BTC and ETH Now Have Very Different Trading Mixes
ETH's 30d spot-to-futures ratio is 0.15, versus 0.31 for BTC.
Since Jan. 2025, ETH's ratio has fallen 57%, while BTC's is almost unchanged. BTC's 30d ratio has stayed above ETH's every day since Apr. 22, 2025.
The split came well after spot ETFs launched. ETH's ratio initially rose after its U.S. ETFs began trading, then fell as futures activity picked up through 2025.
That activity remained high in 2026. CME's ETH futures and options suite averaged 89.7K contracts a day in Q2, with $114.2B in quarterly notional volume.
BTC's trading mix is still close to where it was at the start of 2025. ETH has become much more futures-heavy.
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