TLDR:
- ETH net taker volume turned positive at +$102M, snapping months of consistent sell-side dominance.
- Sell pressure peaked at -$568M when Ethereum set its all-time high just below $5,000 this cycle.
- Comparable buying pressure was last recorded in 2022 when ETH traded near the $1,000 price level.
- Since March, buy-side volumes have steadily grown, pointing to a possible shift in market positioning.
ETH derivatives sentiment has undergone a notable change in recent weeks. After prolonged and consistent selling pressure throughout this market cycle, buy-side volumes are finally gaining ground.
Data from derivatives exchanges shows that net taker volume has turned positive, recording +$102 million in a single day.
This marks a clear departure from the heavy sell-side dominance seen at previous ETH price peaks. Analysts are now watching whether this shift holds and supports a broader recovery for Ethereum.
Heavy Sell Pressure Shaped ETH Derivatives Throughout This Cycle
For most of this cycle, Ethereum has faced unusual and persistent selling pressure in derivatives markets. Net taker volume, which tracks the difference between buy and sell market orders on derivatives exchanges, remained almost consistently negative. This pattern became particularly visible during key price events in late 2024.
When ETH attempted to break above $4,000 in December 2024, net taker volume fell sharply to -$511 million. The sell pressure became even more extreme when Ethereum later reached an all-time high just below $5,000. At that point, sell-side dominance hit a cycle high of -$568 million in net taker volume.
Source: Cryptoquant
On-chain analyst Darkfost drew attention to this persistent trend in a recent post on Cryptoquant. The data showed that buyers repeatedly failed to absorb supply at key price levels throughout this cycle.
Sellers consistently overpowered buying activity, pushing net taker volume deep into negative territory during each rally.
That ongoing imbalance prevented Ethereum from sustaining breakouts, even during brief moments of upside price action.
Buy-Side Volume Climbs to Levels Not Seen Since the 2022 Bear Market
Since March, the dynamic in ETH derivatives markets has changed considerably. This change followed months of negative readings that characterized Ethereum’s derivatives activity.
Buy-side volumes have taken control, with net taker volume recording +$102 million in a single day. The last time Ethereum recorded comparable buying pressure was back in the 2022 bear market.
At that time, ETH was trading near the $1,000 area when similar buy-side activity appeared in the market. Market observers note this comparison carries weight given the scale of the current buying activity.
The return of strong buying interest at current price points to a change in how derivatives traders are positioned.
Darkfost noted in the post: “Since March, buy-side volumes have finally taken control, with +$102 million recorded today.”
The analyst added that buyers absorbing supply and chasing upside could signal the early stages of a recovery for Ethereum. The data stands in sharp contrast to the aggressive sell-side behavior that defined much of this cycle.
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