Important collection restaurants
Ethereum starts stealing the spotlights. For the first time since the soil of the 2022 cycle, ETH Perpetual Futures has overtaken Volume Dominance Bitcoin’s. Is ETH ready to surpass BTC through the rest of the third quarter?
Ethereum [ETH] Finish the first month of Q3 with returns almost 5x those of Bitcoin [BTC]. This implementation clearly underlines the role of ETH as the dominant high-beta asset of the cycle.
That outperformance did not even go unnoticed. Ethereum Spot ETFs have seen $ 10.53 billion in inflow this month, well before BTCs $ 6.74 billion, suggesting institutions lean to Eth.
Structurally, however, this movement only indicates the start. For the first time since the 2022 cycle, the 7-day EMA of Ethereum of eternal volume dominance has decided above Bitcoin’s turned around.
Source: Glassnode
For the context, the dominance of the Perp volume reflects where traders place leverage betting.
And from the end of July 2025, the 7-day EMA of Ethereum of perpetual volume dominance above 60.4%has risen, while Bitcoin’s have fallen below 36%, which has been marked in the widest divergence in more than three years.
Support this shift, ETH Perpetual open interest has risen by more than 600,000 ETH, while BTC has only added 50,000 BTC, so that this month a 12x delta is marked in the inflow of native unit.
Leverage traders bet on the continuation of Ethereum
The collection meal is clear: Perp traders rotate leverage in ETH and pull direction lives away from BTC.
And with settings that already lean through ETF in ETH intakeThis shift is coming up. Ethereum quickly becomes the ‘go-to’ assets for risk-to-position on both spot and derivatives markets.
The shift even appears in the relative price structure. ETH/BTC is traded at 0.03, which means that 1 ETH is equal to 0.03 BTC, or is different, 1 BTC now costs around 33.3 ETH.
Source: TradingView (ETH/BTC)
However, this marks a significant shift of previous levels. The couple started the month near 0.02, so Ethereum has won 50% against Bitcoin, which indicates a strong relative strength.
And this divergence is important. It tells us that PERP-traders use directional leverage in ETH with high beliefs, supported by clear validation on chains.
Thus, with Ethereum who now orders the management in both the inflow of the market and the positioning of the derivatives, the skewing of the risk rental for Q3 is increasingly preferred to ETH-Outformance above BTC.