in speculative capital.

Parallel movements in stablecoin activity further reinforce this shift. On-chain data indicates a sharp rise in USDT transfers on the Tron network, primarily driven by Binance accounts. Daily volumes linked to these transfers now range between $2.5 billion and $3 billion, with Binance accounts responsible for approximately 62% of TRON-based USDT movements. Large stablecoin flows of this magnitude often precede heightened market volatility and are frequently associated with institutional participation. The concentration of liquidity on Tron and Binance suggests these platforms are becoming key conduits for high-volume trading, potentially amplifying altcoin market activity.

Binance’s native token, BNB, has also emerged as a leading indicator of the altcoin season. According to analyst Timo Oinonen, BNB rose 7.4% in the past week, significantly outperforming Bitcoin’s gains. This performance aligns with broader market dynamics, as Nano Labs recently disclosed a $105 million treasury allocation in BNB, comprising 128,000 tokens. The move reflects growing institutional confidence in BNB’s utility within the Binance Smart Chain ecosystem. Meanwhile, Binance’s stablecoin reserves continue to decline, dropping from $45 billion in February 2025 to approximately $36 billion currently. The divergence between shrinking reserves and BNB’s price appreciation suggests dormant capital is re-entering the market, further fueling demand for altcoins.

The confluence of these data points—ETH’s dominance in futures volume, BNB’s outperformance, and stablecoin liquidity trends—paints a compelling picture of an evolving market cycle. Historically, periods of heightened altcoin activity are often preceded by similar patterns of capital reallocation and speculative positioning. However, the current environment remains untested in terms of long-term sustainability. As traders and institutions continue to monitor these indicators, the coming weeks will likely reveal whether this pivot represents a sustained structural shift or a temporary surge in risk-on sentiment.

Source: [1] Largest Volume Skew for ETH Signals Altcoin Pivot: Glassnode Analysis (https://coinmarketcap.com/community/articles/68893c1f3981806f1249e25d/)