Recent data indicates that Bitcoin has experienced a surge in futures trading volume, distancing itself from Ethereum (ETH) and Solana (SOL).
Recent Rebound in Bitcoin Futures Volume
In a recent update on X, the on-chain analytics company Glassnode has discussed the current trend in futures trading volume for Bitcoin and two other major cryptocurrencies.
The term “futures trading volume” refers to a metric that tracks the total volume of a specific cryptocurrency engaged in futures trades on centralized derivatives exchanges.
Initially, here’s a chart highlighting the futures trading volume of Bitcoin:
The metric appears to be on the rise for BTC in recent days | Source: Glassnode on X
The chart above shows that BTC futures trading volume declined last month, but it has recently rebounded. At its lowest point, the volume dipped near $40 billion but has since recovered to $57 billion.
“Bitcoin Futures volume began the year at $60B, peaked at $63B YTD, and is now at $57B – up 32% since February 23, but still below December’s peak of $74B,” the analytics firm noted.
While the leading cryptocurrency has seen a recent increase in this metric, Ethereum and Solana have not shared the same fate. The chart shows a relatively stable trend for these two altcoins.
The trend in ETH futures trading volume over the past year | Source: Glassnode on X
The Ethereum futures volume was approximately $32 billion at the beginning of the year and currently stands at $28 billion, showing minimal change. Similarly, Solana’s indicator started at $7 billion and has only climbed to $8.7 billion, reflecting a small adjustment.
The metric has also shown little movement for SOL | Source: Glassnode on X
The futures trading volume provides insight into the speculative interest surrounding a cryptocurrency. The recent trend suggests that Bitcoin is capturing investor attention, while altcoins remain relatively stagnant.
In other updates, the market intelligence platform IntoTheBlock has reported on X that Bitcoin long-term holders have started to increase their supply lately.
The analytics company defines “long-term holders” as those who have maintained their coins for over a year without any transfers or sales.
BTC HODLers have recently seen a change in their supply | Source: IntoTheBlock on X
According to IntoTheBlock, long-term holders typically accumulate during bearish markets, so this recent shift could indicate a change in sentiment towards bearishness. However, the analytics firm cautions that “this isn’t always a dependable signal: for instance, in mid-2021, similar accumulation did not lead to a prolonged downturn.”
Current BTC Price
As of this writing, Bitcoin is trading at around $81,800, having decreased by more than 3% in the last 24 hours.
The price of the coin appears to have retraced its gains | Source: BTCUSDT on TradingView
Featured image from Dall-E, IntoTheBlock.com, Glassnode.com, chart from TradingView.com
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