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

ReadEthereums [ETH] Price Prediction2023-24

According to the on-chain analytics firm, the average daily trade volume across Ethereums 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 weeks average daily trade volume was less than $10 billion, Glassnode found.

In anticipation of the 12 April Shanghai Upgrade, Ethereums 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 for the asset, futures market participants began to exit their positions.

This resulted in a steady decline in open interest. As of 4 September, this was $4.32 billion, dropping below its 1 January level.

Ethereums options market, on the other hand, excelled, Glassnode found. According to the report, this market has seen over 256% uptick in daily trade volume since the beginning of the year. As of 4 September, this stood at $5.48 billion.

At press time, ETH exchanged hands at $1,621, per data from CoinMarketCap. As accumulation slows amongst daily traders, ETHs key momentum indicators indicate climbing sell-offs.

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On a daily chart, the coins Stochastic RSI (StochRSI) has trended downward since 31 August. At press time, the indicators %K line (blue) rested below 50 at 46.08. In a downward-facing position, ETHs distribution continues to outpace accumulation.

Likewise, the coins On-Balance-Volume (OBV) has dwindled since mid-August. It was 23.971 million at press time, having fallen by 1% in the last three weeks. When an assets OBV declines in this manner, it means that the volume of selling has outweighed the buying.

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Ethereum derivatives market cools as prices extend decline - AMBCrypto News