Share this article
Bitcoin's Share in Crypto Futures Trading Slides as Altcoin Profits Allure Traders
Bitcoin's dominance by futures open interest has declined to 38% from nearly 50% two months ago.
Updated Dec 26, 2023, 6:58 a.m. Published Dec 26, 2023, 6:56 a.m.
Crypto traders are increasingly looking to alternative cryptocurrencies as 2023 draws to a close.
The dollar value locked in the number of active futures contracts tied to bitcoin now accounts for 38% of the market-wide notional futures open interest of $30.45 billion. That's the lowest in at least two years, according to data tracked by Coinalyze.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Seems 'all' the money is going into alts now," Coinalyze told CoinDesk, explaining the decline in BTC's dominance by open interest in futures.
The data show renewed risk appetite in the crypto market typically observed after a notable bitcoin uptrend.
Bitcoin, the leading cryptocurrency by market value, has surged over 60% to $43,100 since Oct. 1, mainly due to dwindling Treasury yields and expectations that the U.S. Securities and Exchange Commission would soon approve one or more spot BTC ETFs.
As of writing, BTC was up 161% on a year-to-date basis, and ether, the second-largest cryptocurrency, traded 88% higher.
BTC's dominance by futures open interest has declined from nearly 50% in late October to 48%. ETH's dominance has remained steady at nearly 21%, while the share of altcoins has increased from 32% to 41%.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
