Data from the ETH Perp–Spot Volume Imbalance Z-Score index on the Binance platform reveals the continued dominance of Perpetual Futures activity over spot trading in the Ethereum market. This reflects an increasing reliance on derivatives trading rather than real demand driven by buying the asset itself.
The data shows that the trading volume in perpetual contracts still significantly exceeds spot trading volume. Perpetual futures recorded around 1.46 million ETH, compared with only about 102.84 thousand ETH in the spot market. The Volume Imbalance indicator also stood at roughly 0.868, reflecting the continued large gap between the two markets.
In contrast, the 30-day Z-Score index fell to around -0.46, indicating that the current volume imbalance is below its average over the past month. Although the gap remains high, this decline may point to the beginning of a relative pullback in the dominance of perpetual contracts compared to the previous period—without necessarily implying a strong rebound in spot demand at this time.
As for price, Ethereum is trading near $1,928 after a period of volatility, while activity in the spot market remains relatively weak compared to derivatives. This suggests that a significant portion of the current price movement may be driven by leveraged positions more than by long-term investment buying.
$ETH
The data shows that the trading volume in perpetual contracts still significantly exceeds spot trading volume. Perpetual futures recorded around 1.46 million ETH, compared with only about 102.84 thousand ETH in the spot market. The Volume Imbalance indicator also stood at roughly 0.868, reflecting the continued large gap between the two markets.
In contrast, the 30-day Z-Score index fell to around -0.46, indicating that the current volume imbalance is below its average over the past month. Although the gap remains high, this decline may point to the beginning of a relative pullback in the dominance of perpetual contracts compared to the previous period—without necessarily implying a strong rebound in spot demand at this time.
As for price, Ethereum is trading near $1,928 after a period of volatility, while activity in the spot market remains relatively weak compared to derivatives. This suggests that a significant portion of the current price movement may be driven by leveraged positions more than by long-term investment buying.
$ETH