Ethereum Overtakes Bitcoin in Futures Volume for the First Time Since 2022
Ethereum has solidified its leadership position in the altcoin futures market, with the aggregate outstanding open interest (OI)—the total outstanding amount of futures contracts—reaching a record high of $58 billion on July 29, 2025.
That record OI surge is linked to strong trading activity on major exchanges such as Binance, Bybit, and OKX.
Total Altcoin Open Interest (Source: Glassnode)
The $58 billion OI level is a major increase from the previous level of $52.14 billion as of July 20, 2025, proving the growing speculative interest in the asset.
The OI in top altcoins, especially for perpetual futures of Ethereum—a subset of total futures—accounts for $44.5 billion of the total $58 billion.
Ethereum’s perpetual futures volume has surpassed Bitcoin’s for the first time since the 2022 cycle low as well, a testament to its growing dominance in the derivatives market.
Institutions and Retail Drive Ethereum’s Futures Boom
Institutional participation is a key factor in Ethereum’s futures surge, with the Chicago Mercantile Exchange (CME) reporting a record OI of $7.85 billion. This is a part of the total $58 billion OI, a sign of strong institutional interest, backed by high inflows into Ethereum exchange-traded funds (ETFs).
The Ethereum ETFs saw $5 billion in net ETF inflows over 16 days, with BlackRock’s ETF holding nearly 3 million ETH. The token’s price recovery above $3,800, following a year-to-date high of $3,941, has also supported bullish market sentiment.
ETH Price Chart (Source: CoinMarketCap)
The dominance of Ethereum’s perpetual futures volume, which reached $104.2 billion compared to Bitcoin’s $67.5 billion on July 17, 2025, according to Glassnode, is proof of an altcoin-led market shift.
This trend is driven by Ethereum’s strong decentralized finance (DeFi) and smart contract ecosystem, attracting both institutional and retail traders.
What Ethereum’s $58 Billion Surge Means for Its Future
The $58 billion OI shows Ethereum’s growing presence in the derivatives market, with analysts noting the asset’s potential for ready-to-explode price movement above the current $3,800 price levels.
The combination of CME’s $7.85 billion OI, ETF inflows, and retail sentiment positions Ethereum for a potential price increase, although analysts warn of volatility risks due to macroeconomic factors.
