ETH spot-to-futures volume (30DMA) has hit a new low at 0.15, surpassing the lows of January 2020 and January 2023. During the 2021 bull run, which Cryptoslate have analyzed in the past, derivatives played a big part in the surge of cryptocurrency prices. Only 0.35 spot was purchased against futures, as opposed to today, where only 0.15 of volume is the spot. This shows investors’ risk appetite at the moment; however, in an environment of rising rates and liquidity drying up, it may not be able to support elevated prices.