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Flippening? Record $10B Ethereum futures volume briefly outpaces Bitcoin's

CryptocurrencyMay 06, 2021 03:20PM ET
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Flippening? Record $10B Ethereum futures volume briefly outpaces Bitcoin's

In the past 30 days, Ether (ETH) price decoupled from Bitcoin (BTC) to post a 67.5% gain, while the leading cryptocurrency price has barely moved. Ether's $3,605 all-time high on May 5 was responsible for boosting the asset's futures open interest to $10 billion.

This movement brings up some crucial questions as the dominance of Bitcoin's derivatives markets appears to be challenged at the moment. On May 4, Ether's aggregate futures volumes surpassed Bitcoin's for the first time in history.

Ether and Bitcoin aggregate futures volume, USD. Source: Coinalyze
Ether futures aggregate open interest, USD. Source: Bybt
OKEx 3-months ETH futures basis. Source: Skew

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Flippening? Record $10B Ethereum futures volume briefly outpaces Bitcoin's
 

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