From Bitcoin To Ethereum: Exchange Data Signals A Major Rotation In Trading Activity

bitcoinistPubblicato 2025-12-26Pubblicato ultima volta 2025-12-26

Introduzione

Exchange data from Alphractal indicates a significant shift in crypto trading activity, with a major rotation from Bitcoin to Ethereum. While both assets face market volatility, the number of perpetual trades for BTC has dropped sharply, with its 7-day average falling to 13 million. In contrast, Ethereum's trade count has risen, maintaining a higher 7-day average of 17.5 million. This suggests traders are pivoting towards ETH, reflecting a change in market dynamics and conviction. Bitcoin is now in a reset phase following its largest Open Interest drawdown, indicating reduced leverage and a cautious market. At the time of writing, Bitcoin traded at $88,875.

While the price of Bitcoin and Ethereum is still struggling with heightened volatility in the crypto market, the balance of trading activity among the two leading digital assets is quietly shifting. This current pivot is sighted across cryptocurrency exchanges as the number of trades displaying a distinct action.

Traders Pivoting From Bitcoin To Ethereum

Amid the ongoing volatile market phase, a growing disparity has been observed among traders of Bitcoin and Ethereum, the largest cryptocurrency assets. In the report from Alphractal, an advanced investment and on-chain data analytics platform, it appears BTC traders are gradually considering ETH.

After examining the action of investors, Alphractal revealed that the number of perpetual market trades completed for BTC across major crypto exchanges has dropped drastically, which indicates a drop in short-term activity. At the same time, the number of trades for ETH has increased as the altcoin grabs a growing share of overall trade flow, signaling renewed involvement from traders and on-chain players.

According to the platform, more trades are now being processed in ETH, putting the altcoin ahead of Bitcoin in terms of traders’ conviction. This difference reveals a shifting market dynamic in which focus and liquidity are slowly shifting from the consolidation phase of Bitcoin to the growing ecosystem and use-driven activities of Ethereum.

It is worth noting that the market experienced the highest number of leveraged trades in the history of BTC between August and November. During the period, over 19 crypto exchanges, including BitMEX and HyperLiquid, recorded up to 80 million trades in a single day, marking their highest level. However, this activity has remarkably decreased, and the 7-day average is now positioned at just 13 million trades. Such a trend implies a drastic contraction in leveraged trading activity.

On the other hand, Ethereum also experienced a surge in 2025, reaching a peak of nearly 50 million trades. What is noteworthy is that the number of recent Ethereum trades is still far higher than that of BTC. Data shows that the 7-day average for ETH is about 17.5 million trades, indicating a clear divergence between the two crypto leaders.

BTC Now In A Reset Phase Following Reduced Trades

Furthermore, this demonstrates that in the perpetual futures market, BTC and ETH exhibit distinct behavioral patterns. Following the massive liquidation event in October, the market turned extremely cautious toward Bitcoin and leverage itself.

Alphractal noted that the impact of this divergence is evident in the largest Open Interest (OI) drawdown in the history of Bitcoin. In the meantime, the platform believes that Bitcoin is currently in a reset phase. Meanwhile, it will take a long time before conditions go back to normal and institutional and whale interest resumes.

At the time of writing, the Bitcoin price was trading at $88,875, demonstrating a 1.33% rise in the last 24 hours. Its trading volume has also followed suit, attracting a more than 43% increase over the same time period.

BTC trading at $88,646 on the 1D chart | Source: BTCUSDT on Tradingview.com

Domande pertinenti

QWhat does the exchange data from Alphractal indicate about the shift in trading activity between Bitcoin and Ethereum?

AThe data indicates a major rotation in trading activity, with Bitcoin's perpetual market trades dropping drastically while Ethereum's trades have increased, signaling that traders are pivoting from Bitcoin to Ethereum.

QHow many trades did Bitcoin record at its peak between August and November, and what is its current 7-day average?

ABitcoin recorded up to 80 million trades in a single day at its peak between August and November, but its current 7-day average has dropped to just 13 million trades.

QWhat is the current 7-day average number of trades for Ethereum, and how does it compare to Bitcoin?

AThe 7-day average for Ethereum is about 17.5 million trades, which is significantly higher than Bitcoin's current average of 13 million trades.

QAccording to the article, what phase is Bitcoin currently in following the reduced trading activity?

ABitcoin is currently in a reset phase following the reduced trading activity and the largest Open Interest (OI) drawdown in its history.

QWhat was the Bitcoin price and its 24-hour performance at the time of writing?

AAt the time of writing, the Bitcoin price was trading at $88,875, demonstrating a 1.33% rise in the last 24 hours.

Letture associate

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**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

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The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

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How to Do Research Well: Deliberately Practice the Real Skills That Matter

No one truly teaches you how to do research. You're often given a desk, a pre-selected problem, and vague instructions to "create something new." Consequently, many people reverse-engineer the job based on visible outputs—papers, posts, announcements—learning only how to *appear* like a researcher rather than how to *become* one. True research capability is built from stacking small, trainable skills, nearly all of which can be developed through deliberate practice. **Pick Your Own Problem:** Most researchers absorb problems from advisors or trends, lacking the underlying reasoning. Choosing a problem you genuinely care about, as John Schulman advises, leads to original work. Develop "taste" like a muscle: predict experiment outcomes, guess paper results from methods, and track which findings remain important over time. **Upgrade Your Inputs:** Relying on shared reading lists (arXiv hot lists, filtered group chats) leads to unoriginal conclusions. Undervalued old literature often holds crucial insights (e.g., MoE, LSTM, backpropagation). Richard Sutton's "The Bitter Lesson" or Claude Shannon's 1952 talk on creative thinking are more predictive than lengthy modern surveys. Breadth matters as much as depth: draw from neuroscience, mechanism design, hardware knowledge, and honest statistics. Read papers directly, especially appendices and limitations sections. **Write Everything Down:** As Paul Graham noted, writing exposes flaws in seemingly mature ideas. Writing is the cheapest defense against self-deception. Following Feynman's principle, Darwin programmatically wrote down facts contradicting his theory to combat memory bias. Maintain a detailed log of hypotheses, setups, predictions, results, and updated understandings. Reviewing past logs fosters essential humility.

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