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Stark contrast of spot-to-futures ratio between Bitcoin and Ethereum

Ethereum is approaching an all-time low spot-to-futures ratio.

James Van Straten
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James Van Straten
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Definition

Daily spot market total volume for ETH divided by ETH futures trading volume.

Quick Take

  • For a healthy ratio and sustainable price action, it is important to have a high spot-to-futures ratio.
  • Throughout 2020 and 2021, Bitcoin hovered around 0.2 – 0.3 spot to futures, which is low, while we were in the bull run supported by the derivatives market.
  • However, at the end of 2022, Bitcoin's ratio hit an all-time high at 0.66 — indicating more spot price action than futures; this has come off in recent weeks but still slightly supports higher spot action.
  • Meanwhile, Ethereum has had a low, consistent ratio which shows it is being supported by the futures market considerably.
  • Ethereum is currently at 0.16 — almost at an all-time low — which is not healthy or sustainable for price action.
BTC spot to futures volume: (Source: The Block)
BTC spot to futures volume: (Source: The Block)
ETH spot to futures volume: (Source: The Block)
ETH spot to futures volume: (Source: The Block)
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Ethereum Bitcoin
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James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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Ethereum ETH (24h)
$2,302.24 +2.13%
Market Cap $277.86B
24H Volume $12.26B
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