Ethereum Derivatives Net Taker Volume Turns Positive for First Time Since 2023

Ethereum’s derivatives positioning has shifted. CryptoQuant data shows the asset’s net taker volume has turned positive for the first sustained stretch since 2023, at around $104 million over 24 hours. The change indicates taker buy pressure has exceeded taker sell pressure, reversing a prolonged period in which sellers controlled the pace and upside remained capped. Sustained negative net taker volume typically aligns with traders being more willing to sell rallies than chase upside; a move into positive territory suggests positioning is moving from defense toward a more risk-on stance, even if only modestly.

Futures flows support the shift

CoinGlass data also points to improving sentiment in Ethereum futures. After a long stretch of net outflows, futures flows have moved into fresh inflows over the past two months. Over the last 12 months, about $132.51 billion left the futures market, reflecting traders reducing leverage, shrinking exposure, and signaling they had “seen enough.” That trend has recently reversed: futures recorded approximately $6.64 billion in net inflows over the past 60 days, including $5.74 billion in the last 30 days and roughly $131.7 million in the most recent 24-hour window.

What the inflows do—and do not—mean

New money entering futures does not automatically confirm that bulls are in full control, since leverage can be used to build both long and short positions. However, the data does indicate renewed willingness to take risk. That matters because markets often fail to break out without participation. If traders are adding exposure while net taker volume also flips positive, the setup improves for Ethereum to build a real move rather than remain stuck in sideways trading.

Price action still reflects a range

Despite the improving derivatives picture, Ethereum has not fully escaped its near-term trading range. The current structure is described as a neutral base with a slight bullish lean: buyers have improved their footing, but a clean move through nearby liquidity pockets is still needed to support trend continuation.

Key levels to watch

Bottom line: Ethereum’s derivatives market has posted its first sustained positive net taker volume reading since 2023, with about $104 million in buyer-led activity over 24 hours. Futures flows have also turned constructive, with billions returning over the past 60 days after a year of heavy outflows.

In the near term, the article highlights levels around $2,027 (lower liquidity zone) and $2,070. If ETH holds above $2,027 and pushes through $2,070, momentum could build toward $2,090. If ETH loses $2,010, the bullish read is expected to cool quickly, with the range-bound pattern likely to persist.