Recently, an interesting signal has emerged in the derivatives market - Ethereum futures at the CME have historically surpassed Bitcoin in trading volume for the first time.

Behind this reversal, it is mainly the volatility that is causing the stir. The volatility of ETH options is now clearly higher than that of BTC, which has turned into a magnet for attracting funds. Many traders feel that this volatility is more appealing, so they naturally direct their capital towards futures. In July of this year, the open interest of ETH futures also surpassed that of BTC for the first time, marking a symbolic milestone.

Of course, in terms of absolute trading volume, BTC still holds the position of the big brother. However, the momentum of ETH's pursuit is indeed causing subtle changes in the market structure.