Ethereum appears to be taking center stage as liquidity rotates away from Bitcoin. In the perpetual market, Bitcoin’s dominance among traders is fading, with Bitcoin perpetual contracts falling from about 80 million per day to roughly 13 million on a weekly basis. Ethereum contract activity has remained steady at around 17 million, indicating sustained participation and relatively lower trader exhaustion compared with Bitcoin.
Capital rotation is becoming evident, with investors shifting exposure toward Ethereum. The ETH/BTC chart shows stronger inflows into Ethereum than Bitcoin from late November into early December, signaling bullish relative performance—about a 14% gain. Spot demand has also driven significant purchases, with approximately $87 million worth of Ethereum bought over the past two days, suggesting anticipatory positioning, and Ethereum remains attractive as long as the 0.03 level holds.
Liquidation clusters positioned above and below Ethereum’s price could act as magnets for movement, making the next directional move momentum-dependent. An upside break could send ETH toward $3,060, while renewed selling pressure could pull it toward $2,800. Overall, sustained capital inflows in both spot and perpetual markets reinforce Ethereum’s growing prominence as liquidity shifts away from Bitcoin in the current market phase.
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