Ethereum futures trading volume has surged ahead of Bitcoin, reaching $49.4 billion in 24-hour volume compared to Bitcoin's $42.9 billion, according to data from Coinanalyze. This shift reflects growing speculative interest in Ethereum ahead of anticipated macroeconomic changes, particularly potential Federal Reserve rate cuts.
Meanwhile, U.S. spot Bitcoin ETFs recorded net inflows of $1.39 billion over the past ten days, while Ethereum ETFs saw outflows of $668 million during the same period. This divergence indicates a rotational trade where institutional investors are moving capital from Ethereum to Bitcoin in the ETF space, while futures traders focus on Ethereum.
Stephen Gregory, founder of Vtrader, noted that this pattern is typical during periods of expected monetary easing, stating: 'The shift in flows to Ethereum and altcoins is typical during such times.' He added that altcoins' market share has jumped to 50% this week, suggesting a potential Q3 uptrend led by altcoins. Despite the bullish sentiment for Ethereum, options market data shows subdued implied volatility, indicating that markets may have already priced in a 25-basis-point rate cut.
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