ETH Relative Spot Volumes

Compares ETHUSD spot market volumes to ETHUSD perpetual swap volumes.

A higher ratio indicates higher spot buying interest and a more sustained growth overall.

Rallies-driven by spot are deemed more resilient to being affected by high funding rates on futures markets. The long-term trend seems to be increased derivatives volume on ETHUSD contracts making spikes of spot interest more noticeable.

A 200-period Simple Moving Average is applied to indicate a long-term trend.