Ethereum Leads Derivatives Growth Over Bitcoin as Open Interest Hits $21B and ETF Inflows Surpass Supply
- Ethereum’s open interest rose to $21 billion in mid-July, aligning with ETF inflows outpacing ETH issuance.
- ETH ETFs recorded a $204.82 million daily inflow on July 11, with total assets reaching $13.53 billion.
- ETH trading volume peaked at 300.9 on July 10, marking a significant surge in derivatives activity and institutional positioning.
Ethereum recorded sharp trading volume changes between July 7 and July 11, 2025. Market data indicates that the daily volume rose from 25.3 on July 8 to 300.9 on July 10. July 9 had marked the initial surge with 158.6. According to the AltcoinBuzz post, the five-day total volume reached 6,291.3, averaging 25.9 per session. On July 11, volume declined to 137.1 but remained elevated compared to earlier days.
Ethereum Derivatives Surge as ETF Inflows Outpace New Supply
Ethereum’s open interest across all exchanges climbed to $21 billion by mid-July 2025, according to CryptoQuant data. This level marked a peak not seen since 2022 and coincided with a rise in ETH’s market price to approximately $2,930. The growth aligned with sustained ETF inflows that exceeded the current rate of new ETH issuance.
From late 2023 through mid-2024, Ethereum saw rising open interest alongside increasing prices. After a correction, the market rebounded in Q2 2025. The derivatives volume accelerated in July as institutional flows increased. Traders positioned heavily in Ethereum contracts, with leverage reaching multi-month highs.
Bitcoin Retains Size, Slower Growth
Bitcoin open interest reached $40.3 billion during the same period. While this figure is nearly double Ethereum’s, BTC’s open interest growth remained more gradual. Bitcoin’s price climbed from $20,000 in early 2023 to above $117,000 in July 2025. The move was steady, with open interest rising in a parallel but slower trajectory.
Over the past two months, Ethereum’s open interest growth outpaced Bitcoin’s. The divergence followed increased leverage during the ETF accumulation phase. Chart trends show Ethereum leading recent derivatives activity despite Bitcoin’s higher notional value in open contracts.
Ethereum ETFs Record $204.82M in Daily Net Inflows as Total Assets Reach $13.53B
Tracking the ongoing market trend as of press, a recent update by SoSoValue as of July 11 indicates that the ETH ETF recorded a combined daily net inflow of $204.82 million. The cumulative net inflow reached $5.31 billion. Total net assets stood at $13.53 billion, accounting for 3.77% of Ethereum’s market capitalization. The overall value traded across these ETFs reached $1.40 billion on the same date.
ETHA, sponsored by BlackRock and listed on NASDAQ, held the largest net assets at $6.14 billion. It recorded a daily inflow of $137.08 million and traded $990.76 million in value. ETHA also had the highest daily volume of 43.78 million units and closed at $22.80 with a 6.79% gain.
Grayscale’s ETHE on NYSE showed a cumulative net outflow of $4.26 billion despite a $9.96 million daily inflow. Its net assets stood at $3.44 billion. Grayscale’s second product, ETH, reported $823.83 million in cumulative inflows and $1.68 billion in assets. FETH by Fidelity recorded $11.99 million in daily inflows and $1.66 billion in assets. ETHW, ETHV, EZET, CETH, and QETH all closed higher with positive net flows and daily volume activity across different exchanges.
