Bitcoin Trading Activity Dries Up as Ethereum Takes the Lead

Bitcoin’s derivatives market has entered a clear cooldown phase following the October liquidation shock, with leveraged trading activity collapsing across major exchanges.

At the same time, Ethereum continues to attract significantly more perpetual futures activity, signaling a structural shift in trader behavior rather than a temporary slowdown.

Key takeaways

• Bitcoin’s perpetual trade count has collapsed from record highs to around 13 million on a seven-day average.
• The October 10 liquidation event triggered the largest open interest drawdown in BTC history.
• RSI and MACD confirm weak momentum and a lack of bullish conviction for Bitcoin.
• Ethereum reached peak days near 50 million trades and maintains a higher seven-day average of 17.5 million.
• Leverage has rotated from Bitcoin to Ethereum rather than leaving the market entirely. 

Between August and November, Bitcoin saw the most intense period of leveraged trading in its history. Across 19 exchanges, daily perpetual trade counts surged to peaks near 80 million. That phase has now decisively ended.

Current data shows Bitcoin’s seven-day average trade count has fallen to around 13 million, a steep contraction that aligns with the largest open interest drawdown ever recorded for BTC. The October 10 liquidation event appears to be the catalyst. In the past 24 hours, more than $43 million in Bitcoin positions were liquidated, with long positions accounting for the majority of losses, reinforcing risk aversion among leveraged traders.

Since that event, Bitcoin has consistently underperformed most major crypto assets, suggesting that confidence in BTC leverage has not yet recovered.

Technical indicators confirm Bitcoin’s reset phase

Price structure and momentum indicators reflect the same caution visible in derivatives data. On the daily chart, Bitcoin failed to sustain moves above the $110,000 area and has since traded lower in a choppy, corrective structure.

The Relative Strength Index sits in the low-40s, pointing to weak momentum rather than oversold conditions. This suggests sellers are not exhausted, but buyers are hesitant to step in aggressively. Meanwhile, the MACD remains in negative territory, with only modest signs of stabilization, indicating that bullish momentum has yet to reassert itself.

Volume trends reinforce this picture. Trading volume has thinned notably during recent rebounds, highlighting a lack of conviction and confirming that Bitcoin’s market is still in a deleveraging and consolidation phase.

Ethereum maintains stronger derivatives engagement

Ethereum presents a sharply different picture. ETH also experienced a surge in derivatives activity in 2025, with peak days approaching 50 million perpetual trades. Unlike Bitcoin, however, Ethereum’s activity has not collapsed.

Recent ETH trade counts remain significantly higher than BTC’s, with the seven-day average holding near 17.5 million trades. This persistent activity suggests leveraged traders have not exited the market entirely, but instead rotated away from Bitcoin and toward Ethereum.

The divergence indicates that Ethereum is currently perceived as offering better risk-adjusted opportunities, while Bitcoin remains in a trust-rebuilding phase after October’s forced liquidations.

A clear behavioral split between BTC and ETH

The combined data from liquidations, open interest, and technical indicators points to a structural change rather than short-term noise. Bitcoin appears to be undergoing a prolonged reset, where leverage is unwound, momentum remains weak, and institutions and whales stay largely on the sidelines.

Ethereum, by contrast, continues to absorb speculative flow, highlighting a clear divergence in how traders approach the two assets in the perpetual futures market.

According to Alphractal, this behavioral split may persist until Bitcoin fully digests the impact of October’s liquidation cascade and conditions stabilize enough for leveraged participation to return.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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