Ethereum derivatives markets have shown a significant shift as net taker volume turned positive, hitting $102 million. This marks the first time since 2022 that buyers have taken control on this scale, signaling a potentially new phase in ETH’s market behavior.
Sellers dominated throughout recent cycles
Throughout much of the current cycle, ETH derivatives consistently reflected dominant sell-side activity. Net taker volume remained in the negative for months, indicating that sellers were in control even as Ethereum’s price fluctuated.
When ETH touched above $4,000 in December 2024, net taker volume dropped to negative $511 million. At the all-time high, just below $5,000, this number sank further, with sell-side pressure mounting to negative $568 million. During those peak moments, seller influence was at its most pronounced.
Significant downside activity punctuated the market earlier in the month, with more than $1 billion in ETH derivative sell volume recorded in one session. This episode followed global risk shocks that unsettled risk assets, adding to the prevailing negative sentiment in ETH derivatives at the time.
Buyers return with strong signal
The recent move to a positive $102 million net taker volume is the highest buy-side reading seen since 2022. Back then, Ethereum traded around $1,000 during a pronounced bear market, and those buying at that level often entered the market early, ahead of major price recoveries.
Derivatives analyst Darkfost_Coc, who actively tracks these trends, remarked on the significance of buyers starting to absorb the ongoing sell pressure. They suggested on X that,
If buyers continue to absorb selling pressure, it could mark the early stages of a stronger structural recovery for Ethereum.
Net taker volume reflects the difference between buy and sell market orders on derivatives exchanges. A positive figure demonstrates that traders are initiating more buy orders, which can hint at a broader sentiment shift. The $102 million reversal stands out for its rapid shift after a prolonged period of negative readings.
New signals in Ethereum market structure
Recent research suggests Bitcoin dominance has started to form a lower high, amid ETH/BTC price consolidation. This technical shift hints at a possible capital rotation from BTC to ETH, with derivatives positioning now offering fresh evidence for such a scenario.
Long-term participants recall that the last appearance of buy-side dominance at this scale coincided with much lower ETH prices. The fact that $102 million in net taker buy volume appears at current valuations draws added attention from market observers.
Despite the strong data, the sustainability of this shift remains unclear. A single positive reading signals change, but traders are watching closely to determine if the current buy-side momentum will continue or prove short-lived.
