Daily spot market total volume for ETH divided by ETH futures trading volume. Both volume calculations include the largest exchanges with trustworthy reporting of exchange volume metrics.
- ETH spot-to-futures volume (30DMA) has hit a new low at 0.15, surpassing the lows of January 2020 and January 2023.
- During the 2021 bull run, which Cryptoslate have analyzed in the past, derivatives played a big part in the surge of cryptocurrency prices.
- Only 0.35 spot was purchased against futures, as opposed to today, where only 0.15 of volume is the spot.
- This shows investors’ risk appetite at the moment; however, in an environment of rising rates and liquidity drying up, it may not be able to support elevated prices.