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ETH derivatives sentiment has shifted in recent weeks, with buy-side volumes beginning to gain ground after a prolonged period of selling pressure. Data from derivatives exchanges shows net taker volume turned positive, recording +$102 million in a single day—marking a departure from the sell-side dominance seen at prior ETH price peaks. Analysts are now assessing whether this change can persist and support a broader recovery for Ethereum.
For much of the cycle, Ethereum faced persistent selling pressure in derivatives markets. Net taker volume—measuring the difference between buy and sell market orders on derivatives exchanges—remained almost consistently negative. The pattern was especially visible during key price events in late 2024.
On-chain analyst Darkfost highlighted the trend in a recent Cryptoquant post, noting that buyers repeatedly failed to absorb supply at key price levels. Sellers consistently overpowered buying activity, pushing net taker volume deep into negative territory during rallies. Darkfost’s analysis suggested that this imbalance limited Ethereum’s ability to sustain breakouts, even when price action briefly turned upward.
Since March, the derivatives picture has changed. Buy-side volumes have taken control, with net taker volume recording +$102 million in a single day. Observers say the last time Ethereum showed comparable buying pressure was during the 2022 bear market, when ETH traded near the $1,000 area.
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 pursuing upside could indicate early stages of a recovery for Ethereum, contrasting with the aggressive sell-side behavior that characterized much of the cycle.
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