Data shows Bitcoin has recently seen a rise in futures trading volume, breaking away from the likes of Ethereum (ETH) and Solana (SOL).
Bitcoin Futures Volume Has Rebounded Recently
In a latest post on X, the on-chain analytics firm Glassnode has talked the most recent trend within the futures trading volume for Bitcoin and two other top cryptocurrencies.
The “futures trading volume” here refers to an indicator that keeps track of the full amount of a given cryptocurrency that’s becoming involved in futures-related trades on the centralized derivatives exchanges.
First, here’s a chart that puts concentrate on the futures trading volume of Bitcoin:
Looks just like the value of the metric has been on the rise for BTC in recent days | Source: Glassnode on X
As displayed within the above graph, the BTC futures trading volume observed a decline last month, but its value has recently found a rebound. At its low, the indicator approached the $40 billion mark, nevertheless it has since climbed to $57 billion.
“Bitcoin Futures volume began the yr at $60B, peaked at $63B YTD, and now sits at $57B – 32% higher since Feb 23 but still below December’s $74B peak,” notes the analytics firm.
While the primary cryptocurrency has registered a rise within the metric recently, the identical hasn’t been true for Ethereum and Solana. From the chart, it’s apparent that the indicator has been moving relatively flat for these two assets.
The trend within the ETH futures trading volume over the past yr | Source: Glassnode on X
The Ethereum futures volume measured around $32 billion in the beginning of the yr and today it sits at $28 billion, which isn’t that big of a difference. Similarly, the indicator kicked off the yr at $7 billion for Solana and it’s now at $8.7 billion, once more a comparatively small change.
The worth of the metric has also been moving sideways for SOL | Source: Glassnode on X
The futures trading volume serves as a glance into how the speculative interest around a cryptocurrency is like. The recent trend would imply Bitcoin has been attracting the eye from the investors while altcoins remain stale.
In another news, the market intelligence platform IntoTheBlock has revealed in an X post how the Bitcoin long-term holders have began to extend their supply recently.
The analytics firm defines “long-term holders” because the investors who’ve been holding onto their coins since multiple yr ago, without having transferred or sold them even once.
The BTC HODLers have just seen a turnaround of their supply | Source: IntoTheBlock on X
In line with IntoTheBlock, the long-term holders generally accumulate during bear markets, so this latest shift might be an indication that sentiment is changing towards a bearish one. The analytics firm also notes, nevertheless, “take into account that this isn’t at all times a reliable signal: i.e. in mid-2021, similar accumulation didn’t result in a chronic downturn.”
BTC Price
On the time of writing, Bitcoin is floating around $81,800, down greater than 3% during the last 24 hours.
The value of the coin appears to have retraced its recovery | Source: BTCUSDT on TradingView
Featured image from Dall-E, IntoTheBlock.com, Glassnode.com, chart from TradingView.com
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