Ethereum Price Driven by Derivatives: Analysis Reveals Significant Market Divergence

Recent blockchain analytics have revealed a stark divergence between Ethereum and Bitcoin trading patterns. The analysis from Glassnode suggests fundamental differences in how these two leading cryptocurrencies react to market forces, impacting their price stability and trading behavior. While Bitcoin maintains consistent spot market demand even during downturns, filling gaps with actual buying activity, Ethereum relies heavily on derivatives markets, potentially increasing volatility risks.