Ethereum Surpasses Bitcoin in 24-Hour Futures Trading Volume by 6.8%

Ethereum has surpassed Bitcoin in 24-hour futures trading volume, recording $62.1 billion compared to Bitcoin’s $61.7 billion. This shift reflects a surge in Ethereum derivatives activity, marking a rare instance where ETH futures have led the market. Ethereum's futures volume accounted for 66.95% of its market cap, with open interest standing at $26 billion and an OI/Market Cap ratio of 0.076. This data indicates elevated trading engagement from leveraged participants. Ethereum's price also increased by 6.8% within the same period, with liquidations reaching $82.4 million, indicating substantial position changes. As of the latest update, Ethereum futures open interest reached $40.90 billion, following a steady rise since early 2024, with open interest staying below $15 billion until March. From April onward, the figure accelerated, surpassing $30 billion by June and continuing into July without visible decline.

Bitcoin, on the other hand, recorded a higher open interest at $57.6 billion, representing 87.89% of its market cap. The OI/MCap ratio was 0.026. Bitcoin’s price rose by 2.5% during the same timeframe. The funding rate was slightly positive at 0.0004%, and liquidations totaled $108.1 million. A deeper analysis indicates that Bitcoin futures open interest rose steadily from late 2023 through mid-2025, reaching $81.36 billion on July 11. BTC Open Interest shows a significant rise starting in February 2024, followed by consistent growth into April and June. Earlier, from May 2023 to early 2024, open interest stayed mostly below $20 billion. A sharp spike occurred in June 2025, where levels broke past $60 billion. Open interest climbed further into July 2025, nearing a new all-time high. BTC price followed a similar pattern, trending higher as open interest increased.

Tracking the ongoing price trend, a comparative chart between the two digital assets indicates that Ethereum trades at $3,008.23, posting a 7.8% daily gain. The 24-hour trading volume reached $37.6 billion, reflecting a 31% increase. Bitcoin also moved upward, reaching $118,190.70 with a 6.17% gain. Ethereum's market cap rose to $365 billion, matching its fully diluted valuation. The circulating supply remained steady at 120.71 million ETH. Trading activity increased throughout the day, pushing price growth into the early morning hours. Ethereum outperformed Bitcoin in both percentage gain and price acceleration during this period. Total volume for both assets reached $37.1 billion at the measured timestamp.

This surge in Ethereum's futures volume and open interest suggests a significant shift in market sentiment, with traders showing increased interest and heavy positioning around Ethereum. The steady rise in open interest since early 2024, coupled with the recent acceleration, indicates a growing confidence in Ethereum's potential. The higher percentage gain and price acceleration of Ethereum compared to Bitcoin further support this trend. As the market continues to evolve, it will be interesting to observe how these dynamics play out and whether Ethereum can maintain its lead in futures trading volume.