Ethereum Derivatives Trading Volume Surpasses $110 Billion, Surges 38% in 24 Hours
Summary
- Ethereum (ETH) derivatives trading volume surged 38% over 24 hours to reach $110 billion, surpassing Bitcoin (BTC) derivatives trading volume.
- Analysts said major factors behind the increase were capital inflow into the US spot Ethereum ETF and the revitalization of the DeFi (DeFi) and NFT markets.
- The Ethereum network's Pectra upgrade reportedly acted positively on the rally by addressing scalability and cost efficiency issues.
As of the 11th (local time), Ethereum (ETH) derivatives trading volume recorded $110 billion (USD) in the past 24 hours, up 38%, far surpassing Bitcoin (BTC) derivatives trading volume of $84.7 billion.
According to The Block, analysts cited strong buying pressure for Ethereum, recent large-scale capital inflows into the US spot Ethereum ETF, and the revitalization of the DeFi (DeFi) and Non-Fungible Token (NFT) markets as the main factors behind the surge in trading volume.
Recently, the US spot Ethereum ETF recorded net inflows for 16 consecutive trading days, with approximately $890 million flowing in.
In addition, according to DeFiLlama, DeFi's Total Value Locked (TVL) increased by 32% to $118.8 billion, up from $89.97 billion on April 10. The NFT marketplace OpenSea marked a post-2023 record monthly user count of 467,322 in May, boosted by the launch of its OS2 platform.
The Ethereum network's Pectra upgrade, introduced earlier this year, also contributed to this surge by solving scalability and cost efficiency issues for developers.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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