Ethereum shows buying pressure in derivatives as ETFs face continued outflows

While the crypto market remains hesitant, Ethereum is sending an unexpected signal behind the scenes. Despite a period of apparent stagnation, several indicators point to a shift in investor behavior: derivatives activity is improving even as institutional interest—reflected in ETF flows—continues to weaken.

Ethereum derivatives show a return of buying pressure

On-chain and derivatives-focused analysis indicates a progressive change in Ethereum’s derivatives market. After months in which selling pressure dominated, buyers are now regaining the advantage. The shift is primarily linked to net taker volume, a metric used to gauge whether buyers or sellers are taking the other side of derivative trades.

According to data cited by analyst Darkfost, Ethereum’s net buyer volume has turned positive again, signaling a return of buying pressure in derivatives—a rare development following a bearish phase.

• Net taker volume has moved to a buyer surplus of more than $104 million.
• Ethereum has traded around $2,058 for about 1 month, with a 0.6% increase over the past 24 hours.
• Buying dominance has appeared for the first time in three years, suggesting a regime change in derivatives.
• The market is beginning a gradual transition toward a more constructive dynamic.

Overall, these derivatives signals suggest positions are adjusting, but they are not yet confirmed by the spot market.

Ethereum ETFs continue to record capital outflows

At the same time, Ethereum ETFs are sending a contrasting message. U.S.-based exchange-traded funds have recorded capital outflows for the third consecutive week.

Last week, withdrawals exceeded $42 million. In addition, a single day saw more than $71 million in outflows across all crypto products.

This pattern points to a decline in institutional appetite and stands in contrast to the renewed activity seen in Ethereum derivatives. The divergence between derivatives and spot-market signals increases uncertainty around how durable the current improvement may be.

Signal is positive, but the balance remains fragile

Even with ETF pressure, the derivatives market’s shift could help stabilize Ethereum’s price and potentially support the formation of a floor. A sustained period of buyer dominance in derivatives may come before a broader market recovery.

However, the outlook depends on investor behavior in the spot market. Ethereum is currently in a mixed phase: derivatives indicate renewed interest, while ETFs continue to weigh on sentiment. If ETF flows reverse and begin to support the derivatives-driven momentum, Ethereum could see a more favorable market structure. Without spot-market confirmation, the impact of the derivatives signal may remain limited, particularly in a context where staking activity on ETH is rising.