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ETH Derivatives sentiment shifts as Buyers finally take control
Throughout this entire cycle, Ethereum has faced unusually heavy selling pressure on derivatives markets. Net taker volume, which measures the difference between buy and sell market order volumes in the order book on derivatives exchanges, remained almost consistently negative. This was particularly visible when ETH attempted to break into a new all time high above $4,000 in December 2024. At that time, net taker volume fell to -$511 million. It became even more extreme when ETH later printed its all time high just below $5,000, as sell-side pressure heavily dominated with -$568 million in net taker volume. Today, however, the dynamic looks very different. Since March, buy-side volumes have finally taken control, with +$102 million recorded today. The last time Ethereum saw such a strong level of buying pressure on derivatives markets was during the previous bear market in 2022, when ETH was trading around the $1,000 area. This shift suggests that market positioning may be changing materially. After a cycle largely defined by aggressive sell pressure into strength, buyers now appear increasingly willing to absorb supply and chase upside. If this trend persists, it could mark the early stages of a stronger structural recovery for Ethereum. If this trend manages to persist and buyers continue to absorb selling pressure, it could mark the early stages of a stronger structural recovery for Ethereum.