Data shows that Bitcoin has recently lost interest in Ethereum and altcoins.
Ethereum & Altcoins have recently seen futures volumes rise
In a new post from X, Cryptoquant community analyst Maartunn spoke about the latest trends in Ethereum and Altcoins’ futures trading volume share. The volume of futures trading here is of course the amount involved in futures-related transactions of various derivative exchanges.
Below is a chart shared by Maartunn showing trends in the dominance of this metric for ETH and ALT over the past few years.
The value of the indicator appears to have gone up for both of these assets in recent days | Source: @JA_Maartun on X
As can be seen in the graph, the dominance of futures trading volume has led to a rapid rise in Altcoins recently, meaning that speculative interest in these coins has increased.
The metric remains significantly down at Ethereum compared to previous highs, but it still enjoys an increase at the same time as the altcoin’s growth.
Combined, ETH and ALT account for around 85.2% of the total cryptocurrency futures trading volume since the increase. This means that the rest of the group, Bitcoin, has taken control of less than 15%.
Historically, such periods have been a bad forewarned not only for BTC but for the market as a whole. These examples will appear on the charts at both the top price for the second half of 2024 and summer 2025.
So, given that Ethereum and altcoin are once again dominating futures trading activities, it is possible that Bitcoin and other assets are due to some kind of volatility.
In some other news, on-chain analytics firm Santiment shares an update in X’s post on how various projects in the digital asset sector are ranked in terms of development activities. This metric measures the total amount of work that a particular project’s developer is doing in a public GitHub repository.
Metrics are measured in units of “events.” Here, one event is the actions taken by the developer on the repository, such as fork commits and creating pushes.
This is a table posted by Santimento, which shows rankings of cryptocurrency projects based on 30 days of development activities.
Looks like ICP has maintained its position at the top | Source: Santiment on X
As mentioned above, Ethereum is just the 10th largest project in terms of 30 days of development activities, despite its second largest market capitalization after Bitcoin. The project that we see developers working hardest at the moment is the Internet Computer (ICP). This sits at a value that the metric is almost three times the ETH.
ETH Price
Ethereum was recovered above $4,750, but it appears to be facing a pullback once again as the asset price has returned to $4,450.
The trend in the price of the coin over the last five days | Source: ETHUSDT on TradingView
Dall-E, santiment.net, cryptoquant.com featured images, tradingview.com charts
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