• Average daily trade volume across Ethereum’s derivatives market has fallen to new lows in 2023.
• Following the Shanghai Upgrade, liquidity has gradually exited the futures markets. 

In the current cycle, activity across Ethereum’s [ETH] derivatives markets have fallen below levels observed in 2021 and 2022, Glassnode found in a new report. 

Read Ethereum’s [ETH] Price Prediction 2023-24

According to the on-chain analytics firm, the average daily trade volume across Ethereum’s futures and options markets has fallen to just $14.3 billion, “which is around half the average volume over the last two years.”

Between 2021 and 2022, the average daily trade volume across these markets was $26.08 billion. With increased liquidity flush out, last week’s average daily trade volume was less than $10 billion, Glassnode found.

 No more speculative events to drive the futures markets?

In anticipation of the 12 April Shanghai Upgrade, Ethereum’s futures markets saw increased activity. According to data from Glassnode, Ethereum futures open interest, tracked on a 30-day small moving average, between 1 January and 12 April had climbed by 10%. 

When Shapella went live, futures open interest totaled $ 5.18 billion. However, as many viewed the upgrade as the last major speculative event f

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Author: Abiodun Oladokun

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