CME x Glassnode:
ETH Market Trends Report
ETH Market Trends Report
Institutional-grade analysis of the key Ethereum drivers and trends in H1 2025. Delivered with the depth, clarity, and insight that define Glassnode’s standard.
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CME Group is the world's leading derivatives marketplace, enabling clients to trade futures, options, and other financial instruments across various asset classes, including cryptocurrencies.
Institutional investors leverage Glassnode's industry-leading on-chain analytics to gain unique insights into capital flows, asset fundamentals, and market sentiment in Bitcoin and Ethereum.
Key Ethereum market trends to look out for
Ethereum’s market cycle has diverged sharply from historical patterns. The ETH/BTC ratio has reached multi-year lows, realized losses now dominate the market, and on-chain metrics signal structural shifts in usage and value accrual. Institutional adoption remains measured compared to Bitcoin, but Ethereum’s role as the backbone of DeFi endures. CME futures and options markets continue to expand, pointing to a maturing institutional presence.
Here is a preview of the many essential data-driven insights you will find in the 32-page report.
Here is a preview of the many essential data-driven insights you will find in the 32-page report.
Ethereum re-enters inflationary regime
Driven by the Dencun upgrade’s impact on transaction fees and a broader decline in network activity, ETH has returned to net inflation. This marks a shift from the post-Merge deflation narrative.
Validator resilience signals long-term protocol alignment
Validator count and staking participation remain resilient despite significant drawdowns in ETH price, reflecting continued institutional engagement in staking infrastructure and longer-term protocol alignment.
Institutional demand grows for regulated ETH instruments
CME now represents 72% of ETH calendar futures open interest, signaling growing adoption of regulated hedging instruments by institutions despite the asset’s underperformance.
Ethereum futures volumes hold strong despite volatility
Ethereum futures volumes have remained elevated, despite sharp price swings, highlighting sustained liquidity and institutional trading demand through sharp price swings.
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Disclaimer: The information contained in this report is meant for informational purposes only and should not be interpreted as investment advice.
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