Bitcoin Lags as Ether OI Aims for a New ATH as ETH/BTC Surpasses 0.08


ETH/BTC has pumped past 0.080 to test the upper trend line for the third time in the past year. It went as high as 0.0835 to mark the first day of December.

A significant push here puts ETH/BTC in clear space to go as high as 0.12, last seen in January 2018.

ETH/BTC has shown considerable strength as of late, which makes sense given that Ether generally outperforms BTC in bull markets.

As Ether’s price went on to hit $4,785, the open internet (OI) on the futures contracts has risen to nearly $13 billion, up from $10.72 bln over the weekend. OI is still a bit off of $14.66 bln ATH on November 10.

Like always, Binance is leading the OI at $2.88 bln followed by FTX at $2.55 bln, Bitfinex at $1.60 bln, Bybit at $1.54 bln, OKEx at $1.32 bln, and CME at $1.17 bln, according to Skew.

In contrast with Ether’s strong move upwards, Bitcoin has been stuck around $57k and so has its OI at $23 bln, adding only $260 million in just over two days compared to Ether’s $2.26 bln. But it is still holding strong while being 25.4% away from OI ATH at $28.85 bln.

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While Binance is also leading here at $5.82 bln, CME has captured the second spot with $3.87 bln in OI.

The CME market has grown to over 19.3% of all futures open interest, almost doubling from the 10% dominance in early September.

Other prominent exchanges include FTX, which has $3.43 bln in OI, followed by Bybit $3.32 bln, OKEx $1.99 bln, and Deribit $1.43 bln.

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Source: Glassnode

While CME has been gaining market share, once the dominant force in the crypto derivatives market, Bitmex has been losing its market share. The wave of institutional interest and a remarkable shift in crypto sentiment has been driving both the spot and derivatives markets, the latter undergoing a 5x surge in volume.

Bitmex, the exchange that pioneered the Bitcoin perpetual future, has its derivatives volume declined from $12 billion per week in November 2020 to just $9 billion. At the same time, FTX and Binance volumes have quintupled over the same time period, as per Kaiko’s latest weekly report.

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