Future trading volume for Bitcoin, Ethereum and Solana are showing diverging trends, according to Glassnode.
Per Glassnode, an onchain and financial metrics platform, Bitcoin (BTC) futures volume is suggesting a rebound. Meanwhile, Ethereum (ETH) and Solana (SOL), two of the world’s largest altcoins by market cap, have their futures volumes mostly flat.
BTC, ETH and SOL futures volumes
In the market, analysts use futures volumes as a key indicator of an asset’s market health. It also points to trader behavior, crucial to discerning potential market recovery or continued downside pressure.
When futures volumes rise, the suggestion is a flip in liquidity and trader interest.
Often, this precedes notable price movements. Bitcoin has witnessed this in the past and may yet rebound after massive sell-off pressure since dropping under $100k.
According to Glassnode, Bitcoin futures volume hovered around $60 billion at the start of 2025.
However, it peaked at $63 billion for a year-to-date high and has since decreased to about $57 billion. Despite the dip and remaining below the $74 billion peak seen in December 2024, the flagship digital asset’s futures volumes currently hovers 32% higher since February 23.
$BTC, $ETH, and $SOL Futures volumes show diverging trends – #BTC is rebounding, while #ETH and #SOL remain mostly flat.#Bitcoin Futures volume started the year at $60B, peaked at $63B YTD, and now sits at $57B – 32% higher since Feb 23 but still below December’s $74B peak. pic.twitter.com/2qSmkFcIsQ
— glassnode (@glassnode) March 18, 2025
For Ether futures volume, the picture is slightly indicative of a lack of enthusiasm in the market. While not major, the trend is largely downward.
The metric opened the year at $32 billion but has dropped further from the YTD high of $31. Nonetheless, latest data Glassnode shared shows the volume stands at $28 billion, off its one-year peak of $37 billion.
Meanwhile, SOL Futures volume rose from $7 billion in January to a YTD high of $12.2 billion.
However, since reaching this peak in February, Solana futures volumes are down to $8.7 billion. Glassnode notes that the altcoin’s futures volumes have mostly been flat in the past year. Could SOL futures launch on the Chicago Mercantile Exchange help buoy volumes?
What does it mean?
These diverging trends paint the picture of a resilient Bitcoin market, while Ethereum and Solana suggest a drop in institutional interest.
Earlier this week, analysts at Standard Chartered Bank doubled down on BTC price, forecasting a rally to $500k by the end of the year. But their outlook for Ethereum is less optimistic, with their forecast putting ETH at around $4,000 by December 2025.
Notably, this slashed Standard Chartered’s previous forecast of $10k for ETH.
