Ethereum derivatives markets are showing early signs of renewed buying momentum as net taker volume flipped positive, reaching $102 million in a single day. This represents a notable shift after months of consistent sell-side activity that defined much of Ethereum’s latest market cycle.
Derivatives data signals major sentiment change
Taker volume measures the balance between aggressive buying and selling in derivatives, with positive figures indicating sustained buy-side pressure. Throughout late 2023 and early 2024, net taker volume for Ethereum remained deep in negative territory, reflecting the dominant role of sellers during major price surges.
When Ethereum’s price approached $4,000 in December 2024, the market saw net taker volume plunge to negative $511 million. Shortly after, as ETH neared its historical peak just below $5,000, net taker volume hit a cycle low of negative $568 million. These numbers pointed to a strong reluctance among buyers to absorb supply at higher levels.
On-chain analyst Darkfost has recently emphasized these figures, pointing out that buyers failed to counteract sustained sell pressure over several months. The persistent imbalance repeatedly blocked Ethereum from maintaining upward momentum, even as the network drew renewed attention from retail and institutional investors.
The dominance of sell-side positioning in derivatives became a key characteristic of this cycle, tracing back to end-2023. During each attempt at a price breakout, sellers held control, leading to sharp negative readings in taker volume and limiting ETH’s ability to hold gains.
Buy-side volumes mirror 2022 bear market activity
Since March 2024, buy-side activity in ETH derivatives has accelerated, reversing the previous trend. Net taker volume’s recent climb to $102 million marks the largest daily buying pressure seen in years, echoing levels last witnessed during the 2022 bear market. Back then, ETH traded near the $1,000 mark when similar trends emerged.
This shift has raised questions about a broader change in sentiment among derivatives traders, with markets watching whether the renewed bid presence can sustain itself and act as a catalyst for further recovery in Ethereum’s price. The scale of recent positive taker volume stands in clear contrast to the months-long dominance of sellers earlier in the cycle.
Analyst Darkfost commented in a recent update,
Since March, buy-side volumes have finally taken control, with +$102 million recorded today.
Additional analysis points out that continued buy-side absorption could indicate a meaningful pivot in derivatives positioning. If buyers remain active, the ETH market could enter a new phase after prolonged selling pressure defined the earlier stages of this cycle.
Ethereum is the world’s second-largest blockchain platform, supporting both smart contracts and a thriving decentralized finance ecosystem. Its native token, ETH, is widely used as a settlement asset for transactions and as collateral in decentralized applications.
