• The ETH perpetual futures contracts volume has declined on Huobi and across other exchanges.
• The funding rate remains positive but has declined over the past few weeks.

Recent data shows that Ethereum’s [ETH] perpetual futures contract volume has experienced a decrease. What implications might this decline have for the derivative market?

Read Ethereum (ETH) Price Prediction 2023-24

Ethereum sees a decline in the derivative market

Glassnode Alerts recently posted data indicating a notable decline in Ethereum’s perpetual futures contract volume on Huobi within the past 24 hours. This decrease, illustrated on the chart, marked the lowest point this metric has reached in the past half-year.

At the time of the post, the volume dwindled to approximately 17,560 ETH, equivalent to more than $27.9 million.

Additionally, a broader examination of the perpetual futures contract volume across various exchanges on Glassnode revealed a general downtrend.

As of the time of this report, the overall volume had fallen to just over 1.8 billion ETH, representing a substantial drop from the over 4 billion ETH recorded the day prior.

Perpetual futures contracts serve as a tool for traders to speculate on the price fluctuations of
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Author: Adewale Olarinde

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