Ethereum derivatives top bitcoin with $110B daily volume as US ETFs, DeFi fuel momentum

The volume of ether derivatives has surged 38% in the past 24 hours, driven by bullish sentiments fueled by strong inflows into spot ETH exchange-traded funds and renewed engagement across DeFi.

According to data from Coinglass, Ether derivatives had a trading volume of over $110 billion in the past day. This surpasses that of bitcoin derivatives, which had $84.72 billion.

The cryptocurrency also saw a price appreciation, rising 4% in the last day to trade at $2,790 as of 11:30 p.m. on Tuesday, according to The Block's Ethereum price page . This is Ether's highest price level since February.

"Ethereum’s surge in trading volume isn’t a blip; it reflects structural growth, institutional validation, and real utility," said Rachael Lucas, analyst at BTC Markets. "ETH is no longer just the second-largest crypto by market cap, it’s becoming a cornerstone of the digital asset economy."

Analysts pointed to several tailwinds behind ETH, including sustained net inflows into spot ETH ETFs in the U.S., where the funds had 16 consecutive days of positive flows leading up to Monday. The ether ETFs amassed close to $890 million during the inflow run, according to SoSoValue data .

Another driving factor is the renewed interest in DeFi and NFT ecosystems, which are still predominantly led by Ethereum. DeFi Llama data shows that the total value locked (TVL) in DeFi currently stands at $118.8 billion, representing a 32% growth from $89.97 billion on April 10. NFT marketplace OpenSea recently logged its highest monthly active user number since 2023 as it launched a revamped platform named OS2.

"Positive sentiment from the SECGov's official X account on DeFi has helped lift the market, and hence why we see Ethereum ($ETH) outperforming its position for a number of years," said Paul Howard, Senior Director at Wincent.

Securities and Exchange Commission Chairman Paul Atkins recently stated at the Crypto Task Force roundtable on DeFi that the right to self-custody of one's private property is a "foundational American value" that should also exist digitally. His quote was shared on the SEC's official X handle on Tuesday.

The Ethereum network's  Pectra upgrade, introduced earlier this year, also contributed to the momentum, analysts said, as it addressed scalability and cost-efficiency issues that posed challenges for developers.

Price outlook

"Short term, ETH is riding a wave of momentum," Lucas said. "Price action is bullish, but we’re also watching key levels, resistance at US$3,600, support around US$2,800. If staking-enabled ETFs are approved later this year, that’s a catalyst that could take ETH into the US$5,500–$6,700 range by December."

The crypto analyst further stated that ETH has a "constructive" long-term outlook, supported by fundamentals including a deflationary supply mechanism via EIP-1559, increasing Layer 2 adoption, institutional inflows, DeFi dominance, and ongoing protocol upgrades.

"If that trajectory continues, ETH at US$10,000–$20,000 by the end of the decade isn’t unrealistic," Lucas said.

Meanwhile, near-term regulatory uncertainties such as the SEC’s delayed decisions on staking-enabled Ether ETFs may introduce volatility, Kronos Research Analyst Dominick John added.